Developer Buys Centennial Building, Plans Hotel And Residential Complex
Dec 18, 2019
by Huddle Staff
Centennial Heritage Properties Inc plans to invest more than $48 million to complete the development. The project is expected to create more than 450 jobs.
Centennial Heritage Properties is planning a two-phased approach for the building which will include 22,300 sq. metres (240,000 sq. ft.) of residential space and 2,790 sq. metres (43,000 sq. ft.) for hotel and restaurant space.
They plan to preserve and maintain many of the historically significant elements of the interior and exterior features of the building, including original artwork which will be on loan from the New Brunswick Art Bank.
Once completed, the government estimates that the property will generate about $600,000 a year in property taxes for the City of Fredericton and roughly $360,000 a year for the provincial government.
The province is also expected to receive a one-time tax revenue of between $4 million and $5 million during the construction of the two phases.
For more information follow the link below:
https://huddle.today/frederictons-centennial-building-property-sold-to-private-developer