What Longwharf.ca says

The website for the former Fort Reliance/IOL HQ project now displays this message:

Fort Reliance regrets to announce we will not be proceeding with a new home office building at Long Wharf.

Over five years ago, the company recognized the need for new office space, and was considering all options in the Greater Saint John area. At the suggestion of the community, we began to look at the Long Wharf location.

During the time from this starting point to today, the economic landscape has changed and the window for this project has unfortunately closed. The project is no longer a viable long-term investment for the company and could create negative implications for the local commercial real estate market, which currently has a surplus of availability.

We share in the disappointment this decision will create for many in the community, but we are grateful to everyone who encouraged, advised and supported the project. We will stand by our commitment to return Long Wharf to its original condition. We would also like to thank and acknowledge the many suppliers and partners who worked with us to shape the project over the past few years.

I would imagine the “surplus” in the market that this refers to is the Brunswick Square Tower which is far less occupied by Bell than it was by NBTel and even Aliant.

When viable quality office space is available, building a new facility may not make financial sense.