[Moncton] Downtown Developments

[Mud]

Originally Posted by jnaygull

In a perfect world, all of those will break ground next year. However, with unstable interest rates, inflation, a thin labour force, and resource shortages, we could end up with none of those coming to pass. We're kinda in a chicken-and-egg situation when it comes to housing shortages and the capital it takes to build housing.

Yeah the only one proposed or rumored at around today's rates was the Infinity project but even then maybe the developer is banking on those being lower in the near future.

If rates stay the same I don't know if our local developers are well capitalised enough to just go for it but I could be wrong. I'd be pleasantly surprised if even just one of those broke ground next year.

[BlackYear]

Phase one of that West Main st project. View over the causeway bridge and second looking from Riverview's riverfront Holy Whale.

[BlackYear]

West of Downtown. Seems that downtown is split into two. CN subway rails to Kings street (East), and CN subway rails to Vaughn Harvey blvd (West). So here's West. Massive transformation since opening day of Avenir centre in 2018.

[BlackYear]

West >> East, East << West.

[BlackYear]

Reshaping the downtown core. From a waterfront nature trail, multi outdoor sporting fields, residential towers, downtown work force, downtown market to downtown restaurants and entertainment venues.

[jnaygull]

And still... according to some, the Avenir Centre was/is a waste of taxpayer's money.

[MonctonRad]

Originally Posted by BlackYear

West >> East, East << West.

Downtown Moncton definitely has a west end and an east end. None of the upcoming projects will change this paradigm. It is possible however that as the ocean of surface parking south of Main Street eventually fills in that the downtown skyline might become continuous.

[MonctonRad]

Franklin Yards Update:

It appears that they are beginning initial site prep for the fourth apartment building in this complex. The development is progressing west to east.

- Building 1 - final fit-up underway
- Building 2 - framework nearly complete
- Building 3 - foundation laid.
- Building 4 - initial site prep has started

It's like an assembly line!

[jonny golden]

Originally Posted by MonctonRad

Downtown Moncton definitely has a west end and an east end. None of the upcoming projects will change this paradigm. It is possible however that as the ocean of surface parking south of Main Street eventually fills in that the downtown skyline might become continuous.

Something that would really help tie west & east downtown together is if the Transcript building would sell, and an ambitious developer created another residential tower there.

However the odds of that ever happening would be slim to none.

The listing: https://d2wsxqxx9m1aa9.cloudfront.net/55qe37fv6v057s8q92k6qybth2qv

[MonctonianSentinel01]

Yeah, might be sitting there empty for a while. That's quite the price. $7,900,000.

[jonny golden]

Originally Posted by MonctonianSentinel01

Yeah, might be sitting there empty for a while. That's quite the price. $7,900,000.

That's my thoughts too.

That price would eliminate any return on investment for a developer wanting to build a residential building. However, it's a large piece of land - but then again there's also the railroad tracks to contend with.

I can't see this property selling any time soon. Such a great downtown location though.

[BlackYear]

$7.9 million just to buy. Probably close to a million to tear down. A million or two for construction permits. Plus the 30m railways buffer zone for residential is another problem. Looking at Google Maps, not much more you can do here expect convert it into a brewery!

Whoa, did I just come up with an amazing idea?

[MonctonRad]

Both the shape of this lot, and the railway restricted development zone are problematic for this property. The restricted development zone however pertains primarily to residential use, and should not affect a commercial podium or a parking garage.

There is enough space along Bonaccord to allow a residential tower here. You could have a commercial podium facing Main Street, and a parking structure in behind facing Queen Street.

[jonny golden]

There's ways to get creative with the property. Looking at the map, I always thought that if you bought out that realtor building on Queen St. that would open up a nice space to build on. Overall, I think that the property could support more than one building if designed properly.

The location is an excellent connector between east & west downtown, especially if there was something compelling fronting on Main Street.

But the elephant in the room will always be the $7.9 million.

[jnaygull]

Because of the location, and the size of the building, it would be awesome to have an entertainment complex there and create a form of an entertainment district in that area.

[Sandbagger]

I wonder if the high cost of the property includes the printing press. That thing will be a massive project to move out of there, although if you found the right buyer it could offset some cost I guess. I believe when it was first installed it was drilled down to bedrock.

[jonny golden]

Originally Posted by Sandbagger

I wonder if the high cost of the property includes the printing press. That thing will be a massive project to move out of there, although if you found the right buyer it could offset some cost I guess. I believe when it was first installed it was drilled down to bedrock.

The listing doesn't mention that the press is included. If it was, you'd think that info would be included in the writeup. But it does say that the building is partially occupied by a national media "tenant", who probably own the press.

It would be great to see something happening on this file, given that it's such a prominent downtown location. Sad to see it mostly vacant.

[new kid in town]

Originally Posted by MonctonRad

An obvious reference to St. Bernard Square.

If the developer expects the city to solve homelessness/lawlessness before breaking ground, he might as well throw in hunger and world peace too. I very much agree that the city/province could be doing much more, but, these problems are intractable (especially given current immigration levels), and essentially unsolvable.

If the developer is expecting a miracle to happen, then St. Bernard Square will never get built.

Originally Posted by Mattyyy

That seems to me more of an excuse from a developer who no longer plans to go ahead with a project over financial changes (interest rates, costs, etc.) and using homelessness as the scapegoat.

Ironically, I drove by St. Bernard Square this morning and there is a tent set up.

[MonctonRad]

Originally Posted by new kid in town

Ironically, I drove by St. Bernard Square this morning and there is a tent set up.

This will likely be the sum total of economic activity on this lot for at least the next two years. Socioeconomic factors are not currently favourable for the proponent at present.

High crime, rampant homelessness and uncontrolled drug use are a problem for the proponent. High interest rates, inflation, supply chain issues and labour shortages are serious issues for every single developer in greater Moncton (and the rest of Canada).

We are in the eye of the storm. No wonder PAC has been so quiet this year.............

[MonctonRad]

There is a bulldozer busy moving some earth at 1299 Main (NW corner of Main & Vaughan Harvey). Is this the beginning of site prep???