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819 Millidge Avenue, Saint John, NB
The transaction closed earlier this week and the buyer is still ensure what the future holds for the property. I’m sure the neighbours will be watching with interest!
Millidge Avenue is a major traffic artery and leads to Saint John’s central business district less than 10 minutes away.
Development in the immediate area consists mainly of single family homes with some commercial/retail developments nearby as well as two senior’s complexes. The Saint John Regional Hospital and the University of New Brunswick Saint John Campus are also located in Millidgeville. From a recreational stand point, Millidgeville is well served with easy access to Rockwood Park (one of the largest municipal parks in Canada) as well as the Royal Kennebeccasis Yacht Club.
Stephanie Turner represented both the Seller and the Buyer
60 Rothesay Avenue, Saint John, NB
A high profile parcel of land totaling 4.65 acres has been SOLD. The land wraps around the existing Canadian Tire Gas Bar and has road frontage on both Rothesay Avenue and McAllister Drive. Watch for a new retail project happening soon!
Stephanie Turner was the Listing Agent
Mayor Don Darling just shared a report by the city’s Commissioner of Growth and Community Development Services.
Here are the top 3 salient points relating to commercial real estate:
- Major project construction accounted for more than half of the 80 million dollars of construction projects in 2016. Notably phases one and two of the IOL home office project, the new Uptown Liquor store and retail expansion in East Point, McAllister Mall and in Millidgeville.
- Another portion of the $80 Million included re-investment in the City’s Heritage districts including major renovations to the Imperial Theatre and 20 other smaller heritage renovation projects. The City’s heritage districts were funded by the city’s heritage incentive program.
- There is 137,493 square meters (that’s almost 34 acres!) of vacant land in our prime central neighbourhood, at rates a fraction of the cost of Canada’s major cities, and ready to be developed. The land is a mix of commercial & residential. The map below shows some of the commercial opportunities.
READ MAYOR DON DARLING’S ENTIRE UPDATE HERE (3 minute read)
The Atlantic Provinces Economic Council (APEC) held its 20th annual Business Outlook Conference on November 3-7 in Halifax, St. John’s, Saint John and Charlottetown. APEC just released the Conference Report “A Look Ahead at the Region’s Economy in 2020”. This report summarizes the key messages from APEC staff and industry panelists, who discussed what businesses can do to prepare for 2020. Two panelists spoke to the issue of urban development:
Andy Fillmore, Vice-President of Planning and Development at Waterfront Development, discussed the need for sustainable, attractive urban development to entice young workers to live in the region. He explained how decades of suburban development in Halifax and underdevelopment in the downtown core has caused a hollowing out of the city’s population. He talked about how young professionals are looking for walkable communities and living in apartments and condos as opposed to purchasing single dwelling suburban homes and cars due to financial constraints and the desire to live a healthier lifestyle. Citing his work with the Council for Canadian Urbanism, Fillmore called for more progressive, sustainable urban development to improve economic health and social inclusiveness.
Keith Brideau, Founder of Historica Group of Companies, described new opportunities for growth in the downtown core. Through his experience of living in urban spaces in Toronto, Brideau was inspired to work in urban development. New IT companies with young professionals want to be based in downtown cores to have access to decision makers and because their employees are based in urban areas. Brideau discussed how housing affordability is an issue with more people looking to live in condos and apartments. He also highlighted baby boomers as an emerging market as maintenance costs for single dwelling homes will be undesirable.
Click HERE to view and/or download the entire report.