A new 152-unit apartment building is set to transform a key Uptown location at 99 King Street, bringing much-needed rental options to the heart of the city. The project, backed by a combined investment of over $55 million from federal, provincial, and municipal governments, aims to increase Saint John’s housing supply, according to a news release from the City of Saint John.

Construction is scheduled for completion by October 2026. The development promises not only new homes but also a boost to the vitality of the city’s core.

What to Expect at 99 King Street

The new development will feature more than just apartments. The plans include two levels of underground parking and a ground floor dedicated to retail and commercial space, adding new services and amenities to the neighborhood.

Crucially, the project includes a significant affordable housing component. “A total of 32 units in this development will be made available to seniors and people with disabilities as affordable housing,” said David Hickey, the minister responsible for the New Brunswick Housing Corporation.

Mayor Donna Noade Reardon praised the project’s potential impact. “This is an exciting day for Saint John,” she stated. “The 99 King Street project represents more than much needed new housing units, it is about bringing people, energy, and vitality back into the heart of our city.”

A Partnership for Housing

The project is a collaborative effort, with funding secured from multiple partners to make it a reality. Here is how the investment breaks down:

• $46 million in fully repayable low-interest loans from the federal government’s Apartment Construction Loan Program.
• $2.1 million from the Province of New Brunswick’s Affordable Rental Housing Program.
• $310,000 from the City of Saint John.
• $7.5 million in land and cash equity from the developer, 99 King Street Limited Partnership.

This combined funding helps address the ongoing housing challenges in the region by directly increasing the supply of rental units for middle-class individuals and families, while also providing dedicated options for those with the greatest need.

Frequently Asked Questions

Where will the new building be located?
The development will be at 99 King Street in Uptown Saint John.

How many new apartments will there be?
The project will create 152 new rental units.

Will any of the units be affordable?
Yes. 32 of the 152 units are designated as affordable housing for seniors and people with disabilities.

When is the project expected to be finished?
The target for completion is October 2026.

Who is funding this project?
Funding is a partnership between the federal government ($46 million loan), the Province of New Brunswick ($2.1 million), the City of Saint John ($310,000), and the private developer ($7.5 million).