Historic Saint John post office turning into upscale condos

Two Alberta investors are turning a part of the old post office on Prince William Street in uptown Saint John intocondominiums.

John Kupchenko and Rob Fediuk say they are now turning the upper floors of the 137-year-old building into seven upscale condos.

The two investors spotted the historic building on a recent trip to Saint John.

Kupchenko and Fediuk decided to visit the city to look for real estate opportunities when they heard about the proposed Energy East pipeline project and its possible impact on Saint John.

"As we were walking around looking at buildings, my partner said, 'You know, that's the building I would like to own, Kupchenko said.

And we just happened to be walking down Prince William Street and that was it."

The bottom of 115 Prince William will remain a commercial space, while the other floors will be made into seven high-end condos.

"In walking through Saint John, it didn't appear that there was a lot of need for additional commercial space, he said.

But when we looked at the product on the market for residential space, we thought there was an opportunity for some really unique, cool, on the water condos. So it just made the most sense to us."

Jeremy Hallworth, a Saint John real estate agent, sold the two Alberta investors the property.

He said the condos will be aimed at older buyers.

"The people that would purchase this condominium are going to be people that are the emptynesters," Hallworth said.

"The people whose children have moved out, gone to university. They want to move back into the city and get out of the suburbs."

The new units are expected to be ready in the spring.