[Moncton] Gateway Towers | 2 x 17s | Mixed Residential | Proposed

[jonny golden]

Well Lafford did say he envisioned a "village" type environment. So if those two properties were added to the mix, it would for sure create a village feeling here.

[Mapleton_Roadie]

Originally Posted by MonctonGoldenTri

At this rate it seems like Lafford will be started on the old timmy's property before Ashford even breaks ground. I wonder if the Timmy's property will be Lafford's "statement" building. It does sit approximately 3-5m higher than the three sisters which would give that building an extra storey of "height" effect

I may have missed what is going on with the old Timmy's, can someone remind me please? TIA

[MonctonRad]

Originally Posted by Mapleton_Roadie

I may have missed what is going on with the old Timmy's, can someone remind me please? TIA

Lafford has purchased this property too. At present it is a bit of a staging area for the Three Sisters, but, will soon serve this function as well for the Westgate Towers (when they start excavating this fall). Eventually, it will likely become another residential tower, but how big and what it will look like is unknown.

[Nashe]

Originally Posted by MonctonRad

...will soon serve this function as well for the Westgate Towers (when they start excavating this fall)...

"Gateway Towers" You must have been to Florida lately?

[MonctonRad]

Originally Posted by Nashe

"Gateway Towers" You must have been to Florida lately?

Whoops.

What's worse is that the proper name for the Tomato Building is Westgate.

[Leroy321]

Does anyone know if the public meeting will be held for July 24th for the gateway project?

[MonctonRad]

Originally Posted by Leroy321

Does anyone know if the public meeting will be held for July 24th for the gateway project?

Not on the agenda (yet).

[MonctonRad]

I wonder if Lafford plans to build the two Gateway towers consecutively (like the Three Sisters), or concurrently.

In some ways, I can see him constructing them at the same time because of the pedway between the two buildings

I could be wrong.

[jonny golden]

Originally Posted by MonctonRad

I wonder if Ashford plans to build the two Gateway towers consecutively (like the Three Sisters), or concurrently.

In some ways, I can see him constructing them at the same time because of the pedway between the two buildings

I could be wrong.

My guess would be the same format as the three sisters. Get the first one completed and rented out. We'll find out in due course!

[MonctonRad]

There is some land clearing going on in the NB Power property next to the land owned by Lafford for the Gateway Towers project.

Perhaps getting the staging area ready for the construction work which will start this fall???

[Dieppe98]

Originally Posted by MonctonRad

There is some land clearing going on in the NB Power property next to the land owned by Lafford for the Gateway Towers project.

Perhaps getting the staging area ready for the construction work which will start this fall???

They started putting fencing up around the property on Friday

[MonctonRad]

This is what is going on at the NB Power lot along the eastern edge of the Gateway Tower property:





They appear to be levelling and grading this property to serve as a staging area for the Gateway Tower construction project.

I took these photos from the Riverfront Trail side of the property. I had a good look around. If there is a single property in this area begging, pleading, imploring for the same type of thoughtful intensification we are seeing at the Three Sisters, and, soon at the Gateway Towers, it is THIS property.

The integration of a high rise project here with the Three Sisters and the Gateway Towers would be incredible. The interaction of a high density residential project in this location with the Riverfront Trail would be phenomenal.

If developed appropriately, this property (and the adjacent Gateway development) would become the natural western limit of the downtown portion of the Riverfront Trail. The entire length of the Riverfront Trail from the Gunningsville Bridge to Settler's Landing at Hall's Creek) would have a purpose. This would give meaning to the entire city riverfront. It would become the city's principle pedestrian gathering place. Think of the Halifax waterfront, but, along a living river.

Mr. Lafford, I don't know if you read SSP or not, but, if you do, I tell you that you MUST acquire this property and perform the same type of magic here as you did with the Three Sisters, and with the Gateway Towers. This HAS to be done.

[WhipperSnapper]

I'm always siding with caution. The first sister is only 70% leased. There are two more sisters with 300 units under construction. Do you really think that the Gateway Towers are going to start this year or even next? Lease rates aren't everything but, I wouldn't be impressed by the lease up rate of the three sisters as an investor.

