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12 Acres of Development Land Trades Hands in St. Stephen
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.
Scotsburn “Popsicle Plant” SOLD
130 Station Street, Saint John, New Brunswick
The Scotsburn Frozen Novelty plant on Station Street across from Harbour Station has a new owner. Commercial Properties Limited already owned the land on either side of the property so it’s no surprise that they had an interest. Paul Moore, VP of Commercial Properties explained “Commercial Properties Limited is a commercial real estate company with a desire to do new development. The ability to assemble substantially sized parcels of land is key to being ready to pursue opportunities when the timing is right.” A recent example of this is the new liquor store. Commercial Properties had acquired the parking lot at the corner of Wellington and Union in 2014 which meant they were well positioned to respond to the NB Liquor Corporation RFP.
Commercial Properties has been working on plans to demolish the Station Street building. “There’s a lot of concrete & rebar in there” said Erica Gorman, an engineer with Commercial Properties. “Taking the building down is not a simple exercise.” The building is slated for the wrecking ball in the near future.
Stephanie Turner was the listing agent.
