From Business Park to Bustling Community: The Vistas Transform Technology Drive
Photo: Peter Wilson, Bruce Dowd, Melanie Dowd and Mark Hovey
When Somerset Investments Ltd. began development of Technology Drive in the late 90s, the vision was to grow a business park. Home to Xerox, which was built in 2000 – the group anticipated a technology cluster and business partners for future development.
Following Xerox’s grand opening, the remaining land sat dormant, and a desire to re-evaluate direction brought Somerset Investments Ltd. to seek advice on options to move forward.
Today they are welcoming tenants to their first residential building on Technology Drive, The Vistas.
The re-evaluation began with a conversation between Jeff Cyr, Executive Director and Real Estate and Economic Intelligence at Envision Saint John: The Regional Growth Agency and Somerset Investments Ltd. – showcasing market research and trends that highlighted a new opportunity.
“Jeff’s advice was to rezone, and he shared how it would be an excellent residential development,” explained Melanie Dowd-Martell, co-owner of Somerset Living. “We took that advice and ran with it.”
That was just under two years ago, and 22 months later, the building is nearing completion. Melanie explained that The Vistas are currently at 50 per cent occupancy – with a high demand for one-bedroom units. The first three floors opened to tenants on April 1st and the entire building will be complete on June 1st, 2024.
Somerset Investments Ltd. specializes in commercial and industrial builds, but Melanie shares how the development of residential housing with Somerset Living has been a rewarding experience.
“We always set out to build something that we are proud of, and I think I think we've done just that,” Melanie said.
She explained how The Vistas provide a unique product to the city, being the only concrete structure of it’s kind for residential living.
Amico Construction was Somerset Investments Ltd. building partner for the development of The Vistas. Melanie said the project was smooth and on-time, and showcases the value of having a strong team working together.
“We live here. We work here. We're invested here. We're rooted here,” Melanie said. “We wanted to build something that was a quality product that we would be proud of.”
The Vistas bring 87 new units to the Saint John Region’s residential market, with zoning for a total of 500 future units available.
To learn more to explore available units, click here: https://somersetlivingnb.ca/
