Galway developer Danny Williams not fazed by economic downturn

There are clear signs of an economic downturn on the Northeast Avalon, but Danny Williams says it won't change his plans for a massive standalone community that's currently under construction in St. John's.

The former Newfoundland and Labrador premier gave CBC News a tour of Galway on Thursday, knowing that he would have to answer questions about how the project might be affectedby a slump in the housing and commercial market.

And in typical Williams fashion, he did not appear discouraged, although hesaid it's possible the projectmay be slowed in the shortterm.

However, he stressed that Galway is a long-term undertaking, spanning more than two decades.

"It's long-term and we'll probably go through two or three recessions in the courseof those two decades," William said.

A place to live, work and play

Galway is being touted as a self-contained community inside the city's boundaries where people can live, work and play.

There are plans for up to 5,000 homes in an area called Galway Living, a retail section called The Shoppes at Galway,and more of an industrial component called GlencrestBusiness Centre.

Earlier this week, the Williams-ownedcompanyDEWCORissued a news releasesaying that significant progress has been made on the project.

Some $62 million in private capitalhas been spent preparing 250 acres ofland and installing infrastructure such as water, sewer, roads,landscaping and other utilities.

Williams said all this infrastructure will be turned over to the city for $1.

He said Thursday that millions more will be spent in 2016 as construction begins on commercial buildings and residential structures.

Homes will be ready for occupancy by 2017 in what Williams is describing as one of the largest real estate projects in eastern Canada.

Going the extra mile

Williams said added measures such as landscaping, walking trails and other green spaceare being included to ensure Galway is an attractive option to establish a business or to live.

"We hope we'll produce a product here that people will be proud to purchaseand occupy over a period of time," he said. "If we get a reasonable share of the marketplace over time this will fill."

Galwaywas conceived during the height of an economic boom on the northeast Avalon, but a crash in oil prices has staggered the region's economy, shaking the confidence that fuelled record growth during much of the last decade.

Despite this, Williams said more than 100 acres of land has been sold for development, with DEWCORretaining an additional 100 acres in partnership developments.

It speaks to the business community's confidence in the long-term economic prospects of the city, Williams said.