A rendering of the proposed Technology Drive development by Somerset Investments Ltd. (Image provided by SIL)
After years of trying to spark commercial interest, the owners of the land on Technology Drive are going in a different direction.
Somerset Investments Limited has applied to change the designation from commercial business park to residential high-rise and construct a six-storey, 75-unit building there.
Melanie Dowd-Martell of Somerset Investments Ltd. said the change in approach is based on advice about current trends in the city.
“A couple of years ago, Develop Saint John at the time, which is now Envision Saint John, had suggested that based on market trends and demand that we pivot to a residential development,” Dowd-Martell said.
Somerset Investments acquired more than 10 acres at 60 Technology Drive, across from Xerox, from Commercial Properties Ltd. this summer.
Initial plans are for the building include underground parking, a common room, and a fitness facility in a green park-like setting.
“If you have been up to the park, you’ll see what spectacular views of the city it has. We always knew it could be something amazing,” Dowd-Martell said.
With all required approvals in place, site work on the development could start this year with construction to begin in Spring 2022.
A public meeting was planned for Tuesday night from 7-9 p.m. at the Royal Kennebecasis Yacht Club at 1042 Millidge Avenue where residents could see the preliminary plans and discuss the project.
Commercial Properties Ltd. and Acadia Broadcasting Limited, which owns this station, are each part of the Ocean Capital Group.
Follow
