Fredericton Approves $30-Million Residential And Commercial Development
FREDERICTON — An estimated $30 million mixed-use development has a green light to advance, bringing more than 160 new apartments to a rental market in high demand.
The city’s planning advisory committee voted 8-1 on Wednesday to grant a variance request for the proposal. The two-phase project, located adjacent to Odell Park at 264 Rookwood Avenue, calls for two eight-storey buildings with ground floor commercial space and apartments on the upper levels.
Louie Youssef, president of Cedar Valley Investments, told the committee increased housing is needed to address the city’s low vacancy rate and in turn create affordable housing. While sharing his proposal he said the current rate for his properties is less than 1 per cent.
“To me, how can you have a better location than something that is between two parks, on a walking trail, is on the edge of a residential neighbourhood as per the municipal plan and provides badly needed housing,” Youssef said.
The developer presented a three-dimensional model along with architect Ann Scovil, who highlighted a curved, modern design facing the park. Plans show the parking lot hidden from the road by the two buildings.
The first phase of the project is one of the 8-storey buildings, with more than 11,600 square feet of commercial space. The residential floors will have 28 one-bedroom units, 42 three-bedroom units and 42 two-bedroom units from 690 to 1160 square feet. There are also plans for underground and exterior parking.
Phase two of the development includes 12,690 square feet in commercial space with 28 one-bedroom apartments and 63 units of two bedrooms or greater.
The project has not been completely priced, but Youssef estimated the units may rent at about $1,200-1,800 per month.
The urban core is experiencing low vacancy rates and planning committee members noted a major lack of sufficient residential housing and apartments. The vacancy rate in 2019 was 1.4 percent, down from 2.1 percent in 2018.
That need comes as the capital city is experiencing a substantial rise in population growth competing with increases in commercial and residential development. Fredericton set a record for building permits with $170-million issued in 2019.
The city’s planning report for the Rookwood Avenue project notes a projected 50 per cent increase in Fredericton’s population in the next 20 years.
Youssef told Huddle after the meeting he received five rental inquiries for the unbuilt project the day of the meeting alone. He sees the ground-floor commercial space to be ideal for a technology company, professional firm or retail.
“I think that higher density is what needs to happen for a number of reasons to help with the vacancy rate, and it’s also the most environmentally-friendly way to build from a footprint perspective,” Youssef said.
About a dozen people turned out to hear discussion on the project.
Two residents of the nearby Sunshine Gardens neighbourhood shared concerns about the density of the project and potential impact on the area. Both said they recently heard about the project, as only those residing within the immediate vicinity of the site were notified under city practices.
Patricia Fields is concerned about increased traffic on area streets and a lack of parking, especially with summertime construction.
“I feel the neighbourhood deserves more notice and an opportunity to understand better,” she said.
Lynn Fullerton is worried the buildings could look like a “big wall” coming out of Odell Park. The proposal would be twice the height of the tallest current structure in the area.
“The massing of this I think is grossly oversized and doesn’t do anything for sightlights or visuals,” Fullerton said.
Following public comment, the committee approved variances allowing for 66 additional units, less parking spaces, a three-metre increase in building height and a side-yard setback.
The variances don’t require the appoval of council. With no remaining obstacles, Youssef said he hopes to start break ground on Phase I this spring with construction expected to take 18-24 months.
“We’re going to move along as fast as we can,” he said.