(St. John's, NL)

Fortis Properties Corporation announced today its submission of a development application to the City of St. John’s to redevelop the Company’s Water Street site at the corner of Prescott Street and Harbour Drive.  The proposed $75 million project includes the retrofit of the existing Fortis Building and a new 15-storey office building.

“Today’s application recognizes our need to address the aging condition of our assets while providing much needed Class A office inventory in the downtown core,” stated Nora Duke, President and Chief Executive Officer.  “We believe this development will bring new business to the downtown, increase retail activity and further revitalize the city’s downtown core through quality infrastructure and amenities.”

Key features of the new complex include 235,000 square feet of new Class A office space built to Leadership in Energy and Environmental Design (LEED) Silver Certification standards; 16,000 square feet of ground level retail; a total of 382 underground parking stalls accessible from Harbour Drive; a complete retrofit of the existing Fortis Building to LEED existing building standards; and a pedway connection between the Fortis Building and TD Place.

“Added features to the complex include an outdoor plaza which will provide an attractive, public square; a spacious harbour view atrium to house various amenities and services, as well as a curbside lane for public transit and drop-off traffic,” said Duke. 

The development involves the removal of four of the Company’s existing buildings – 151 to 163 Water Street and the Neal Building on Harbour Drive.

The project is estimated to provide approximately 400,000 person hours of construction related work.

“While Fortis Properties has operations across the country, St. John’s is our home city,” stated Duke.  “We would be proud to make this level of investment here.”

Fortis Properties, a wholly owned subsidiary of Fortis Inc., owns and operates 2.8 million square feet of commercial real estate primarily in Atlantic Canada, 21 hotels in eight Canadian provinces and six unregulated hydroelectric plants in Ontario.  Fortis Properties employs approximately 2,300 people. Visit www.fortisproperties.com for additional information about the Company.

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For further information, please contact:

Gail Tucker

Manager, Corporate Communications

Fortis Properties Corporation

T: 709.737.2927