[MonctonRad]

I understand your concerns.

So the First Sister is only 70% leased? I thought it was much higher than that.

If true, I imagine the fact that this is still an active construction site may have some bearing. They now have three commercial spaces in the First Sister podium leased, which I am really surprised at. Neigbouring streets are frequently blocked by ongoing construction activities, and, at present, there is really no on site parking. Perhaps Lafford is giving early commercial lessees a break on rent.

As for the Gateway Towers, all signs point towards a fall start for site prep and excavation. This is what the city expects, and, the activity on the NB Power property next door to turn it into a staging area also is suggestive that the Gateway project will follow on the heels of the completion of the Third Sister.

I expect the existing tower crane will move to the Gateway site next spring/summer once it is no longer needed for the Third Sister. I believe Lafford actually owns the crane, and will want to keep it busy. This has been, and will continue to be an assembly line construction project.

I suppose the big question is whether or not interprovincial migration into the city (and the Maritimes) into the medium to long term future. If it does, then there will be demand for projects like this. In not, then we may see residential highrise construction in the city tailing off.

Lafford is creating a brand new residential district out of a near-brownfield site on the edge of the core. There is an urgency to creating a complete neighbourhood here, as a complete neighbourhood would be more marketable to potential residents than a single tower in a sea of surface parking. The Gateway Towers will integrate the whole district into the Riverfront Trail and Riverfront Park, which I think is crucial to the success of the development.

[Seely32]

Originally Posted by WhipperSnapper

I'm always siding with caution. The first sister is only 70% leased. There are two more sisters with 300 units under construction. Do you really think that the Gateway Towers are going to start this year or even next? Lease rates aren't everything but, I wouldn't be impressed by the lease up rate of the three sisters as an investor.

I recently had 2 separate friends and their roommates move into the first tower and they were on a waiting list. Once their number came up they had 48 hours to produce a damage deposit or their place in line was skipped. One friend was skipped and then had to wait 2 months for another opportunity. So seeing this 70% number is very surprising, where did you get that number from?

[MonctonRad]

Originally Posted by Seely32

I recently had 2 separate friends and their roommates move into the first tower and they were on a waiting list. Once their number came up they had 48 hours to produce a damage deposit or their place in line was skipped. One friend was skipped and then had to wait 2 months for another opportunity. So seeing this 70% number is very surprising, where did you get that number from?

They are pre leasing for tower two. Perhaps he saw the numbers for the second tower

[jonny golden]

Originally Posted by MonctonRad

They are pre leasing for tower two. Perhaps he saw the numbers for the second tower

I also heard from a source on two separate occasions that the 1st tower was fully leased. There was a report in the news not too long ago stating that the vacancy rate in NB was the lowest it had been in over 30 years at 1.5% - and that is province wide.

I'd agree that the 70% figure must be for the 2nd building.

[WhipperSnapper]

It was the first tower and from an agent.

The overall vacancy rate isn't that relevant. You can have wait lists and vacancies as units come in different shapes and price ranges. However, I'm leaning towards the agent not being very good. Apologies

[MonctonGoldenTri]

We've added 17,500+ people in the last 2 years. Lets assume 4 people per unit/apartment Moncton would need 4,375 apartments/units to house these new residents.

How many units has Moncton added in the last 2 years? Have we even built/completed half of that? We've also likely added another 5,000+ residents this year that we need to factor as well. I Highly doubt they're having issues leasing/renting the Three Sisters

[jonny golden]

Lets assume 4 people per unit/apartment Moncton would need 4,375 apartments/units to house these new residents.

Exactly. And the average per unit is probably less than that.

Vaughan MacLellan, one of the principals behind the Junction development, stated during construction that the Tannery Place building was fully leased prior to construction being complete. The supply of higher end units has a hard time keeping up with the demand.

I think MonctonRad is correct when he says

This has been, and will continue to be an assembly line construction project.