Development Slated for Dartmouth Waterfront

WATERFRONT DEVELOPMENT CORP.--Development Slated for Dartmouth Waterfront

Waterfront Development Corporation Ltd. announced today, Oct. 1, that a purchase and sale agreement has been signed with Innovative Properties Inc. to build a 150-unit condominium project in downtown Dartmouth.

The Sentinel on Halifax Harbour will consist of a 10-storey building with three-storey townhouses located on King and Prince streets and Alderney Drive. The cost of the development is estimated at $25 million and it will generate about $350,000 in tax revenue to Halifax Regional Municipality.

"The government strongly supports projects like this, which are designed to increase public access to a valuable community resource like the waterfront," said Natural Resources Minister Tim Olive on behalf of Economic Development Minister Cecil Clarke. "The new development will enrich the area's residential, recreational and economic value to the public."

Waterfront Development Corporation is a provincial crown corporation with a mandate to rejuvenate and increase public access to the waterfront areas of Bedford, Dartmouth and Halifax. Innovative Properties Inc. is a Dartmouth-based developer whose projects include the Greenvale condominiums and Banook Shores.

"WDCL is committed to the long-term development and revitalization of the Dartmouth waterfront," said Fred Were, president of the corporation. "This initiative with Innovative Properties is a continuation of the residential development we began with Admiralty Place, the Cheltonham Townhouse project and Bishop's Landing completed just last year. We are excited about this project and eagerly anticipate the start of construction."

Innovative Properties Inc. will be undertaking an environmental and engineering analysis of the half-hectare (1.3-acre) site before applying for a development agreement from Halifax Regional Municipality. It is expected that the process of public meetings and hearings will occur over the next six months.

"Innovative Properties is both proud and excited to be involved in this partnership with Waterfront Development Corporation Limited," said Art McDonald, Innovative Properties' chairman and chief executive officer. "Like WDCL, Innovative Properties is committed to rejuvenating our waterfront communities, and the Sentinel on Halifax Harbour is just a great example of what people with a common vision can accomplish."

One of the unique features of this development is the commitment by the Waterfront Development Corporation and Innovative Properties Inc. to allocate $150,000 of the purchase price toward a public amenity benefiting visitors of the Dartmouth waterfront. An announcement on the nature and location of the amenity will be made closer to the start of the development.