St. Stephen – Members of the St. Stephen council and Future St. Stephen were happy to sign a development agreement with Xenia Housing Inc., at the open council meeting on Monday evening.
“With all this new development in our community, having new accommodation is very important to support our growth,” said St. Stephen Mayor, Allan MacEachern.
“We are very excited about Xenia being part of our community, and helping us grow even more.”
The development is the result of months of work between Xenia, the town, and Richard Fulton at Future St. Stephen.
“The Xenia development is very important to the community,” said Fulton. “First, during the construction phase, it is a multi-million dollar investment for contractors, restaurants, hotels, and retail. That is significant.
“St. Stephen needs quality accommodation of all types and at all price ranges to support existing businesses who are wanting to expand and for new businesses actively recruiting employees.
“To be vibrant, we need to grow. To grow, we need places for people to live. Thanks to locally owned Xenia for recognizing the opportunity and being prepared to invest in our community.”
The 48 unit project will be known as “The Beacon: Waterfront Apartments”, and will offer two and three bedroom rental units. Residents will benefit from the central, waterfront location, with walking trails, the Garcelon Civic Center, and proximity to the local amenities. The building will be located at the end of Budd Ave., below the town pump house building, right on the waterfront.
Construction is slated to being in March of 2019, with residents moving in by December of the same year.