[So...will these new restaurants still be ready for Spring 2007 like the sign says?
]
No end in sight to city growth
By HEATHER MCLAUGHLIN
mclaughlin.heather@dailygleaner.com
Published Wednesday August 22nd, 2007
Appeared on page A1
After an idle spring, it looks as though the University of New Brunswick's Corbett Centre is going to start unfolding.
Building and foundation permits have been issued for two restaurants and two strip malls on the site, which is now home to Home Depot.
Development committee chairman Mike O'Brien said it's up to the university and its mall negotiator Trinity Developments to announce the names of the tenants.
"It's a pretty intricate process, very delicate to the public, to the university, to the city,'' said O'Brien. "There's been a lot of back and forth on the quality of the development and double-checking everything and making sure it's A-1 before it's introduced.''
A sign advertising the Corbett Centre identifies East Side Marios and Montana's steakhouse as site tenants.
The Daily Gleaner has also learned that the Regent Mall Tim Hortons, which has closed, will reopen at the Corbett Centre site.
Fredericton has already chalked up $18.7 million in commercial development to the end of July.
O'Brien said there are enough construction projects on the horizon to break the $100-million mark again this year.
"There's so much in the hopper that's going to be coming in over the next two or three months and especially over the next 12 months. Next year looks pretty rosy as well," O'Brien said after Tuesday's development committee meeting.
Last year, Fredericton posted its best construction season at $134.4 million.
The value to date of all types of construction in Fredericton is $60 million.
That's about $30 million behind last year's figures to the end of July, but there are major projects still in negotiations, including the possibility of starting a University of New Brunswick wellness centre.
The city has seen 260 residential starts, including 130 single-family homes, and 78 apartment units during the first half of 2007.
The municipal construction that fuelled Fredericton's 2006 season has dropped off.
The city spent nearly $18 million on projects of its own, including the first of two new hockey arenas, repairs to the Lady Beaverbrook Rink, and construction of two new outdoor swimming pools and repairs to two others.
There was more good news for the city as a trend toward construction outside its borders is dropping.
Fredericton's share of the regional construction market increased nine per cent to 49 per cent in 2007, while Oromocto captured 12 per cent of the housing market, New Maryland another one or two per cent, and unincorporated areas about 33 per cent.
It's the fourth year in a row that Fredericton has seen construction within its boundaries go up, said city planner Meredith Cooper.
The city's real estate market has seen 546 houses resold, with the average price of a single-detached dwelling jumping by $16,000.
Mayor Brad Woodside said a few years ago he predicted the capital city would be ready to fasten its seatbelt and enjoy the ride.
"The growth has been phenomenal," Woodside said.