[Moncton] Downtown Developments

[jonny golden]

Agreed, but, the prime rate is only part of the equation.

True enough. Since the Bank of Canada slashed rates at five consecutive meetings between June and December last year, and are expected to cut again next week, it's a big benefit on major projects.

Of course the elephant in the room is - how are Trump's policies going to affect the construction industry in Canada. I'm thinking/hoping we might see trade negotiations instead of a tariff war.

In any event, I really hope we see the Junction developers go with a 10 floor building along Main Street. What an addition it would be to the Avenir Center neighbourhood!

[Leroy321]

This could be a large year for construction in the downtown. The projects I could see or that have already started:

-Infinity 30 floors: Canada construct connect says a development of this size is to start May 2025.

-St Bernard place 18 floors: this no longer shows up on Canada Construct connect but Amico construction does have many projects on the go that seem to all be ending around April.

-gateway towers 2x17 floors: this has already started and the tower crane will most likely be moved in late summer or early fall.

-the last sister 15 floors: this will be topped off most likely in the spring.

-crown plaza 11 floors: this will be a big makeover for the old looking building and this will most likely start this summer.

-ASEC 6 floors: this has already started.

-30 Waterloo street 6 floors

-20 Cameron street 5 floors

-RCMP headquarters 3 floors: this will be most likely completed by this year

I could imagine around 4 or 5 tower cranes dotting the downtown skyline by the end of this year.

[MonctonRad]

Nice list.

I'm a little less sanguine.

I predict three tower cranes downtown.

There is no guarantee that the Waterloo or Cameron Street projects will start this year.

St. Bernard Place is still iffy for a 2025 construction start, but, I am hopeful. If it goes ahead, that would be four tower cranes downtown (ASEC, Infinity, Three Sisters/Westgate & St, Bernard) . I give the odds for St. Bernard this year at 50/50.

I see that you wisely didn't say anything about Ashford/Downing. I definitiely believe we will have renderings sometime this year, but, there will be no shovels until 2026 at the earliest.

[jonny golden]

Originally Posted by jonny golden

True enough. Since the Bank of Canada slashed rates at five consecutive meetings between June and December last year, and are expected to cut again next week, it's a big benefit on major projects.

Of course the elephant in the room is - how are Trump's policies going to affect the construction industry in Canada. I'm thinking/hoping we might see trade negotiations instead of a tariff war.

In any event, I really hope we see the Junction developers go with a 10 floor building along Main Street. What an addition it would be to the Avenir Center neighbourhood!

As expected, the Bank of Canada cut the interest rate again this morning. 3.25% > 3%. I really hope it helps some of the downtown projects in the pipeline move forward.

[MonctonRad]

Originally Posted by jonny golden

As expected, the Bank of Canada cut the interest rate again this morning. 3.25% > 3%. I really hope it helps some of the downtown projects in the pipeline move forward.

The pace of any development now is more dependent on Donald Trump and his tariffs than on the Bank of Canada rate.

It's always something........

[lirette]

Originally Posted by MonctonRad

The pace of any development now is more dependent on Donald Trump and his tariffs than on the Bank of Canada rate.

It's always something........

I have no knowledge of the industry or how this works but could a developer have sped up/preordered all of their materials to try to get ahead of potential tariffs, which could accelerate projects?

[MonctonRad]

Originally Posted by lirette

I have no knowledge of the industry or how this works but could a developer have sped up/preordered all of their materials to try to get ahead of potential tariffs, which could accelerate projects?

That's not what I'm really concerned about. I'm more concerned that if we get into a full fledged trade war that it could cause serious damage to the Canadian economy. About 92% of NB's exports are to the US. Also, if the economies of Ontario and Alberta tank, there will be substantially less equalization for us. I think well over 1/3rd of the provincial budget comes from equalization. There could be serious ripple effects, essentially pushing us into a depression.

Nothing gets built during a depression. All businesses will be operating purely in survival mode

[MonctonRad]

Coffee shop sees customers lined out the door on opening day
Moncton's new Filomena Caffeine Bar had a busy opening day on Wednesday
Author of the article: Payge Woodard
Published Jan 29, 2025 • 1 minute read
https://tj.news/moncton-miramichi/coffee-shop-sees-customers-lined-out-the-door-on-opening-day (paywall)

Inspired by cafes seen in shows like Friends, Bridgerton, and Emily in Paris, the space includes cozy nooks where customers can try a Spanish or lavender latte, and a black and white checkered floor,

The menu, which includes hot and cold drinks, soup, and sandwiches also features a baked good that sold out on Wednesday. Palmero said the crookie, a cookie that is baked into a croissant, was a dessert he tried while visiting France.

This new cafe is located in Commerce House on St. George Street.

They plan on new cafes in Riverview and Shediac as well.

[lirette]

Originally Posted by MonctonRad

Coffee shop sees customers lined out the door on opening day
Moncton's new Filomena Caffeine Bar had a busy opening day on Wednesday
Author of the article: Payge Woodard
Published Jan 29, 2025 • 1 minute read
https://tj.news/moncton-miramichi/coffee-shop-sees-customers-lined-out-the-door-on-opening-day (paywall)





This new cafe is located in Commerce House on St. George Street.

