More than $55 million in government funding has been announced for a 152‑unit housing project in uptown Saint John.
The project at 99 King Street includes 32 affordable units that will be reserved for seniors and people with disabilities, according to the New Brunswick Housing Corporation.
The building will feature two levels of underground parking, a floor of commercial and retail space, and multiple levels of rental housing.
Federal officials say the development is supported through more than $46 million in low‑interest loans from the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program.
The province is contributing about $2.2 million through its Affordable Rental Housing Program, while the City of Saint John is funding $310,000.
Wayne Long, Secretary of State for Revenue Agency and Financial Institutions and MP for Saint John–Kennebecasis, said the federal funding will help create secure homes for residents who want to live, work and raise families in the city.
“The impact this investment will have on lives right here in Saint John cannot be underestimated,” he said.
Long said the loan program is designed to encourage developers to build rental housing that has been missing in many communities.
He described the project as part of a broader national effort to increase housing supply and support middle‑class renters.
Housing Minister David Hickey said the province’s contribution will guarantee 32 affordable units within the building.
“We need to make sure that we are protecting the supply of affordable housing and building new,” he said.
Hickey noted nearly 13,000 people are on the province’s affordable housing waitlist.
Hickey said affordability for the units will be calculated at 30 per cent of a tenant’s net income, with the province covering the remainder through long‑term rent supplements.
He added that the project supports the province’s targets for new housing starts and affordable unit development.
Saint John Mayor Donna Noade Reardon said the development represents a major step for the uptown area, calling it a boost for housing diversity and economic activity.
“This development will provide secure homes for individuals and families while also stimulating our local economy,” she said.
Reardon said the location beside King Square has long been a prominent address in the city and will help strengthen density and vibrancy in the urban core.
She credited municipal staff, Envision Saint John and the developer for advancing the project.
Developer Percy Wilbur said construction has moved more quickly since the underground work was completed.
“It’s nice to be out of the ground. That’s always slow and tedious,” he said. “Once you get all the guts of the building in place, it goes up faster and it’s more visible.”
Wilbur said the project has been underway since 2021 and required redesigns after an office tenant withdrew early in the process.
He said the budget remains tight due to labour and material costs.
“Any little help you can get along the way is greatly appreciated and pretty much needed,” he said. “I don’t see anyone out there doing any of this multi‑rez without some sort of assistance or programs.”
He said he expects tenants to begin moving in by this time next year, with full construction completion targeted for fall 2026.
Officials state that the project enhances the long-term housing supply in the region and supports national initiatives to boost rental construction through the Apartment Construction Loan Program.
This program aims to facilitate the construction of over 131,000 rental homes across Canada by the year 2031-32.
