New venture for one of Saint John's oldest businesses

A Saint John real estate company is transforming one of the city's oldest businesses, adding 27 new apartments to the city's uptown along the way.

Historica Developments is turning the warehouse ofthe china shop Haywardand Warwickowned by five generations of Haywards into apartments.

But the 157-year-old ceramic supplier will continue to run its retail store on Princess Street.

Historica willrenovatethe building's upper floorsfornew apartments, renovate the lobby and installa newpassenger elevator.

Mark Hayward, co-owner of Haywardand Warwick, said the wholesale market has changed.

"When this building was built these warehouses were supplying all of New Brunswick with goods and services ... but that was a long time ago," he said.

Hayward saidthe 35,000-square-foot warehouse is too much to maintain and will close at the end of October.

He said he hopes the development will draw a younger demographic into the city's uptown andbring more consumers to the area.

As of April 2012 Saint John's apartment vacancy ratesat at 8.4 per cent the highest in the country.

Keith Brideau, vice-president and Historica co-founder, saidheisn't phased by those numbers.

He saidthere is a market for modern apartments in the uptown.

"We do have more of a niche in uptown and we do see a lot of people wanting to rent quality spaces," he said. "The challenge is there's not enough quality spaces in Saint John."

Brideau said the apartments should be completed by the end of next year.

Haywardsaid closing the distribution end of the business means he won't have to put as much time in.

Hesaidthe next generation is notinterested in taking over the family business,saying Hayward and Warwick will end with him and, his brother and co-owner, David.