Developer Proposes 10-Storey Complex At Chocolate River Station In Riverview
RIVERVIEW – Developer Cordova Realty is proposing a 10-storey building where the Fundy Chocolate River Station currently resides on Coverdale Road.
Cordova Realty is a real estate and land developer based in Moncton that focuses exclusively on Class A properties and tenant space in New Brunswick, Nova Scotia and P.E.I., the company’s website says.
“We’re excited about it and we look forward to discussing it in the near future,” a representative at the company’s office said to Huddle on the phone. She said that was all the company would say for now.
According to a variance application to the Planning Advisory Committee, 395, 391 and 383 Coverdale Road would be turned into a 10-storey multiple-unit dwelling property with more than 1,500 square metres of gross floor area.
Lydon Lynch Architects, a Halifax-based company, is listed as the building’s designer.
The company proposes a clean and modern “vibrant, mixed-use development” along the Petitcodiac River. It would include retail on the ground floor, two levels of indoor parking, some outdoor parking, 150 residential units, outdoor roof terrace for residents, public outdoor plaza and landscape feature, a connection to the riverfront trail, an information kiosk, and integration of a public display or art installation.
The commercial spaces will extend along the outdoor plaza, which will have a canopy and possibly seating areas. There will be a park-like area between the plaza and the outdoor parking area. Lydon Lynch’s design also includes a podium roof located between the towers, which will be a landscaped terrace for residents.
“We’ve been working with this developer to make sure that if the development were to proceed, there are certain things that the council feel are important. Things like the public still having access to the boardwalk and the parking lot at the Chocolate River Station, and that our visitor info centre, which is inside the Chocolate River Station, would somehow be located within the new project,” says Shane Thomson, Riverview’s Director of Economic Development.
Cordova Realty bought the neighbouring property at 395 Coverdale Road last year, he said. Earlier this year, the company came to the town council with an “unsolicited proposal” to buy the Chocolate River Station so they can build the 10-storey complex, he said. The town and Cordova are still in negotiations for the sale.
“Definitely, the council is interested in seeing that type of development. This council approved a financial incentive program late last year and this project, I’ve been told, would not be feasible without that financial incentive program. So it’s done exactly what it’s designed to do, which is to attract high-quality development into the town,” he said.
Last September, the town launched an incremental tax-based rebate program for investors planning development, redevelopment or any other construction activities worth more than $500,000 in its commercial zones. The rebates are based on the post-project assessed values. Successful applicants will get it for five years if the project is worth less than $5 million, or for 10 years if the project is worth more than that.
The Chocolate River Station currently houses several tenants, including a Briggs Maples shop. Buddha Bear Coffee Roaster and Holy Whale Brewing Co.‘s shipping container shop is located at the parking lot, facing the river.
Tomson said Buddha Bear won’t be impacted because the parking lot would remain and the developer sees the benefit of having the cafe there. Other tenants were notified last week about the potential project and could be relocated within the new building.
Before it can begin, Cordova still has to get the project past the Planning Advisory Committee in April, buy the town-owned Chocolate River Station, and conduct studies, including one for environmental impact.
“As much as we’re positive about this and we’re optimistic that it’s going to proceed, there’s still a number of hurdles to get over,” Thomson said.