Commercial Properties Hits Pause on Plans For New Development on King Street In Fredericton

–Key Location Holds Tremendous Potential for Community–

FREDERICTON, NB — Commercial Properties, the New Brunswick-headquartered property developer and manager, announced today it will not proceed at this time with plans to develop a mixed-use, Class A, 92,000 square foot development in downtown Fredericton.

“We held substantive pre-leasing conversations with a number of tenants who were interested in taking space in the building, but current market conditions do not support the large, high quality office and retail building we considered constructing on our property on the corner of King and Regent streets in Fredericton,” said Paul Moore, Executive Vice President of Commercial Properties.

“This is a strategic location in the heart of the downtown near the Convention Centre, the Playhouse, offices, hotels and shops. It’s a location that holds tremendous potential and we look forward to working with the community to identify development opportunities that add to the vibrancy of Fredericton,” added Moore. “Fredericton is a city on the move and we plan to be part of its bright future. We will continue to actively assess new opportunities for this piece of property.”

About Commercial Properties Limited

Commercial Properties has about 1,000,000 square feet under management, including such landmarks as Brunswick House and CenterBeam Place in Saint John and Commerce Place in Moncton. The company is known for its environmental stewardship, with several of its largest properties achieving Gold status in Leadership in Energy and Environmental Design (LEED) or BOMA BEST certification.

 

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For information:

Paul Moore

Executive Vice President, Commercial Properties

Phone: (506) 648-3520

Email: [email protected]

2019-04-17T13:53:26+00:00