Quote:
Originally Posted by ricker
Commercial properties is owned by the Irvings.
I do not think they are in the hotel business?
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I didn't know they were in the liquor business either.
Here's an excerpt from the link fischbob provided:
Quote:
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The Scotsburn Frozen Novelty plant on Station Street across from Harbour Station has a new owner. Commercial Properties Limited already owned the land on either side of the property so it’s no surprise that they had an interest. Paul Moore, VP of Commercial Properties explained “Commercial Properties Limited is a commercial real estate company with a desire to do new development. The ability to assemble substantially sized parcels of land is key to being ready to pursue opportunities when the timing is right.” A recent example of this is the new liquor store. Commercial Properties had acquired the parking lot at the corner of Wellington and Union in 2014 which meant they were well positioned to respond to the NB Liquor Corporation RFP.
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It's quite obvious that Commercial Properties bundles up parcels to sell to interested clients when they come forward with an RFP, whether they're NB Liquor or a hotel chain or whomever. It's easier for them to do it than for the individual clients to do it themselves.
The most important thing out of all of this is that this company purchases lots for future development. It now owns the Scotsburn Plant and the property on both sides of it (as mentioned in the quote) meaning that a large-scale development with a reasonable footprint is possible across the street from the largest spectator and event venue in the city.