[Fischbob]

Here is the DevelopSJ press release:

NEW PLAN FOR FUNDY QUAY SITE
December 2, 2019

–CITY COUNCIL GREENLIGHTS OPTION AGREEMENT WITH LOCAL DEVELOPER–

December 2, 2019 – SAINT JOHN, NB— Saint John City Council has greenlighted a new plan for Fundy Quay, the former Coast Guard site on the city’s waterfront.

Council voted to approve a legal agreement between Fundy Quay Developments Inc., a subsidiary of Elias Management Group, and the City of Saint John, which includes an exclusive 2-year development option while site preparation work is completed, and a 25-year lease-to-own agreement structured to incentivize development.

“Fundy Quay is arguably the City’s most valuable real property asset,” says Steve Carson, CEO of Develop Saint John. “We cannot let the false starts of the past prevent us from moving forward. Taxpayers deserve to see this property achieve its potential for the City – both from a use perspective and from a property tax revenue perspective.”

The developer attached to the deal is Elias Management Group (EMG). EMG was the successful proponent in a Request for Proposal process launched in April 2019.

“EMG’s proposal checked all the boxes for us,” says Carson. “Their vision is perfectly aligned with the community’s priorities outlined in the Central Peninsula Neighbourhood Plan, their proposal doesn’t rely on Provincial government leasing participation, and they want to take a phased approach – which means the City’s rental market will have time to adjust to growth in available inventory as construction proceeds. Plus they’re a local business, and that means a lot.”

EMG is the developer behind a variety of successful projects in the province, including Fundy Harbour Estates and Vimy Estates in Saint John. They are also a partner in the redevelopment of the City Hall building.

The first step in the plan, once the agreements are signed, is to prepare the site for development. This will include repairs to the sea wall – a project that will take approximately two years to complete.

During the site preparation phase of the project, the developer will consult with the community and complete final design specifications for the development – a process that includes a business plan, detailed engineering analysis, and architect’s renderings.

“Sensitive to the community’s priorities, we’re going to be creating a mixed-use development,” says David Elias, CEO of EMG Group. “It could include residential units, retail and commercial space, a hotel, arts and culture space, public access to the waterfront, and green space. It will unlock the potential of our waterfront, making it the most significant development in Saint John since Market Square.”

Project information, including a timeline, will be available on the Develop Saint John website.

EDIT - And there's a bit of additional information on the DevelopSJ homepage:

RE-IMAGINING FUNDY QUAY
Fundy Quay (the former Coast Guard site on the Saint John waterfront) is arguably the City’s most important real property asset. It has the potential to transform our waterfront, creating a destination of regional significance, and setting off a domino-effect of economic development in the area.

A new plan for development is underway, and here's an overview of what’s happening.

WHAT’S THE VISION?
A vibrant catalyst for future waterfront activity that will include:

retail and commercial space;
shops and boutiques;
residential apartments and condos;
hospitality and entertainment spaces;
cultural and educational options; and
green spaces and public access to waterfront.
The Elias Management Group will be developing the property under Fundy Quay Developments Inc., a subsidiary company.


WHAT WILL THE FINISHED PRODUCT BE?
Our Request for Proposals in April 2019 asked bidders to propose a development that included:
high density residential units (condos and apartments)
retail and commercial space
potential for arts and cultural spaces
potential for small hotel space
Concept designs will come in the first year of the option agreement.
Both Develop Saint John and our selected developer Fundy Quay Developments Inc. have carefully reviewed the Neighbourhood Action Plan, and will leverage that extensive consultation process and be an active participant in implementing their recommendation to: Promote the incremental development of Fundy Quay as a mixed-use cultural destination on the waterfront.
Public consultation will take place in 2020.
WHY NOW?
We are capitalizing on current momentum in the Uptown area.
This project will create a much-needed revenue stream (in the form of increased tax revenue) for the City, requiring no ongoing operational funding.
The City is currently experiencing near-record-lows in available residential rental units, and this project will allow us to meet the needs we already have, at market-level rents.
The City is experiencing visitor growth, and a new urban hotel would allow us to continue growing without creating bottlenecks.
WHAT’S NEXT?
December 2, 1029: Common Council approved the execution of the Option Agreement with Fundy Quay Developments Inc.

90 DAYS: Ground Lease is finalized.

2019/20: Site preparation work including seawall infrastructure repair.

2020: Community consultation.