Posted Apr 24, 2012, 5:28 PM
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Join Date: May 2009
Location: Ottawa
Posts: 200
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Fundy quay zoning sets sail
Reid Southwick
Telegraph-Journal
24 Apr 2012 11:57AM
SAINT JOHN – Common Council signalled intentions Monday to rezone a large waterfront property, allowing for the construction of condominiums, retail space, offices and a hotel at the former Coast Guard site.
The politicians gave early approval to an application to rezone the site from its existing designation that allowed for Coast Guard operations to one that would make way for the mixed-use project.
Kent MacIntyre, general manager of Saint John Development Corp., said he was asking council to rezone the land before his group secures developers for the project because the move would signal that city hall is committed to the project.
MacIntyre, whose agency is working on the proposal on behalf of city hall, said his group was trying to remove any possible irritants in a bid to attract top developers and investors. He said several potential proponents that his group has approached are from outside of New Brunswick and can spend their money anywhere.
“To demonstrate that we are business-friendly and investment-friendly adds to the amount of influence we can have in getting developers and investors here sooner than later,” he told council during a public hearing.
The politicians unanimously gave first and second reading to a bylaw amendment that would allow for the new zoning, paving the way for final approval in a couple weeks. Council will hold another public hearing to approve designs once they are ready.
MacIntyre’s group has hired a global real estate firm to find investors and developers willing to build the large-scale commercial development, which has been a dream for city politicians for years.
Cushman & Wakefield Atlantic is working to identify a core group of proponents with the experience and financial capability to construct a mix of commercial and residential units at the former Coast Guard site.
Bill MacAvoy, managing director of Cushman & Wakefield Atlantic, said earlier this year that two major international hotel brands that are not present in the Saint John market had expressed great interest in the former Coast Guard site, now called Fundy Quay.
MacAvoy said in the earlier interview that more than one proponent would likely be involved in a final deal. He said the vast array of real estate planned for the site – office space, retail, residential and hospitality – would demand expertise from several players.
The Hardman Group, a Halifax real estate company, walked away from an estimated $85-million deal to build restaurants, offices, retail space, condominiums and a hotel at the former Coast Guard site last November.
The company said at the time it took too long for the city to secure the property from the federal government and lost its window of opportunity.
Undeterred, Saint John Development Corp. hired Cushman & Wakefield in January and has set a June deadline to review proposals from bidders.
Meanwhile, city hall has acquired the first half of the property and is expected to assume ownership of the second half on June 30. The total acquisition is expected to cost $2.8 million.
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