SAINT JOHN, N.B. 鈥� The federal, provincial and municipal governments announced $24 million Friday to prepare the former coast guard property on the waterfront in Saint John, N.B., for redevelopment.
Ottawa and the city of Saint John are each committing $9 million, 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 money will be used for site preparation and improvements to the trail and pedway system in the area. 聽
"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 鈥� 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," Darling said.聽
鈥� By Kevin Bissett in Fredericton.
This report by The Canadian Press was first published Feb. 19, 2021.
The Canadian Press
