[Moncton] Downtown Developments

[Sandbagger]

Originally Posted by sailor734

I see a penthouse unit is featured in the salon section of the TJ this week....... 1600sq ft for 940K . Seems like a lot until you realize a similar unit in Vancouver would be 2.5+ . I guess it's all relative.

MLS listing here

https://www.realtor.ca/real-estate/26431891/55-queen-st-unit808-moncton

What's with the giant disco pillar in the middle of the kitchen? Perfect for those penthouse raves I guess. And another one in the bedroom for the after party LOL

[sailor734]

Originally Posted by Sandbagger

What's with the giant disco pillar in the middle of the kitchen? Perfect for those penthouse raves I guess. And another one in the bedroom for the after party LOL

In a concrete high rise those disco pillars are what prevents the floor above from squishing you like a bug.

[jonny golden]

I was just looking at the new Cushman & Wakefield monthly listing report and there's a still lot of vacant office space downtown. Much of it has been listed for ages, and this is just one realtor's listings.

I know that in many larger cities, there's a trend where vacant office space is being converted to residential. I wonder if we'll ever see that happening in Moncton.

[MonctonRad]

There are often challenges in office to residential conversions, especially with regard to plumbing, but also including elevators, public spaces and parking. It can be quite expensive.

[MonctonRad]

The Bunker apparently opens February 12th. I wish them well. I hope people give them a chance until the new outdoor patio opens this summer, and Baton Rouge opens next door. The synergy could be powerful.

[OliverD]

Originally Posted by MonctonRad

There are often challenges in office to residential conversions, especially with regard to plumbing, but also including elevators, public spaces and parking. It can be quite expensive.

And the large floorplates that office buildings tend to have are often not conducive to residential conversions too.

[jonny golden]

Originally Posted by OliverD

And the large floorplates that office buildings tend to have are often not conducive to residential conversions too.

I guess as an owner, you'd have to weigh the cost to see if the investment would generate a worthwhile return. But having space just sitting there vacant for years seems like it would really bother the landlords.

I remember thinking what a good idea it was when they converted the Albion Block building on Main Street to condos.

[sailor734]

Originally Posted by jonny golden

I guess as an owner, you'd have to weigh the cost to see if the investment would generate a worthwhile return. But having space just sitting there vacant for years seems like it would really bother the landlords.

I remember thinking what a good idea it was when they converted the Albion Block building on Main Street to condos.

Another thing that might be a drawback is that I suspect it would be impossible or at best , very expensive to add balconies. That's something that could be a deal breaker for many renters in highrise residential building these days.....I know it would be for me.

CBC story here about an older (1970's) office tower being converted in Halifax.

https://www.cbc.ca/news/canada/nova-scot...te-conversion-downtown-halifax-1.7028067

[josh_cat_eyes]

Originally Posted by sailor734

Another thing that might be a drawback is that I suspect it would be impossible or at best , very expensive to add balconies. That's something that could be a deal breaker for many renters in highrise residential building these days.....I know it would be for me.

CBC story here about an older (1970's) office tower being converted in Halifax.

https://www.cbc.ca/news/canada/nova-scot...te-conversion-downtown-halifax-1.7028067

I don’t see any renders. I wonder if they plan on adding balconies or recladding the exterior.

[sailor734]

Originally Posted by josh_cat_eyes

I don’t see any renders. I wonder if they plan on adding balconies or recladding the exterior.

I'd say no from the looks of their website.

https://sidewalkred.ca/projects/centennial/

[jonny golden]

If Sidewalk Real Estate Development can convert a 14 floor former office building in downtown Halifax to residential units, couldn't Crombie do something with 1222 Main Street?

Looking at their website, Sidewalk has converted several buildings into nice residential apartments, so it appears that it's doable. Under the right conditions.

[MonctonRad]

Crombie REIT doesn't do residential. They only do retail, commercial and office.

I just looked at their website again, and they still don't show 1222 Main as part of their portfolio, only 1234 Main. They still own the building, but appear to have taken it completely off the market. I presume they are just waiting for the right opportunity to come along.

