Okay, so in a nutshell...
- The latest vision statement for the site:
- Fundy Quay Developments Inc. was selected as the successful proponent in June, one of two qualified respondents to the call for expressions of interest earlier this year.
- I believe the key individual here (correct me if I'm wrong) is Dr. David Elias, who is a partner in the holding company for City Hall and has completed the following developments as per the DevelopSJ presentation:
- Since that time, a great deal of due diligence efforts have been undertaken, including a site valuation, financial analysis, engineering analysis, economic impact/business case analysis, pro-forma analysis, etc.
- The key findings from some of the above efforts have been summarized as follows in the report:
- In addition, should this round of plans for an integrated mixed-use development fall through, a "Plan B" of subdividing the site for 6 smaller residential developments has been deemed viable.
- Straight from the DevelopSJ Board, here are the guiding principles for the agreement:
- And the agreement itself consists of two parts:
1. A 2-year Option Agreement as site preparation progresses.
2. A 25-year land lease-to-own agreement as the site is developed in phases.
I won't get into the nitty-gritty of the agreements as they're quite detailed, but generally speaking they try to balance the level of risk and incentivize all parties to move the file forward over the duration of the agreements.
It should be noted that the lands pursuant to this agreement appear to exclude the parcel that was sold to the Province for the now-dead Museum project. No word in these new documents on what the future holds for this key piece of land.
EDIT: Reports from
Connell Smith on Twitter that the developer is exploring options to incorporate the Provincial lands into the project.
I want to stress that this still isn't a done deal, and the developer has several "outs" should things not go as planned with third-party funding for environmental remediation work and the like. Stay tuned folks!