City Looking for Developer of Queen Street Property (February 5, 2010)
The City of Fredericton is now accepting expressions of interest from anyone interested in buying and developing a 2.3 acre, or approximately 9,500-square-meter piece of prime real estate in the downtown core, overlooking the St. John River.The City-owned property has 80 meters of frontage on the north side of Queen Street between Westmorland and Northumberland streets. It is located between the Royal Canadian Legion building and the vacant former TRA building. The property is currently being used as a parking lot operated by the City of Fredericton and known as the Upper Queen lot.
The City is looking for a buyer interested in developing a project for retail, office or residential use, or a compatible mix of uses, with adequate parking for its own needs as well as surplus parking for lease to the public, if space is available. The property is located directly across the street from the Frederick Square Parking Garage, a multi-level parking facility operated by the City of Fredericton. A number of large office developments and a high-density residential development are located in close proximity.
The 2009 assessed property value for taxation purposes is $1,007,900. An appraisal of the property undertaken for the City in 2003 placed the market value of the property at $1,300,000 assuming the site is environmentally clean, is level with Queen Street, and that soil conditions are adequate to accommodate a low-rise residential/commercial development. The property is located in the flood risk area of the St. John River and existing soil conditions on the property may impact its future development.
Developers interested in submitting a proposal have until April 6, 2010 at 3 p.m. to submit their sealed bid to the Asset Management Division, City Hall, 397 Queen Street, Fredericton, E3B 1B5. The lowest or any bid will not necessarily be accepted.