[Moncton] Northwest/Magnetic Hill Developments - Page 131

MonctonRad · #**2601** Posted **Aug 11, 2023, 1:44 PM**

Quote:

Originally Posted by David_99

Maybe this is old news, but has anyone seen this new Cider House being built by Avant Garde Construction on Homestead Rd?

I only became aware of this yesterday. Looks like a fantastic build!

MonctonRad · #**2602** Posted **Aug 14, 2023, 1:47 PM**

Magnetic Hill Gas Station Update:

1) - The convenience store at the Magnetic Hill Petro-Can is now a Fen's Market. This is a rapidly expanding NB based chain. This is most interesting as Fen's Market is the local franchisee for Denny's. Does this mean a Denny's is coming to this location. I doubt it. While this is a truck stop, and, there might be space (if some of the parking is sacrificed), I think it would be pretty tight. It would also be immediately next to the IHOP (although a Denny's vs IHOP war might be interesting).

2) - The Subway at the Magnetic Hill Irving station (right across from McDonald's) has closed. Rumour is it that an ANBL agency store may be moving in. The Tim Horton's in this location will remain.

jnaygull · #**2603** Posted **Aug 14, 2023, 2:02 PM**

Quote:

Originally Posted by MonctonRad

Magnetic Hill Gas Station Update:

1) - The convenience store at the Magnetic Hill Petro-Can is now a Fen's Market. This is a rapidly expanding NB based chain. This is most interesting as Fen's Market is the local franchisee for Denny's. Does this mean a Denny's is coming to this location. I doubt it. While this is a truck stop, and, there might be space (if some of the parking is sacrificed), I think it would be pretty tight. It would also be immediately next to the IHOP (although a Denny's vs IHOP war might be interesting).

2) - The Subway at the Magnetic Hill Irving station (right across from McDonald's) has closed. Rumour is it that an ANBL agency store may be moving in. The Tim Horton's in this location will remain.

IHop and Denny's side-by-side would be a waste. While not impossible as BK and McDonalds have co-existed side-by-side for decades on Mtn road. Seems to me, Granite Centre would be a perfect spot for a Denny's (still next to the highway).

One thing is certain, that area of Mtn Road is turning into quite an interesting and busy spot for highway stops!

MonctonRad · #**2604** Posted **Aug 14, 2023, 6:56 PM**

There are now three active construction sites in the MID West Industrial Park:

1) - Cargo County Cold Storage Facility (across the street from Fero)
2) - Sommers Generator Systems Inc. (next to Gemtec Engineering)
3) - a mystery building (but with structural steel being mounted, next to Atlantic Outdoor).

MonctonRad · #**2605** Posted **Aug 16, 2023, 1:29 PM**

Current status of The Oaks on Twin Oaks Drive, across from Ecole le Sommet.

Infinity Aerials photo

jnaygull · #**2606** Posted **Aug 16, 2023, 2:03 PM**

Quote:

Originally Posted by MonctonRad

Current status of The Oaks on Twin Oaks Drive, across from Ecole le Sommet.

Infinity Aerials photo

That looks almost identical shape-wise to the Thrive property (The Tides) going up in Riverview.

MonctonRad · #**2607** Posted **Aug 17, 2023, 1:42 PM**

Quote:

Originally Posted by jnaygull

That looks almost identical shape-wise to the Thrive property (The Tides) going up in Riverview.

The Oaks is a Thrive development too. The size and shape of the building therefore may not be a coincidence, but, I think "The Tides" is intended to be a higher end development.

MonctonRad · #**2608** Posted **Aug 18, 2023, 3:30 AM**

Remember these posts from the previous page?

Quote:

Originally Posted by jnaygull

I thought this was interesting:

https://www.realtor.ca/real-estate/25870247/lot-vision-lands-west-moncton

Quote:

Originally Posted by MonctonRad

Interesting yes, but, this land currently belongs to Thrive (AFAIK), and its impending sale speaks more to me of Thrive giving up the dream of a greater Mapleton Crossing than anything else. The "Vision Lands" continue to underperform.........

Something else quite interesting has popped up regarding another Thrive owned property:

https://www.realtor.ca/real-estate/25941...JL9G9GfmZbxG-QSnA_TS2gWzyV-mp0bU5DibElJk

Quote:

$2,185,000

Lot Twin Oaks DR
Moncton, New Brunswick E1G0G3
MLS® Number: M154551

Listing Description

Being located at the heart of the family-oriented neighborhood of the North end, directly across from the new YMCA, abutting the Northwest Trail and in very near vicinity of École Le Sommet, this site has excellent multi-family development fundamentals. It is already zoned R3 and serviced, its current owner is working diligently with Fathom Studio for a conceptual plan showing units density potential for that section being offered. As Moncton continues to experience record levels of immigration, demand for all housing types persists. With interest rate increases and strong inflation impacting the home ownership market, the demand for new rental stock remains extremely strong. The Twin Oaks Development Lands offers an ideal development opportunity given the wide range of amenities and popularity of Moncton North. The new CMHC Rental Market Report (Jan 2023) confirm that all rental categories saw increased rental rates October 2021 and October 2022. Overall, Moncton North has low vacancy of 2.4%. Portion of PID 70531033 located on Twin Oaks Drive. The portion to be subdivided represents approx. 4.4 ac (to be confirmed during due diligence). A selection of property reports are available for viewing in our ShareFile data room. For access assistance, please contact the listing agent. HST Applies. Taxes and assessment based on current PID. Boundaries line are approximate. (26095780)

The Twin Oaks development also belongs to Thrive. They apparently intend to sell off 1/3rd of this project. It would appear that Thrive is actively engaged in a massive divestment of their property portfolio. I wonder what the reason for this downsizing is? Are they under pressure because of the current high interest rate regime? This is purely speculative as I have no first hand knowledge, but, there is definitely something afoot.

jnaygull · #**2609** Posted **Aug 18, 2023, 11:09 AM**

Interest rates and inflation have to be making these kinds of investments unattractive. Also, when you add on the pressure to make "affordable" units, there may not be much meat left on the bone.

