Brunswick Street Parking Garage

City Council approves conditional sale of Brunswick Street Parking Garage

Fredericton, NB (September 26, 2016) –The City of Fredericton has reached an agreement to sell the Brunswick Street parking garage property to Ross Ventures Ltd. for $1.85 million. The transaction was approved tonight by City Council.

Ross Ventures plans to build a $15.9-million, five-story commercial complex with office and retail space on the corner of Carleton and Brunswick., as on-site tenant parking is required to make the development feasible, so Ross Ventures approached the City in late 2015 to buy the parking garage situated at 533-535 Brunswick Street.

The proposed Ross Ventures development will result in significant economic benefit to the City through property taxes and increased investment in the downtown core, optimizing net revenue for the City. The proposed development is also in line with the recently adopted City Centre plan.

“This is an exciting project for the City,” said Mayor Mike O’Brien. “This significant development will not only be positive in terms of increased revenue, but it will also help with the revitalization of our downtown and stimulate other growth and investment in this key part of the Fredericton.”

Although the construction schedule is still being finalized by the developer, the agreement requires that the construction on the development is scheduled to begin by no later than 2019 and to be completed by no later than 2021. Until that point the development is completed, the City will continue to own and operate the garage and current parking arrangements will remain in place.

Any changes or displacement of parking resulting from the completion of the development will be addressed and factored into the City’s current parking strategy and study.

Terms and conditions of the transaction include:

  • Construction on the commercial complex begin no later than 2019 and be complete no later than 2021.
  • The new commercial complex be of a value exceeding $15 million.
  • The purchased property be used solely as a parking facility for 25 years after the transaction is completed.
  • Any parking spaces in the property not needed for HSBC Place or the new commercial complex will be made available to the public at parking rates that are in line with those charged by the City of Fredericton.

If the above terms are not met, the City will retain ownership of the property and facility.

Additional background information

  • There are 390 parking spaces at the Brunswick Street parking garage, with 280 spaces dedicated for long-term (monthly) use and 110 spaces dedicated to short-term (daily/hourly) use.
  • The parking garage was built in 1982 with a 60-year projected life span. 
  • The City employed a negotiated RFP process and issued a call for proposals earlier this year on the New Brunswick Opportunities Network to allow other developers to participate in the process and to evaluate any proposals. The sole proposal received was from Ross Ventures Ltd.

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Media Contact:  Wayne Knorr, Communications Manager, City of Fredericton, 506-460-2181, wayne.knorr@fredericton.ca