The federal government is providing more than $30 million in loan funding to support a rental housing development on Saint John’s waterfront.
The money comes through the Apartment Construction Loan Program(ACLP) and will help finance the Fundy Quay project, which includes 79 rental units in the city’s uptown. The building is expected to be completed in late 2026.
Liberal MP Wayne Long, who represents Saint John–Kennebecasis, said the loan is the difference between the project moving forward or not.
“It’s a great day for Saint John. It’s a great day for more housing in the city,” Long said.
Long said the Fundy Quay development is part of a larger plan to transform the waterfront, which for years was dominated by two vacant Coast Guard buildings.
He compared the potential of waterfronts in Halifax, Boston and Portland, calling the project an economic driver that will bring residents, businesses and visitors.
“This is just one part of the Fundy Quay project, but this project in itself will be a part of Saint John’s revitalization. I think over the last 10 years, we’ve seen Saint John come back alive again,” he said.
Long also pointed to earlier federal spending on the site, including $20 million for seawall repairs in 2019 and more than $10 million for boardwalk and site development.
He said Ottawa has now committed more than $60 million to projects along the city’s waterfront and noted that three or four more buildings are planned as part of the broader redevelopment.
New Brunswick Housing Minister David Hickey said the province’s decision to remove HST from new multi‑unit construction was aimed at unlocking projects like Fundy Quay.
“We made sure that one of our first jobs as government was to set the table on housing,” Hickey said.
He added that while progress is being made, the province still faces major challenges. “We can see the corner, but there’s a long hill still ahead. We have massive crises in affordability and homelessness that we need to deliver on,” he said.
Chris Elias, president of Fundy Harbour Group, said the federal loan and recent tax changes gave the company the confidence to move forward.
“It’s what gave us the confidence to get going in the first place,” he said.
Elias also spoke about the site’s potential.
“I think I’ve drank my own Kool‑Aid a little bit, but I fully believe we have the opportunity not only to compete in Atlantic Canada, but in the entire Eastern Seaboard for waterfront sites with what we have here in Saint John.”
Elias said construction on the first building is progressing well, with the structure expected to be completed by December and finished by 2026.
He said the full plan calls for five buildings on the site over the next decade, but the company’s focus is on completing the first one before moving ahead.
As local owners, Elias said his family takes pride in their role in helping to reshape the city.
He pointed to their redevelopment of City Hall, leasing more than 120,000 square feet since purchasing the building five years ago, and their recent purchase of Market Square.
“We’re tremendously proud. We love the community feedback we’re getting, and we’re very pleased to be a part of reshaping Saint John’s future,” he said.
The federal government says the loan program has already supported more than 64,000 rental units across Canada and has been extended through 2031.
