Saint John council has given its final stamp of approval for a new development at 99 King Street in the city’s uptown.
Common Council passed third reading of the zoning bylaw amendments for the proposed $40-million project Tuesday night.
The approval followed a public hearing two weeks ago which saw no one express opposition to the 12-storey mixed-use building.
Developer Percy Wilbur purchased 91 King Street — known to many as “the former Woolworth’s — and the building next to it in December.
The two buildings, which city staff said had sat vacant for nearly 10 years, were demolished in early June in preparation for the new construction.
Initial plans for the building are for three floors of commercial space, including ground-floor retail, and around 93 residential units on the top nine floors.
But Wilbur told council during the public hearing that they are toying with the idea of eliminating one floor of commercial space due to high vacancy rates in the city.
A recent review by Halifax-based real estate counsellors Turner Drake & Partners found demand for office space fell by 6.7 per cent year-over-year in Saint John between June 2020 and June 2021.
Over the same period of time, the vacancy rate inched upward to 19.54 per cent — the highest among New Brunswick’s three largest cities.
Wilbur said construction is expected to begin either this fall or next spring, depending on tenancy.
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