The Value of Investing in Canadian Downtowns - International ...

Key Patterns of Investment
1. Creating a cultural centre
The City of Fredericton has worked hard to develop a cultural cluster on
the east side of its downtown core. This includes a new Convention
Centre, a new parking garage, upgrades to the Fredericton Playhouse
Theatre and the creation of a new office building. The office building
(Chancery Place) was a municipal project, but was supported by the
province as the Government of New Brunswick entered a lease
agreement for the building worth about $4.5-$5 million per year. 7 These
facilities also leverage cultural and institutional facilities that exist in the
area, such as the Provincial Legislative building and Beaverbrook Art
Gallery. This cultural centre will ideally draw new residents, visitors and
employees to the area.
New Downtown Convention
To maximize the benefits of these new investments, particularly the
Convention Centre, it will be critical that the City of Fredericton
continues with its plans to attract a new downtown hotel. This hotel will
be able to accommodate out of town visitors to the Convention Centre
and ensure that they are able to stay and fully experience the downtown
core. Currently only one of the larger hotels in Fredericton is downtown,
near both the Convention and Cultural centre. The Delta, Ramada, Best
Western, Comfort Inn and Howard Johnson are all outside of the core,
some of which are over 6 km away from the Convention Centre.
The City of Fredericton has also invested in its Historic Garrison District.
The Garrison District, which is located downtown, is one of Fredericton’s
most visited tourist attractions. Since 2006 there has been a good
amount of investment in the district totalling $551,214 spent on upkeep
and restoration 8 . The creation of new washroom facilities has made this
area more user friendly for tourists and also regular users of the
downtown. The City and its partners have also invested in events, such
as the outdoor summer theatre, Harvest Jazz and Blues Festival and
New Brunswick Fine Craft Festival draw many visitors to the area. .
Changing of the Guard ceremony, Historic Garrison District
61
Beaverbrook Gallery
Top: Centrehttp://www.flickr.com/photos/24609104@N06/5864373844/
Bottom:
http://www.virtualtourist.com/travel/North_America/Canada/Province_of
7
City of Fredericton. (2007). Province will lease new office tower from city of Fredericton. Retrieved from: _New_Brunswick/Fredericton-908963/TravelGuide-Fredericton.html
http://www.fredericton.ca/en/citygovernment/2007Dec21EastEndDeal.asp. Accessed 2012 January 16.
8
All investment numbers from “copy of DFI request” (excel document)