The City of Saint John has introduced the Large-Scale Development Incentives Program. The program is a new initiative designed to encourage growth of high-density residential buildings in the uptown and inner harbour areas. The policy is aimed at supporting major development projects and helping grow the Saint John community. According to a release from the city, for projects to qualify, developments must have a minimum total building cost of $40 million, include at least 150 residential units and achieve a density of 400 units per net hectare. “Applicants must also demonstrate financial viability and meet construction timelines to receive funding. Grants are contingent on compliance with agreements and ongoing monitoring,” the release continues. Once projects are completed, incentives will be distributed over a 10-year period. Additional support may be available for projects that include: Applications are reviewed by the Development Incentive Review Committee and approved by the Common Council. More information on the program is available online. For more New Brunswick news, visit our dedicated provincial page.
