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Here is the city's press release...


Council announces Agreement to Secure Option for proposed downtown centre


March 20, 2012

MONCTON – The City of Moncton has finalized an option agreement with the landowner of the Highfield Square Shopping Centre site. The City identified the Highfield Square lands as its preferred site for the proposed downtown multi-purpose sports and entertainment centre. The option agreement will allow the City to acquire the Highfield Square property for the purchase price of $6,000,000 (plus adjustments) prior to March 2, 2013. The cost to obtain the Option Agreement is $25,000.

“I’m extremely pleased that we can finally announce the preferred site and take the next step towards a multipurpose sports and entertainment centre in our downtown,” says Moncton Mayor George LeBlanc. “It’s the perfect site for our new centre as it has frontage on Main Street, the location is a significant gateway to our downtown, and is within walking distance of neighborhoods, many restaurants and other amenities in our downtown.”

“Obtaining the option on our preferred site took a lot of hard work and it is a crucial step in moving towards our goal of a downtown centre,” adds Mayor LeBlanc. “Now we can work towards finalizing our business plan and concentrating on what a downtown centre can look and feel like on this specific site.”

The City of Moncton considered many sites in our downtown as potential options. Each site was evaluated based on the following criteria:
site characteristics, location and transportation;
costs of acquiring development land;
urban context and physical elements; and,
economic impact and synergy with the downtown.

Moncton City Council evaluated all site options based on this criteria and determined that its preferred site was Highfield Square.

As part of the City’s due diligence, the top sites were shortlisted and land appraisals plus environmental assessments were undertaken. During the process, the owners of the Highfield Square Shopping Centre made it known to the City that they intended to close the shopping centre and redevelop the property.

“As for next steps, the citizen input obtained during the “Blue Sky” brainstorming session can now be applied to the actual location to develop site-specific renderings, explore partnership opportunities and discuss the financial implications with citizens,” concludes Mayor LeBlanc. “With the selection of a preferred site, the dialogue with Monctonians can continue in order to more fully understand the costs, issues and the opportunities of such a major project. Ultimately, this project is subject to the approval of Council, but this is another important step forward.”