[MonctonPerson]

There's a great New York Times piece that explains some of the challenges (in the U.S.) with converting office buildings into residential: https://www.nytimes.com/interactive/2023/03/11/upshot/office-conversions.html

In Moncton there's one proposal I'm aware of (100 Cameron St.) that got approval for conversion maybe six years ago, but it never happened.

I seem to recall it needed council or PAC approval related to the balcony condition. A later proposal was to convert the building to seniors housing, but that also seems to have gone nowhere.

[jonny golden]

Originally Posted by MonctonRad

Crombie REIT doesn't do residential. They only do retail, commercial and office.

I just looked at their website again, and they still don't show 1222 Main as part of their portfolio, only 1234 Main. They still own the building, but appear to have taken it completely off the market. I presume they are just waiting for the right opportunity to come along.

Take another look, MonctonRad. They've gotten involved in residential over the last couple of years.

https://www.crombie.ca/development/themarlstone/

In any event, I'm not holding my breath for anything happening soon with this building.

[coastalkid]

Universal recently completed a full residential conversion of this office building on Spring Garden Rd / Brenton St (renamed the Muse):



This image is from 2019 pre-conversion, although it generally looks the same minus some fresh paint and a revamped entrance with signage. I did an investor tour when they opened. You definitely still get the feel that you're in a converted office building - benefits including much higher ceilings than most residential buildings, but no balconies. Some photos here:




Despite no balconies, they were fully leased over a couple of months are are now planning to convert the offices in the Lord Nelson complex across the street to apartments.

Sidewalk RED has the Centennial building under construction for a similar conversion, and they recently purchased the RBC building in DT Dartmouth with plans for residential conversion as well (if I'm not mistaken) - so clearly upside to this in markets where residential demand is booming while office vacancy remains high.

[MonctonRad]

I drove down Main Street last evening and noted the lights were on, and lots of activity was going on inside The Bunker. I also noticed that the trees in front of the building, and overlooking the new patio along the sidewalk were all lit with strings of decorative lighting. The atmosphere will be very nice on the patio during sultry summer evenings.

[jonny golden]

Great examples of office buildings in Halifax being converted to residential apartments. I wonder if a developer with that vision were to come along and approach Crombie about 1222 Main Street, would they sell it? Especially if they have no impending plans for the building.

[MonctonRad]

Originally Posted by jonny golden

Great examples of office buildings in Halifax being converted to residential apartments. I wonder if a developer with that vision were to come along and approach Crombie about 1222 Main Street, would they sell it? Especially if they have no impending plans for the building.

Crombie REIT has taken 1222 Main off the market, but, seems to have no intention either to sell the building, tear it down or to renovate it.

I personally think this means they intend on a redevelopment, and are just looking for the right project and the right partners in order to proceed.

This building, and the adjacent vacant lot next to the Avenir Centre are fantastically located for a major redevelopment project. How long will it take for the right project to come along? Only time will tell. We have no idea what's going on behind the scenes.

[jonny golden]

Originally Posted by MonctonRad

Crombie REIT has taken 1222 Main off the market, but, seems to have no intention either to sell the building, tear it down or to renovate it.

I personally think this means they intend on a redevelopment, and are just looking for the right project and the right partners in order to proceed.

This building, and the adjacent vacant lot next to the Avenir Centre are fantastically located for a major redevelopment project. How long will it take for the right project to come along? Only time will tell. We have no idea what's going on behind the scenes.

Totally agree with this. Some day, right out of left field, we'll see some plans announced for this building. Until then, we're in the dark. Let's hope that when they do step up to the plate, that it's a more comprehensive plan than just the building itself.

BTW is it confirmed that the old telegraph building is now vacant; i.e. it could be totally demolished as part of a bigger project?

[MonctonRad]

Originally Posted by jonny golden

BTW is it confirmed that the old telegraph building is now vacant; i.e. it could be totally demolished as part of a bigger project?

It is vacant as far as I know.

I have heard rumours the owner is recalcitrant and wants a fantastic amount of money for the building. This could slow any redevelopment plans.