Provided by Town of Riverview
The Chocolate River Station in Riverview has been sold to a private developer for $800,000.
Town Council has unanamiously approved the sale to Cordova Realty on Monday.
Moncton-based Cordova intends to tear it down and build twin 10-storey apartment towers with retail space and indoor parking.
A town staff report indicated the Chocolate River Station has been operating at a loss for a number of years.
The report estimates the new development would generate about $500,000 in tax revenue each year for the municipality.
The closing date for the sale is March 31, 2021.
When the proposal was announced last year, some residents were worried the town would lose its down-to-earth values if it was built.
An online petition began circulating calling it an “unnecessary, oversized” development.
Mayor Ann Seamans has said the new complex may change the look of the town but it won’t change its feel and will bring growth.
The mayor also emphasized this project will not restrict access to the riverfront trail.
