Fundy Quay site. Image: Submitted, Develop Saint John.
The long-awaited government funding to help redevelop Fundy Quay in uptown Saint John finally arrived on Friday.
The funding will get the site ready for a proposed $300- 350-million multi-use development on the former Coast Guard site along the city’s waterfront.
The federal government will be contributing $9-million; the New Brunswick government will be contributing $6-million and the City of Saint John will also be contributing nearly $9-million to the project.
The funding will go towards necessary infrastructure work to make the site development-ready. This includes contaminated soil remediation, site re-grading and seawall refurbishments at the site, along with the redesign of Loyalist Plaza and the extension of Harbour Passage around Fundy Quay.
It’s been just over a year since the city council signed an agreement with Fundy Quay Developments to develop the former Coast Guard site. The proposed multi-use development featuring commercial and residential spaces is being led by local developer Dr. David Elias.
“Since early on in the process the mayor and the city have clearly identified the redevelopment of Fundy Quay as a strategic priority for Saint John,” said Premier Blaine Higgs during the announcement, which was hosted via Zoom.
“This is a great example of what we’re seeing around the province in terms of private sector investment and I’m very proud of our Saint John caucus that has championed this project so diligently and tirelessly throughout.”
Higgs said that during the 10-year development period, $138.1-million in total GDP is expected to be generated and 2,000 jobs are expected to be created. He also said $21.4-million in provincial government revenue is expected to be generated from the project as well.
The infrastructure work is expected to begin on the site this spring/summer, with the construction of the development’s first building to follow.
“We hope to see foundation starting probably within 24 months and start to see it come out of the ground after that,” said Dr. Elias, during the announcement.
Dr. Elias said the development will be done in five phases over 10 years, the first being a $50-million building.
“Our goal was to achieve this and make it sustainable and that’s why we are making small commitments that are tied to a larger vision,” he said.
“We’re doing this in stages so we know that that first stage that we’re talking about, that initial building, it’s completely within our capacity and the demands and the requirements for our community from both an economic perspective and from a market perspective.”
The Fundy Quay development has had a few false starts, including the province initially turning down funding for the project last March, putting the future of the project in question. But Saint John-Rothesay MP Wayne Long said with today’s announcement, it’s a done deal.
“This is different because we have a tangible signed agreement with the province, with Develop Saint John to move forward. I certainly realized there’s certainly been a lot of false-starts in the past,” said Long. “This is real. All three levels of government are aligned, we’ve worked well together on this project there’s absolutely no doubt in this one”
Long also said having a local reputable developer leading the project also makes it different.
“I think all of us are extremely excited that we have a local friend and developer like David Elias with a reputation for getting things done and making things happen at the table,” he said.
“That’s the game-changer for all of us to have somebody of his caliber with a track record [he] has with his family to move this project forward. You can absolutely put this on one the bank for sure.”
Cherise Letson is the associate editor of Huddle, an Acadia Broadcasting content partner.
