Developer on a mission to give 'new life' to riverside
Upscale residential properties to be added to heart of New Glasgow
MacGillivray Properties has a plan, that when complete, will potentially change the face of the East River in New Glasgow.
On the west side of the river, the company is currently constructing upscale residential properties as part of a development they call RiversEdge Townhouses. When complete, it will feature three rows of townhouses, with six 1,500-square-foot units in each. Just a few years ago, there was nothing but a row of aging houses there.
On the east side of the river, MacGillivray Properties now owns the land that the centuryold Maritime Steel Factory once sat on, and with the factory now demolished, is planning for another residential development.
“We’re on a mission to give new life to the river side of the East River,” says Peter Douthwright, general manager for MacGillivray Properties.
MacGillivray is already heavily invested in downtown New Glasgow, where the company owns multiple commercial buildings with apartments above. This summer, the company notably completed exterior work on the Roseland building and also recently finished a childcare centre for the YMCA.
Douthwright believes it’s a great time for the real estate market in the region.
“There’s such an influx of people coming from outside our county to our county,” he said.
Real estate agents have said that this year has been particularly busy and anecdotally have talked about surging interest from larger metropolitan areas as people search for a more quiet, rural community to retire in.
“It’s pretty cool,” Douthwright says. “We need to take advantage of that and we need to think of it as a marketing technique to draw attention to the river.”
The residential construction, he believes, is a benefit to downtown businesses because it creates more foot traffic.
“Obviously, we have a big investment in downtown New Glasgow with our commercial buildings so it’s important for us to build a business model that will complement both rather than just focus on one or the other,” he explained.
MacGillivray isn’t the only company that has been investing heavily in residential properties in New Glasgow. PQ Properties recently developed the former John Brother MacDonald Stadium lot and filled it with housing targeted to seniors. Another developer, Tim Tanner, has transformed the former Temperance Street School into apartments, and yet another developer recently purchased the former Acadia Street School with plans on turning it into an assisted care home.
On the west side of New Glasgow, an upscale apartment complex known as The Willow, which opened in 2015, quickly filled with tenants in all 60 units.
While they’re cautious as they expand, Douthwright still believes there’s room for more growth. Right now they’re operating with zero vacancies in their residential properties.
“Do we fear that we’re going to saturate the market at some point? Maybe. But we also have great confidence in the products that we build so we’re not just slap-sticking stuff up for the sake of putting stuff up. We put a lot of quality and invest a lot of dollars into making sure we have quality products. There’s a market here for people who really appreciate that.”
At the RiversEdge Townhouses, for example, they are using insulated concrete foundations to produce highefficiency homes. Construction will include high ended finishes inside and out.
Douthwright said he’s excited to be part of the change.
“There are a lot of communities around the Atlantic provinces that really leverage waterfront and it’s important. People love to be around water.”
He envisions the view people will have from the balconies of their townhouses overlooking the river and downtown area.
“It’s a beautiful river,” he says.