Salter Development project reaches key milestone

The Salter Block project, the biggest development on the Halifax waterfront in the last decade, continues to move forward.

Waterfront Development Corporation (WDCL) approved a key milestone for the project, between Salter Street and Bishop's Landing. Developer Centennial Group Limited will take custody of the land in June.

This is the largest development on the Halifax waterfront since the award winning Bishop's Landing in 2000.

"This step forward is good news for Halifax and for the growth of Nova Scotia's economy," said Economic and Rural Development Minister Percy Paris. "The development will create jobs and new business that will draw residents and tourists to our waterfront."

The construction phase could create about 900 direct and spin-off jobs, and more than $7 million in federal, provincial and municipal tax revenues.

"Salter is a great example of a business model that uses private sector investment to create a public space," said WDCL president and CEO Colin MacLean. "Once long-term development is complete, Salter will be the single largest open space on the Halifax waterfront for the public to enjoy."

The project will have 142 residential units, 75,000 square feet of retail space, a 98-unit boutique hotel and a one-acre public park. Original construction estimates from Centennial Group Limited were $75 million.

WDCL will continue to enhance public access to the waterfront by operating the boardwalk and public park. The space will also provide a venue to showcase a growing arts and culture scene, events and recreation opportunities.

With the approved milestone, which includes the landscape plan for the public open space, the developer will now refine plans for construction. The project is scheduled to have footings in place by June 2011.

It will feature two wave-shape buildings that maintain the viewplanes from Citadel Hill. It will include an all-season, indoor urban garden, linking the downtown core to the park and water's edge. The 12-storey residential component steps down to five storeys at the water, with ground-level shopping.

Salter boardwalk, part of the popular Halifax Harbourwalk, was completed last spring by WDCL with support from the province. It will ensure public access to the waterfront throughout construction.

Over the past 40 years, Centennial Group Limited and its affiliates, including Centennial Hotels Limited and Universal Group, have built, owned and managed major real estate developments. These include high-rise apartments, office buildings, commercial facilities and hotels in Halifax, Toronto and other Canadian cities.

WDCL is a provincial Crown corporation that oversees the lands surrounding the Halifax Harbour and Lunenburg. Recently, the corporation completed its 16th consecutive year of generating a financial surplus from the operation of these waterfront properties. These surpluses have enabled WDCL to invest more than $30 million in public infrastructure.