November 19, 2018

Ross Ventures starts construction of downtown office tower in Fredericton

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Ross Ventures has begun construction of its new office tower downtown, and it will be ready for occupancy in the spring of 2020.

“We’re really excited,” said Ross Ventures CEO Jeff Yerxa in an interview with Huddle. “We’ve begun work on the foundation and there are cranes in the air. This building is going to be a great addition to the downtown, which hasn’t seen this kind of development in a long time.”

In early January, the company was first out of the gate with the announcement of the first new building with “Class A” commercial office space in more than 20 years in downtown Fredericton.

Two other developers made similar announcements in subsequent months. In February, Kileel Developments announced plans to construct an office and apartment complex at the corner of King Street and Westmorland Street. In April, Commerical Properties announced it planned to construct an office and apartment tower at the corner of King Street and Regent Street.

“It’s like chasing the 4-minute mile,” jokes Yerxa of the race to construct new buildings downtown.

Ross Ventures has already secured an anchor tenant for the new building, the main reason they decided to proceed with the project earlier this year.

Yerxa won’t identify the new tenant, preferring to let them make their own announcement. The same is the case for a food and beverage business that has been secured for the ground the floor.

Unlike the other two projects, Ross Ventures has no plans to include apartments in the new building, which will be six- or seven-storeys tall depending on the number of tenants they secure during the construction phase.

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