I do hope I am wrong because the greater Moncton area needs more residential investment to keep rentflation at bay, the supply of rentals has to outpace demand.

Thrive may have bit off more than it could chew as both Riverview projects certainly took a long time to get completed (the Tides is still slogging along), and we haven't heard a peep about the other two proposed buildings on Dobson Crossing. Aren't they also the ones who proposed the two 10-story buildings in Riverview?

MonctonRad · #**2610** Posted **Aug 18, 2023, 12:49 PM**

Quote:

Originally Posted by jnaygull

Aren't they also the ones who proposed the two 10-story buildings in Riverview?

Indeed.

The Current was first proposed about five years ago, and has already been delayed at least once. Given what is happening to Thrive's property portfolio elsewhere in the metro area, it does tend to make one at least a little less sanguine about the immediate future of this project as well. I think we will still be seeing the Chocolate River Station on the Riverview skyline for some time to come..........

jnaygull · #**2611** Posted **Aug 18, 2023, 12:59 PM**

Quote:

Originally Posted by MonctonRad

Indeed.

The Current was first proposed about five years ago, and has already been delayed at least once. Given what is happening to Thrive's property portfolio elsewhere in the metro area, it does tend to make one at least a little less sanguine about the immediate future of this project as well. I think we will still be seeing the Chocolate River Station on the Riverview skyline for some time to come..........

I agree. Getting a project from proposal to shovels in the ground is more difficult than getting it from planned to accepted. Luckily for Thrive, and ironically for the Town of Riverview, the Chocolate River Station finally has some stable and successful tenants to keep it afloat for awhile.

Anyways, off the topic of the thread.

jonny golden · #**2612** Posted **Aug 18, 2023, 2:53 PM**

If Thrive is making a profit on these land deals, could they just be setting themselves better financially? They have enough projects in the pipeline to keep busy for years. Maybe they wanted to cash in on the surplus as opposed to having the land sit vacant and pay the property taxes.

They have also been doing projects in PEI and NS - I'm not sure, but maybe they have others in the pipeline there as well.

MonctonRad · #**2613** Posted **Aug 18, 2023, 4:27 PM**

I'm sure the reasons for the divestment are twofold:

1) - improve cash reserves to finance their other projects
2) - minimize tax liability.

It's still bad news for the city of Moncton, which desperately needs new housing. I'm sure Thrive is not the only developer feeling the pinch.

jonny golden · #**2614** Posted **Aug 18, 2023, 5:04 PM**

Quote:

Originally Posted by MonctonRad

I'm sure the reasons for the divestment are twofold:

1) - improve cash reserves to finance their other projects
2) - minimize tax liability.

It's still bad news for the city of Moncton, which desperately needs new housing. I'm sure Thrive is not the only developer feeling the pinch.

Developers are indeed feeing the pinch. If interest rates start coming down, it would really help.

For example: When the new developer of St. Bernard's Square purchased the land in Feb. 22, the prime rate was 2.45%. Today it's 7.20%. That's a major increase.

No wonder some of the expected developments are holding off.

MonctonRad · #**2615** Posted **Aug 22, 2023, 1:13 PM**

Quote:

Originally Posted by MonctonRad

There are now three active construction sites in the MID West Industrial Park:

1) - Cargo County Cold Storage Facility (across the street from Fero)
2) - Sommers Generator Systems Inc. (next to Gemtec Engineering)
3) - a mystery building (but with structural steel being mounted, next to Atlantic Outdoor).

The mystery building is apparently BRP Torque Motorsport

MonctonRad · #**2616** Posted **Aug 23, 2023, 3:38 AM**

They have started site prep for a new 59 unit four storey apartment building on the west end of Mountain Road, near the casino.

Infinity Aerial photographs

Rendering:

Site plan:

OliverD · #**2617** Posted **Aug 23, 2023, 12:53 PM**

Thrive also recently sold this property in Fredericton https://www.partnersglobal.com/property/rainsford-gardens-sarahs-lane-fredericton-nb

MonctonRad · #**2618** Posted **Aug 23, 2023, 1:16 PM**

Quote:

Originally Posted by OliverD

Thrive also recently sold this property in Fredericton https://www.partnersglobal.com/property/rainsford-gardens-sarahs-lane-fredericton-nb

Very interesting

jnaygull · #**2619** Posted **Aug 29, 2023, 4:09 PM**

Thrive is also divesting itself of this building that they have recently refurbished.

https://www.realtor.ca/real-estate/25940888/555-mapleton-moncton

I thought that they were repurposing this for their head office.

Whitites · #**2620** Posted **Aug 30, 2023, 1:48 PM**

What are they building beside Jason's Irving?