Saint John councillors have given final approval for a proposed residential development in the city’s north end.
Somerset Investments Ltd. put forward a proposal to construct between five and six buildings with up to 500 units on Technology Drive.
A municipal plan amendment was needed to redesignate the site for residential development and the development site had to be rezoned to high-rise residential.
Council unanimously passed third and final reading of the required changes at Monday evening’s meeting.
Melanie Dowd-Martell, who represents Somerset Investments, previously told council that there is high demand in the area for those looking to downsize.
“The first target market would absolutely be older [people], probably retired, looking to sell their homes and move into something more manageable,” she said on Sept. 7.
Dowd-Martell said the units would also suit young professionals given their close proximity to the Saint John Regional Hospital and the university.
The site was originally designated in 1999 to make way for a business park subdivision with up to 10 large lots for office, commercial and light industrial uses.
But despite efforts from the landowner and economic development partners to market the business park, only one building was constructed over the past 20 years, which is currently housing Xerox.
Construction on the first building is anticipated to start next spring, with the remaining buildings being constructed as demand warrants.
Envision Saint John, the region’s economic growth agency, said it is estimated that the current proposal represents “in the magnitude of over $150 million in construction activity.”
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