The city council of Fredericton, New Brunswick, has voted to sell a historically significant building valued at $475,000 to a private developer for $1,000.
According to a CBC report, the sale of Lemont House to State Street Properties carries the condition that the company restore the building and repurpose it as a 17-unit rental housing property. According to the development agreement, the average base rent for the apartment units lower than the average new construction rental rates set out by Canada Housing and Mortgage Corporation for ive years.
The Second Empire-style building was constructed in the 1880s as the residence of the Lemont family, who owned a local furniture store. The property had been vacant for years when the City of Fredericton acquired the property from Aquilini Properties in 2019 as part of a legal settlement.
The council’s approval came with a narrow margin of support. Council member Ruth Breen opposed the deal, questioning if a better agreement could have been arranged.
“My deepest concern is that this property is valued at roughly half a million dollars, and we’re selling it to a very successful developer for $1,000,” she said before the vote. “If that’s the best the market can do, I think we need to explore other options in how this can best be repurposed to serve the residents of Fredericton as a whole.”
Photo of the Lemont Building courtesy of the Fredericton city government
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Selling this historically significant building for such a paltry amount is not only laughable but sad. How much effort was put into trying to sell it and what will it look like when state street are done with it ? I cannot find any drawings anywhere and with officers square now complete how it will look is very important.