The federal, provincial and municipal governments announced Friday $24 million to prepare the former coast guard property on the waterfront in Saint John, N.B., for redevelopment.
Ottawa is committing $9 million to the project, while the province will provide $6 million.
“The repair, renewal and remediation of the waterfront and the infrastructure for the Fundy Quay site is an investment that will support the transformation of the area and result in the attraction of substantial private sector investment,” Premier Blaine Higgs said during a virtual news conference.
The City of Saint John will ratify its contribution — earmarked at $6 million — at its council meeting on Monday, Feb. 22.
The money will be used for site preparation and improvements to the trail and pedway system in the area.
“The project will benefit residents and visitors by safely remediating the Fundy Quay area to allow for future site development and public use, creating a unique waterfront experience in the city, increasing tourism to the region and growing the economy,” Saint John – Rothesay MP Wayne Long said.
Private investment in the commercial and residential development of the two-and-a-half hectare site is estimated at roughly $300 million.
Saint John Mayor Don Darling joked the property is currently the most expensive parking lot in the region.
“Let’s focus on the positive of changing a parking lot into a major investment in vibrancy, moving this community forward,” Darling said, calling it a historic day for the city.
The idea of developing the prime piece of property has been tossed around for decades. Darling said it’s now a reality and bulldozers will be at work this summer.
“The Ts are crossed and the Is are dotted. Everyone’s in and nobody’s leaving the game,” he said.
Higgs said that during the 10-year development period of the project, the province expects to generate $138 million in total GDP and $1.4 million in provincial government revenue.
In addition, he said more than 2,000 jobs are expected to be created during the development period.
“Not only will this investment create new economic activity during the construction phase, but the transformation of the area will attract substantial private sector investment in the longer term,” Higgs said in the announcement.
“Investing in critical infrastructure in our coastal communities will help mitigate the risk of rising sea levels and disasters flooding,” Higgs said.
This report by The Canadian Press was first published Feb. 19, 2021.
— With files from Karla Renic.
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