Attention Developers!  Looking for a Great investment opportunity! The perfect place to build apartment buildings, condos, or townhouses?

This prime piece of 7.1 acres is zoned for multiple high-rise buildings and up to 500 units (RH)! Buildings can be a maximum of 9 stories high or 30 metres with commercial space on the first floor. This could be offices, medical clinic, restaurant, gym, etc.

Located on a gently sloping hilltop directly behind #411 Ellerdale Street, East Saint John. Any high-rise built would have fabulous views from every angle overlooking the city.  With ocean views of the Saint John harbour, Bay of Fundy and the passage of approximately 100 cruise ships per season!  What’s more stunning than watching a brilliantly lite cruise ship cruise in or out of the harbour to destinations unknown.

Within walking distance of East Point Shopping, McAllister Place, Costco, Sobeys, Canadian Tire, Walmart, restaurants, Cineplex Cinemas & so much more!

Tenants won’t need a car! This land is directly on the bus line, stops right out front! Parcel is beautifully treed with mature deciduous trees, maple mountain ash and birch plus evergreen fir, spruce and cedar. Newly built driveway comes directly off Ellerdale Street. No right of ways here, you own the driveway.

The demand for rental housing in Saint John is high, and the supply is low. According to the latest report from the Canada Mortgage and Housing Corporation (CMHC), the vacancy rate for rental units in Saint John was only 2.1% in October 2023, down from 3.6% in October 2022. The average rent for a two-bedroom unit was $1,050, up 4.5% from the previous year and new units are seeing $2200 per month.

The market conditions are favorable for developers who want to invest in rental housing in Saint John. The Government of Canada has announced significant support for multi-unit residential construction, including a $2.5 billion investment in the Rental Construction Financing Initiative (RCFI), which provides low-cost loans to developers who build affordable rental housing. The RCFI can cover up to 100% of the total project cost, including land acquisition, construction, and soft costs.

Don’t let this one slip away!  Location is key!  Call or text Katherine Bacon at 506-650-8575.