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Saint John is planning to add residential, commercial and retail properties to the old Coast Guard site. (CBC)

Saint John is hoping to cash in on developing the old Coast Guard site where it would like to add new retail, residential and commercial properties on the waterfront property.

The city completed payments on the former Coast Guard site on Friday and later this summer it will announce a multi-million dollar deal to develop it.

Saint John bought the prime waterfront property from the Department of Fisheries and Oceans for $2.8 million in 2011.

Kent MacIntyre, the general manager of the Saint John Waterfront Development Corp., said a plan to add residential, commercial and retail properties will bring in at least $1 million in tax revenue for the city.

He also said it will generate additional revenue when the prime piece of real estate is sold and developed.

"Any kind of development like that, it will be in the range of a minimum $70-million development of the site," he said.

The waterfront development corporation says the plan is to eventually connect the property with the city's current pedway system.

Coun. Shirley McAlary said the property will be a significant addition to the city. She said the newly-acquired piece of real estate will go a long way in attracting both people and business to the area.

"I know it will bring tax revenue in for the city of Saint John but it does so much more than that," she said.

The former Saint John mayor said the city has been trying to acquire the waterfront property for years.

"Not only will the city get the money from the land once it's developed — and they'll get the taxes from the land — but it will be just a wonderful assets for the city because it's going to bring people here,’ McAlary said.