After some personal reflection, I have decided that FiveFive Queen is a substantial project which, since it is now confirmed, deserves it's own thread.
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Moncton, NB ----- A long awaited condominium project in downtown Moncton is moving ahead the developers announced on Wednesday. Five Five Queen will be a combination of condominiums, a boutique hotel, a restaurant and commercial space and will sit on land behind Moncton’s city hall.
“We are pleased to announce the project is a go and that construction will commence this fall,” Nick Spataro of Spataro Holdings said to a full-house in the lobby of the Capitol Theatre. “Over the last three years we have worked to define the best vision for Five Five Queen to ensure it was a project that all Monctonians would be proud of and that would enhance our city,” Spataro said. “We are very proud to introduce this Condo/Boutique Hotel property, the first of its kind in New Brunswick.”
Joining Spataro Holdings as developers of the project are ELCE Developments owned by Bill Hennessey and Serge DiBonaventura. “We are pleased that two Moncton based development companies could come together on this exciting new project for our downtown,” Spataro said.
The eight story building will consist of 43 condominiums on floors 5 through 8, with the condos ranging in size from 650 to 2400 square feet. The property will include a new downtown boutique hotel named The Wesley which will consist of 75 rooms on floors 2 through 4. The hotel will be operated by the Murphy Hospitality Group (MHG) from Prince Edward Island. MHG currently operate The Great George and The Hotel on Pownal in Charlottetown.
The Gahan House, a 6000 square foot restaurant, will occupy the main floor. This will be MHG’s third Gahan House, with two very successful restaurants already operating in Halifax and Charlottetown.
“Everything that is happening in Moncton with a renewed focus on the downtown including the building of the new multi-use sports and entertainment centre make this the right time for our group to bring our very successful Gahan House brand to Moncton and create a quality boutique hotel in the heart of the city,” Kevin Murphy, President of MHG said. “Moncton is a great city that is on the move and we are excited to be part of the future.”
Value of the project is $20 million and is estimated to take 18 months to complete. All condominium sales and leases will be managed by Platinum Atlantic Realty www.PlatinumAtlanticRealty.com
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Construction will begin in September, with a build time of 18 months, therefore opening should be in the Spring of 2018, roughly corresponding to same time as the opening of the new downtown events centre as well.