They plan on new cafes in Riverview and Shediac as well.

They marketed heavily on instragram, looks like it worked. I'm sure the riverview location will do well. They really only have damascus as an option which is fine and the owner is nice (great oat cakes) but they don't do much to change the offerings. Menu has been the same for nearly 10 years.

[Ifyoubuildit]

Originally Posted by MonctonRad

The pace of any development now is more dependent on Donald Trump and his tariffs than on the Bank of Canada rate.

It's always something........

The number one factor impacting projects in New Brunswick’s is out of control property taxes. They are apparently insane on apartment buildings, being 2x the amount of similar buildings in NS! And now developers are handcuffed to a 3% rent cap. Meanwhile, assessments on apartment buildings have increased upwards of 50% over the last two years. This means diminished returns and thus less capital to deploy into more projects. I thought the Liberal government was promoting they would implement major property tax reforms in sync with the rent cap, but now it seems like they have had amnesia when it comes to the property tax portion of their promises. I suspect rent caps will actually do more harm than good in the long term, as less stock will be constructed unless they actually make changes to property tax.

[lirette]

Originally Posted by Ifyoubuildit

The number one factor impacting projects in New Brunswick’s is out of control property taxes. They are apparently insane on apartment buildings, being 2x the amount of similar buildings in NS! And now developers are handcuffed to a 3% rent cap. Meanwhile, assessments on apartment buildings have increased upwards of 50% over the last two years. This means diminished returns and thus less capital to deploy into more projects. I thought the Liberal government was promoting they would implement major property tax reforms in sync with the rent cap, but now it seems like they have had amnesia when it comes to the property tax portion of their promises. I suspect rent caps will actually do more harm than good in the long term, as less stock will be constructed unless they actually make changes to property tax.

I don't entirely agree with rent caps either, but it should be noted the conservative government in NS still has rent caps in place until the end of this year. As for the property tax reform, you need to give them time. They are beginning to work on it this year and their pledge was to have the reform complete for 2026. Id imagine it takes time to get something like this completed, I'd rather them not rush it if it's not going to be done well and fairly. If it's still crickets by mid year this year I'd be abit more concerned.

[Ifyoubuildit]

Originally Posted by lirette

I don't entirely agree with rent caps either, but it should be noted the conservative government in NS still has rent caps in place until the end of this year. As for the property tax reform, you need to give them time. They are beginning to work on it this year and their pledge was to have the reform complete for 2026. Id imagine it takes time to get something like this completed, I'd rather them not rush it if it's not going to be done well and fairly. If it's still crickets by mid year this year I'd be abit more concerned.

Valid points, but NS rent cap is 5% which makes a sizable difference when other costs are rising by double digits like property tax and insurance. Property tax equates to about 25%+ of an apartments operating costs in NB and it is 12% in NS, a dramatic difference that directly impacts net income and thus the amount of financing for more projects. Some developers will roll the dice hoping the Liberals will fulfill their promise of tax reform in lock step with rent caps but I am sure others will not take on these risks not knowing if government will actually fulfill their promises. If it is a year or more before positive tax reform is implemented and developers are waiting, that means the new product will not come to market for 3yrs or more (1yr waiting for government and 2 yrs to build).

[C_Boy]

I know this isn't the best venue but I figure our shared love for cityscapes may make it possible. I would love to see interesting and awesome angles and perspectives to downtown Moncton skylines, a condensed version.

There have been many posted over the years but obviously difficult to find in the thousands of posts and pages. But I would also love to see something current.

One angle I have discovered recently is off the Hwy 15 overpass at Paul St/Lewisville looking downtown. It really shows our skyline condeced and would love to see that in a photo.

Or does anyone know where I could come across something like that. I know we had an old photo tour thread that has fallen off the forum but definitely not current anymore.

[MonctonRad]

Yes, I have also noticed this is an advantageous spot for glimpsing the developing downtown skyline.

I suppose you could try and take a photo from this vantage point, but, since this is where traffic is decellerating from Highway 15 to enter the Hall's Creek traffic circle, I imagine you would get killed trying to do so.

This would be a great job for one of SSP's drone operators. There are a couple of them who post in the Moncton threads, but they have not been too active recently.

[NBNYer]

We can just barely see the two completed sisters from this vantage point. The additional height offered by a drone might make this one of the best views of the skyline. Also, both St-Bernard and Icon would nicely frame in the view on either side of Assomption Place from there.

[KnoxfordGuy]

Google street view from October 2024 lol

[jnaygull]

There's also a similar view of the downtown coming down Shediac Rd, right before you pass McBuns Bakery. There's a brief moment when you get a pretty good view of all the taller buildings downtown.

[BlackYear]

As much as I dislike this building, small windows, tiny balconies, only 6 stories, who knows what it looks like inside the apartments, I still took the time to try and capture a nice image!

[url=https://flic.kr/p/2qKSNkk]

[MonctonRad]

Franklin Yards - Current status:


Infinity Aerials Photo

[MonctonRad]

Current status of the new Codiac RCMP Headquarters on Albert Street in downtown Moncton'


Retail Talk % Share photo