The Fundy Quay, a mixed-use project located on a six-acre former Canadian Coast Guard site, is a pivotal part of the Saint John waterfront’s revitalization. It will consist of five residential buildings that are up to 19 storeys, 400 enclosed parking spots and up to 25,000 square feet of retail space.Supplied/Fundy Harbour Group
In a nod to its industrial seaport history, real estate investment from private and public sources is animating stretches of the Saint John waterfront that were previously disconnected from the New Brunswick city’s downtown core.
A key component of this revitalization is Fundy Quay – a mixed-use project being constructed on a six-acre former Canadian Coast Guard site that Saint John Mayor Donna Reardon calls a pivotal anchor property.
Led by local builder and property manager Fundy Harbour Group, the development on the Saint John Harbour is part of a push to fulfill the waterfront’s potential as a corridor that combines natural beauty, historic attractions, housing and services, all connected by a 2.5-kilometre boardwalk, Ms. Reardon says.
She adds that investments from developers, federal agency Port Saint John, the municipality and the province have already created a more economically-vibrant and pedestrian-friendly environment.
One example is the increase of activity in the area. According to Ms. Reardon, waterfront foot traffic has grown thanks to the area’s new residences and amenities, while cruise ship passenger volumes jumped by 20 per cent last year compared to 2024.
A revitalized rite of passage
The Fundy Quay project calls for five residential buildings zoned at up to 19 storeys, with 700 to 800 apartment units in total across the entire development, as well as 400 enclosed parking spots and up to 25,000 square feet of retail space.
The site is encircled by a wooden boardwalk and borders public spaces that include an amphitheatre, new restaurant patios, splash pads, beaches and an extended Harbour Passage – a trail system connecting east and west Saint John to the downtown.
The passage links with the boardwalk near Market Square, a 600,000-square-foot retail, office and indoor civic complex, and the main cruise ship terminals. Fundy Harbour Group acquired Market Square, located just behind Fundy Quay, last fall.
While the Fundy Quay buildings are a private-sector project, federal, provincial and municipal governments contributed a combined $27-million to repair and strengthen the waterfront seawall, particularly around the former Coast Guard property, and to raise the land’s elevation for new development.
The government financing also supported the addition of a community skating rink and an expanded stage for concerts at the “Ihtoli-maqahamok - The Gathering Space” public plaza, directly adjacent to Fundy Quay.
In 2025, Ottawa announced an additional $30-million investment through the Apartment Construction Loan Program for the first building’s residential units.
Demand for prime waterfront land
Construction on the first phase of Fundy Quay, a six-storey structure with 79 rental units and about 15,000 square feet of pre-leased retail space, is expected to be complete this year.
The timing of when the remaining phases will be built will be influenced by the first building’s viability, though the construction is envisioned to take place over a decade, Fundy Harbour Group says.
The company’s vice-president of development, Chris Elias, says a tenant has committed to occupy three quarters of the first building’s retail footage, with “a long list of applicants” interested in that building’s remaining retail space.
The remaining commercial tenants will complement the anchor tenant, who Mr. Elias did not identify, while future building phases could include a mix of retail, office and civic spaces.
Mr. Elias says pent-up demand for premium, long-term rental accommodations on prime waterfront land, largely from residents outside the downtown core, is driving interest in the first building’s units – all of which are rental apartments.
A wooden boardwalk encircles the perimeter of Fundy Quay, which borders public spaces such as an amphitheatre, restaurant patios, splash pads, beaches and an extended Harbour Passage, a trail system connecting east and west Saint John to the city’s downtown.Supplied/Fundy Harbour Group
Density returns to Saint John
Bringing density back into the urban core “provides greater opportunities for business,” delivering a multiplier effect and economic benefits, says Jonathan Calabrese, a Saint John-based partner in strategy, risk and transactions at professional services consultancy Deloitte, whose office overlooks Fundy Quay.
Mr. Calabrese says the project’s private-sector funding demonstrates “an ultimate level of confidence” in the development’s viability. Barring additional government support, private capital is expected to fund the lion’s share of the project’s $500-million budget.
The development is advancing despite Saint John posting the lowest-gross office rent among New Brunswick cities and an office vacancy rate of more than 25 per cent as of December, 2025, says an Atlantic Economic Council report from senior economist Lana Asaff.
In her March economic snapshot, Ms. Asaff says the local economy faces challenges owing to the federal government’s decision to slash immigration targets. In turn, this has slowed population growth, while U.S. tariffs have hit the city’s export base.
Because of immigration in 2024, the Saint John population reached 78,165, the highest since the early 1980s, according to Statistics Canada.
However, Nick Cameron, director of data services and project management at regional agency Envision Saint John, says the pace of population growth is “softening.”
Meanwhile, the tariffs’ impacts have been balanced out by a $247-million modernization of Port Saint John, Canada’s third-largest port by tonnage. The project contributed to a four-fold increase in cargo volume, says Port Saint John spokesperson Becky Knox.
Directly next to Fundy Quay sits the "Ihtoli-maqahamok - The Gathering Space" public plaza, which the government is supporting by investing in a new community skating rink and an expanded stage for concerts.Supplied/Fundy Harbour Group
‘Rising tide lifts all ships’
Ms. Reardon says new residents at Fundy Quay will grow the tax base of Canada’s oldest incorporated city, which traces its roots to 1785 when it was founded as a deep-water ocean port and shipbuilding hub.
She says an increase in foot traffic from new residents, and a growing stream of cruise ship passengers who disembark from terminals minutes away from Fundy Quay, can unlock more commercial investment in Saint John’s downtown core.
“Fundy Quay is one of these final key pieces in terms of waterfront development that adds modern infrastructure to enhance walkability and bring in all of these new customers,” says Mike Joyce, an associate vice-president and New Brunswick broker of record at commercial real estate services firm CBRE.
Amid a wave of waterfront redevelopments across Canada, including the $1-billion reimagination of the Toronto Port Lands and the $2.5-billion Quartier Molson project in Montreal, the Fundy Quay project could boost valuations for real estate in downtown Saint John, Mr. Joyce adds.
While an influx of residents adds demand for commercial services, Colin Rennie, manager at Atlantic Canada boutique broker Turner Drake and Partners Ltd., says a flood of high-end, more desirable retail space might pressure owners of older properties to discount lease rates or offer other incentives to compete with Fundy Quay.
However, Mr. Elias says demand for waterfront space commanding a high premium has already risen because of residential development.
New density bringing 18-hour daily activity to the Central Peninsula, including downtown Saint John, “is great for the city as a whole,” he says. “There is a recognition that a rising tide lifts all ships.”