Local Company Plans Commercial, Residential Development On Coast Guard Site
Dec 3, 2019
David Elias, president of Fundy Quay Inc., a subsidiary of Elias Management Group, plans to develop the site into a multi-use development featuring a mix of commercial and residential spaces. Saint John Common Council passed a motion Tuesday night that would allow Fundy Quay Inc. to lease the land.
“Our vision for the site is to be able to allow it achieve its full potential,” said Elias, to reporters after the motion was passed. “We have a great waterfront. We got some great architecture and we hope to see this as the beginning point, or a catalyst to allow our city to achieve its full potential.”
The legal agreement approved by the council includes a two-year development option while site development work is completed and a 25-year lease-to-own agreement to incentivize development.
The development will be done in phases, but when completed, it’s expected to cost around $200-million.
“Being sensitive to viability and a phased approach, we would probably anticipate the first phase to be around $50-million and the full potential of the site is probably up around $200-million,” said Elias.
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