N.B. Turns Down Funding For Fundy Quay

The province has turned down Saint John’s funding request for the multimillion-dollar Fundy Quay development.

Local developer David Elias plans to build a $250-million multi-use development featuring commercial and residential spaces on the former coast guard site.

The city requested $10 million over five years to help with site remediation, which includes upgrading the sea wall.

But in a letter received by city council Monday night, the Regional Development Corporation denied the funding.

“Given limited budget capacity, it was determined that water and wastewater projects would receive priority at this time, with a focus on projects that had identified public health issues,” read the letter, dated March 2.

Coun. Blake Armstrong expressed his disappointment with the decision at Monday’s meeting.

“This is one of those deals where Saint John, how do I nicely put it, is getting the shaft again with no representation for the City of Saint John,” said Armstrong.

Armstrong said for every $24 of private investment, the city asked the province for $1.

“This is not personal, by the way, this is business. We have four ministers representing this city. Please, speak up,” he said.

Repairing and building up the sea wall is necessary for work to start on the much-anticipated waterfront project.

During a February interview with Huddle, Jeff Cyr, director of strategic projects for Develop Saint John, said the project’s future hinges on provincial funding.

“The sooner we hear about the funding, the more contingency we have in terms of moving this work forward. It will be a pretty aggressive schedule and the more we lose from it the trickier it will be,” said Cyr.

Aside from the sea wall repairs, there is other work which needs to be done on the site before work can begin, including dealing with contaminated soils and raising the site behind the sea wall.

Mayor Don Darling said they believe the business case for the project is very solid.

“We do have a partnership from the federal government and the municipal government, we’ve assigned some capital dollars, but it’s very time-sensitive.”

The city has asked to meet with provincial officials to discuss the project further.