Work is expected to begin within a year on the first phase of what could be a 250 million dollar waterfront development on the site of the former Russel Brothers.
Moe Zadeh of Rafa Corporation spoke on Monday night at City Council and says the environmental remediation of the site is finally complete.
Drawings and renderings of the project have been prepared and the developer is now working with the city on what is needed for site plan approval.
If that can happen before the end of this year, Zadeh says, shovels could be in the ground by next June or July.
And if that happens, people could be living there by the fall of 2012.
Zadeh says the demand for waterfront condos is very strong across the province. The first phase of the condo development calls for 120 units and a second phase would construct 100 more.
Future plans include a retirement home with another 180 units, a hotel and convention centre, a marina and a commercial development that would include a number of public amenities, such as a beach and an amphitheatre.
All told, Zadeh says, the dollar value could easily be in excess of 250 million dollars.
Steve Furness — the City’s manager of economic development and tourism — says talks have progressed well between the city and the developer to this point.
He says continued communication will be the key to ensuring the proper site plan approvals are in place for the project to proceed.
