$8.25-Million Land Deal Could Pave Way For Transformational Development In Downtown Fredericton
FREDERICTON – Fredericton City Council on Monday approved the purchase of a lot at the corner of King Street and Regent Street. The plan calls for multi-project development that would include a new justice building, performing arts centre and a mixed-use housing and commercial building.
It all starts with the lot Commercial Properties Limited is selling to the city, which will then be broken into three parcels. The King Street parcel, where the new courthouse would go, will be sold to the province for approximately $2.4-million.
“This is great news,” said Jill Green, Minister of Transportation and Infrastructure. “Both our teams have worked very closely together for many months to find this location and to find an opportunity that works for both the city and the province.”
The two other developments include a lot for commercial and residential use and the potential new location for the performing arts center. This parcel is on the corner of King Street and Regent Street, a location which they have looked at before.
The proposed mixed-use development parcel is located on Brunswick Street. It could include as many as 18 stories, with parking and residential or commercial tenants.
Ken Forrest, director of growth and community services at the City of Fredericton, says the new justice building would be a critical piece of infrastructure in the downtown core.
“It is the seat of New Brunswick Court of Appeal, and located in the provincial capital, a very important public institution and an important foundation of our provincial democracy,” said Forrest.
The department is also an important employer in downtown Fredericton. An estimated 500 people have daily contact with the Justice building, which contributes to daily foot traffic downtown. The location is also close to local law firms, restaurants, and coffee shops. The accessibility of the courthouse was a key factor in its new location.
“The city has a municipal plan policy both in Imagine Fredericton and in the city center plan that place great importance on locating public institutions like this in the downtown core,” said Forrest.
Fredericton Mayor Kate Rogers says the project will have an enormous economic impact in the downtown core.
“This is a once-in-a-generation investment that will be serve as an economic anchor in our growing downtown and support our restaurants, hotels, shops, and other businesses,” said Rogers. “More people and more business will add even more vibrancy to our city centre, adding to its appeal as an attractive destination.
She also said the landmark deal creates an opportunity to return to the initial preferred site for the Performing Arts Centre. Rogers said the design process for the Performing Arts Centre will not start until the final site selection has happened.
“The City and the Playhouse Board will work together to determine the best way forward for the new Performing Arts Centre,” said Rogers.
Mike Babineau, President of Downtown Fredericton, said news of the deal comes at a critical time for downtown businesses negatively impact by the pandemic.
“The Covid-19 pandemic has been incredibly difficult for downtown business owners, many of whom have struggled this last year,” he said. “This investment in the growth of the downtown is a wonderful light at the end of a very long tunnel. It’s a crucial investment that will help set the course for a healthy and vibrant downtown for decades to come.”
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