FREDERICTON – Ross Ventures has secured an anchor tenant allowing the company to proceed with the construction of a new office building on Carleton Street in downtown Fredericton.
“You need a certain occupancy level to make a business case for it,” said Ross Ventures CEO Jeff Yerxa told Huddle in an interview shortly after the announcement was made. “You can’t build vacant buildings. You need someone who is willing to pay the rent to be in it. Once you secure enough tenants you tip the scale in your favour and you have a real development.”
Yerxa couldn’t identify the new tenant, preferring to let them make their own announcement.
“We’re going to stay quiet on that,” said Yerxa. “We don’t want to steal anyone else’s thunder.”
There is currently a surface-level parking lot on the site, and another building. “We knew that we could do something better on that corner,” said Yerxa.
The 90,000-square-foot five-story building will have floor-to-ceiling windows that showcase views of the city and provide offices with natural light. The design will reduce the need for artificial lighting and provide fresh-air ventilation.
“Building design has come a long way since the last ‘Class A’ development here,” said Yerxa. “We’ve got state-of-the-art mechanical systems and control systems. We have floor-to-ceiling glass that will allow natural light to flow through the space. It’s something we’re proud and something we think the city will be very proud of.”
Yerxa says the building will meet BOMA certified international guidelines for design and environmental standards.
The preliminary exterior design showcases a facade that is all glass with a curve to the front of the building.
“We wanted something that’s not the typical red brick you see in Fredericton, something that was a little more forward-thinking, a little more modern,” said Yerxa.
Architects 4 of Moncton is the building designer.
Jim Ross, founder and chairman of Ross Ventures, says the company is pleased to undertake this signature downtown development.
“For more than 40 years, Ross Ventures have proudly owned, managed and developed commercial real estate in New Brunswick,” said Ross in a release. “We are passionate about our City and its future, and place that passion along with creativity and expertise into all of our projects and we are pleased to be moving forward with this significant addition to downtown Fredericton”
Ross Ventures has also secured an “international coffee brand” to occupy a ground floor space, but Yerxa couldn’t identify the company, saying they will also make their own announcement.
They are also still seeking tenants for the rest of the available space, which is approximately 45,000 square feet.
The company has acquired the Brunswick Street Parking Garage, which will be attached to the new building.
The project is now in the design and engineering phase. Preliminary work will begin immediately and the majority of construction will take place beginning in early 2019 with an occupancy date of late 2020.