Saint John, August 14th, 2024 – Nobel Real Estate Investment Trust (REIT), the owners of the iconic Place 400 at 400 Main Street, have been busy exploring the future of this landmark property. The 160,000 square foot building, situated on 3.2 acres of prime land, has been on the market for just over a year.

Originally, there was significant interest in converting the building into a residential development. However, after discussions with several developers and industry experts, it was determined that the conversion would be far more challenging and costly than initially anticipated. This conclusion aligns with a broader trend across Canada, where the conversion of vacant office buildings into residential spaces is proving to be a cost-prohibitive endeavor due to the substantial retrofitting required.

Given these insights, it was concluded that the highest and best use for the 3.2-acre site is to secure a buyer to demolish the existing structure and develop a brand-new high-rise residential development. Initial investigations indicate that with a rezoning to “High Rise Residential”, the site could accommodate up to 300 residential units. “Although further investigation is required, we picture three apartment towers to be built in phases” commented Stephanie Turner

The property’s strategic location at the gateway to uptown Saint John offers unparalleled access to the highway and all city areas. It is just steps away from the Harbour Passage walking trails and a short 15-minute walk to the uptown waterfront. The site promises stunning views of the Saint John harbour, visiting cruise ships, and the beautifully lit city skyline and Harbour Bridge at night.

To reflect the property’s potential as a premier development parcel, the asking price has been cut in half from $6.2 million to $3.1 million. This adjustment underscores the value of the land itself and offers a unique opportunity for developers to secure one of the last large development parcels close to the city’s core.

Interested parties are encouraged to contact us more information on this exceptional opportunity. The sale of Place 400 marks a pivotal moment in the continued growth and development of uptown Saint John and the north end of the city.

Stephanie Turner 
Senior Advisor
www.SJcommercialRE.com
C (506) 333-3442