Downtown Fredericton Apartment Building Under Construction Already Full
FREDERICTON – The residential building being constructed on Queen Street will begin moving in tenants in the fall of 2022 and have already filled all their residential units.
The nine-story building on the site of the former location of the Canadian Legion Branch No. 4. is described as a luxury complex that will attract professionals and seniors, says developer Tony George.
“We like to cater to those types of people. We give them whatever they want, whatever they ask for and we put up top-notch quality,” said George.
Although the units have been filled, George says he’s still unsure of what the cost of rent will be due to the rising cost of lumber and other materials necessary for construction.
“Every time we turn around the price is going up,” said George. “Lumber skyrockets, now steel is getting worse, insulation, stairs, and anything you want to buy is going up every week. When you’re doing a big project like this, it freaking adds up, man.”
High prices of construction material has become a large issue contributing to rent hikes. According to a recent story published by Huddle about the Halifax market, the rise in costs can be attributed to operational shutdowns related to Covid-19.
The building has been under construction since last fall. Work paused for the winter, and then recently resumed.
It will contain five penthouse suites; one, two, and three-bedroom units; a social room; and a private gym.
There will also be commercial units on the bottom two floors of the building. George says he’s hopeful there will be a pharmacy and doctor’s office to fill the space, but he is unsure at this time who will fill those units.
The building is located close to another of George’s properties, Royal T Suites, which opened in 2018 at 215 Queen Street. In that building, commercial tenants include The Lash Studio and Byblos Restaurant and Bar.
“[The new building] should help downtown big time because down the south side, it was dead, there was nothing there. So, with our building gone up and another one beside it and then our new one, it’s gonna help to build up downtown big time,” said George.
Liam Floyd is a reporter for Huddle. Send him story suggestions: [email protected].