SAINT JOHN COMMON COUNCIL GREEN LIGHTS THREE MAJOR DEVELOPMENT PROJECTS
–Significant investment is adding to the momentum in Saint John–
February 25, 2020 – SAINT JOHN, NB—On Monday night, in a strong show of support, members of Saint John Common Council approved the passing of third reading for two residential developments and approved engineering design work for the Fundy Quay site, paving the way for three significant development projects in the Port City.
The three projects include a new $22-million seven-story 83-unit luxury apartment building at 95 Wentworth Street, a $17.5-million residential development consisting of 88 apartments in two four-story buildings at 819 Millidge Avenue, and $500,000 toward engineering services for the refurbishment of the seawall at the Fundy Quay site, an early milestone which will help unlock $200-million in private sector investment. In December, Council approved a two-year option agreement for the waterfront site with Fundy Quay Development Inc., led by local entrepreneur and developer, Dr. David Elias.
“This illustrates the positive momentum that is adding to the vibrancy of Saint John,” says Steve Carson, CEO of Development Saint John, the agency behind facilitating the deals. “I’m encouraged by the growing private sector investment being driven by local people, ideas and talent.” He stresses that quality developments like these add value to the entire community, making it not only attractive for current residents, but a magnet for new residents and further investment.
A market study report commissioned last year by Develop Saint John projected between 5,693 and 8,814 new housing units would be needed to meet demand in Saint John over the next decade.
The Fundy Quay development is one of three catalytic projects Develop Saint John is proactively pursuing and managing. The vision for the site includes apartments and condominiums, a hotel, commercial, and public green space on what is considered one of the best real estate development properties on the northeastern seaboard. The federal Disaster Mitigation and Adaptation Fund (DMAF) are providing approximately $3.24 million (40%) of funding for this phase for this project. Discussions are also underway with the Province of New Brunswick to cost share in additional work required to ready the site for development.
The other two catalytic projects include securing a new, innovative K-8 school in the Central Peninsula as well as an Ashburn Interchange and Rothesay Avenue realignment to address traffic issues on Rothesay Avenue and improve access to both the city’s retail centres in East Saint John, and its Tucker Park medical and education cluster.
Construction for the two residential projects and the engineering work on the seawall are expected to begin this spring.
For further information:
Develop Saint John
About Develop Saint John https://developsaintjohn.com/
Develop Saint John’s mission is to grow the tax base in Saint John by relentlessly creating and seizing strategic real estate opportunities and getting deals done. It’s mandate to grow the City’s tax base or improve the quality of life of citizens. It has a Board of Directors made up of government and volunteer private sector representatives.