Posted Apr 5, 2024, 12:29 PM
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Join Date: Aug 2020
Posts: 1,294
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Brunswick Square's ownership totally failed to capitalize on reasonably-occupied Class A office space, a 250-room recently-refreshed Delta, and a great location. They've been content to bleed tenants into the aether (and the City of Saint John didn't even try to move them elsewhere uptown!) and basically give up, one floor at a time. Great to see it on the market.
Any new owner will probably want to tackle it one floor at a time, and make some serious cosmetic improvements inside and out. The brick facade on the King St ground floor is good enough, extend it up at least another floor-- from the 4th floor up the setback is substantial, so some kind of panelized cladding would be more likely, and I doubt the Delta would hate it. Inside... IDK. I am no mall designer but the odd shape is hard to work around, and will complicate improving things incrementally.
Medical and adjacent services have come up here before. I agree, but the third floor may be the best fit, and it's almost totally vacant anyway. Maybe close it off around the atrium to create larger CRUs? The second should be targeted for commercial rejuvenation centered around the new Lawtons. No idea what to do with the main floor.
New Brunswick needs to seriously tweak how vacant commercial properties are taxed. IIRC, it's more beneficial to write off vacant CRUs than lease them at a less optimal rate or on short terms.
If we're talking wish lists, a half decent takeout oriented food court with functional hours would fit well downstairs. Get slightly unusual chains-- Mezze, Smoke's Poutinerie, OPA!, that kind of thing. Something we lack elsewhere. I personally want a (not full Kent scale of course) hardware store, it's a real pain to have to drive east or west for a 2x4 or a bag of drywall screws.
Lastly I am not even sure if the parking garage is fully leased... or ever close to full. Work something out with the city to make a floor rentable to uptown residents, maybe.
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