CHOCOLATE DRIVE, ST. STEPHEN, N.B. — A significant 12-acre development property in St. Stephen has changed hands, adding to a growing list of development activity in the community.

Located on Chocolate Drive next to the Ganong Chocolate factory, the property wraps around St. Stephen Elementary School and is in close proximity to the community’s major shopping node. Formerly known as “The Railyards,” the property has long represented one of the larger development opportunities in the area.

The new owners have not disclosed their plans for the site.

The transaction comes as St. Stephen is seeing a number of new development initiatives take shape.

Among the recent announcements is a partnership between the Municipal District of St. Stephen and a local developer for a 66-unit residential development on the former border arena site. The municipality also announced a strategic partnership with St. Stephen Amsterdam Inn and Suites to build of a new hotel at 19 Budd Avenue which is currently under construction.

Princess Properties Inc. owner Brent McGovern, seller, said “It is great to see the momentum that is building in the local area and right across southern New Brunswick”.

With its size, central location and proximity to established commercial and institutional uses, the Chocolate Drive property represents a significant development opportunity for St. Stephen.

Stephanie Turner of Cushman & Wakefield Atlantic represented the seller in the transaction, with Brandon McGee of EXIT Realty Charlotte County representing the buyer.

The sale adds another substantial transaction to the community’s recent development activity and will be one to watch as the new ownership considers the property’s future.