[Moncton] St. Bernard Place | 6 Storeys | Under Construction

[MonctonRad]

Originally Posted by MonctonPerson

Richie is behind the building at 119 Cameron Street finished a few years ago, so I wouldn't suggest he's got no experience. But a six-storey building is a different scale project than 18 floors.

Good point. I had forgotten that. Thanks!

[Leroy321]

From canada construct connect
APARTMENTS
stage: design development
Start date: April 2025
Funding: private
Value: 20,000,000$
Work type: new
Building type: residential

I imagine this will be the Saint Bernard place tower.
Amico construction will be the construction crew working on this site and with there current schedule they should be done the Quinn court apartment building under development in riverview by March-May time I could see this starting in May 2025.

[MonctonRad]

Valuation seems about right. I hope you are correct.

[new kid in town]

Exciting news! Some movement at last.

[jonny golden]

Waiting out the interest rates on a $20,000,000 project makes a huge difference. The prime rate has dropped 4 times this year so far, and there's another announcement this Wednesday. I'm reading that a further cut of .50% is expected. On top of that, the rate could drop even further before he starts the project in 2025, and it's expected to do so.

Rate announcement dates 2025:
Wednesday, January 29
Wednesday, March 12
Wednesday, April 16
Wednesday, June 4
Wednesday, July 30
Wednesday, September 17
Wednesday, October 29
Wednesday, December 10

I think Mr. Richie would be aware of this and that it was a factor in the delay. Just my speculation of course.

[jonny golden]

Another 50 basis point reduction in the Bank of Canada rate today!

Now if the province can make good on their promise to eliminate the Provincial Sales Tax on new multi-unit housing builds, the climate for developers will have drastically improved over the last year or so.

Hopefully it will bring the Junction and other projects back to the table.

Meanwhile, Ashford is watching things improve for builders, while completing their Lorentz Drive project. The city keeps working away on the downtown infrastructure getting ready for the transformation behind the Assomption building.

Maybe even Thrive Properties will get back into the game.

[jonny golden]

Since it's now been three years since the Saint Bernard's property was purchased by the current owner, what are the chances that he moves forward with his plans? Granted we don't know what's going on behind closed doors, but that's a long delay. If he isn't planning to go forward with construction, what are the odds that he re-sells the land? It doesn't seem to make a lot of sense to simply sit on it paying taxes.

I really hope something takes place on this file soon. The city completed all the underground work in order for the project to proceed, so let's hope something happens in 2025.

[Monctoncore]

Originally Posted by jonny golden

Since it's now been three years since the Saint Bernard's property was purchased by the current owner, what are the chances that he moves forward with his plans? Granted we don't know what's going on behind closed doors, but that's a long delay. If he isn't planning to go forward with construction, what are the odds that he re-sells the land? It doesn't seem to make a lot of sense to simply sit on it paying taxes.

I really hope something takes place on this file soon. The city completed all the underground work in order for the project to proceed, so let's hope something happens in 2025.

Interestingly enough, I have looked through Halifax, Toronto, Montreal, Calgary etc., and a trend I saw with these larger builds, is that they can be announced and then sometimes as far as 2-3 years later, they finally break ground. I’m not sure if St. Bernard will happen or not, but I do think we have been lucky that most developers here have been quick to start building after announcing a development. Waiting is like watching a sloth climb a tree, it takes time, but eventually it gets there.

[jonny golden]

Originally Posted by Monctoncore

Interestingly enough, I have looked through Halifax, Toronto, Montreal, Calgary etc., and a trend I saw with these larger builds, is that they can be announced and then sometimes as far as 2-3 years later, they finally break ground. I’m not sure if St. Bernard will happen or not, but I do think we have been lucky that most developers here have been quick to start building after announcing a development. Waiting is like watching a sloth climb a tree, it takes time, but eventually it gets there.

True enough. There's lots of factors involved, finances being a big one. Fortunately the interest rates are a lot lower now than they were when he purchased the property. That can't hurt. It certainly would be a tremendous addition to the downtown core.

[sailor734]

Originally Posted by jonny golden

True enough. There's lots of factors involved, finances being a big one. Fortunately the interest rates are a lot lower now than they were when he purchased the property. That can't hurt. It certainly would be a tremendous addition to the downtown core.

That's true about interest rates but the uncertainty around tariffs and a possible recession, combined with the slowing population growth numbers all add to the other side of the ledger.

[jonny golden]

Originally Posted by sailor734

That's true about interest rates but the uncertainty around tariffs and a possible recession, combined with the slowing population growth numbers all add to the other side of the ledger.

The slowing population growth concerns me. There are a huge number of units under construction in the greater Moncton area. Over the last few years the demand has been so strong, that many buildings were fully leased even before construction was completed. Is the supply starting to catch up with demand? Will we see a slow down with these big developments?

I'd really like to see Saint Bernard's place get built. Hopefully they've got everything in order so that they can proceed. That area of the downtown would really benefit from 181 units! Their website says opening fall 2026!
https://stbernardplace.ca/

[sailor734]

Originally Posted by jonny golden

The slowing population growth concerns me. There are a huge number of units under construction in the greater Moncton area. Over the last few years the demand has been so strong, that many buildings were fully leased even before construction was completed. Is the supply starting to catch up with demand? Will we see a slow down with these big developments?

I'd really like to see Saint Bernard's place get built. Hopefully they've got everything in order so that they can proceed. That area of the downtown would really benefit from 181 units! Their website says opening fall 2026!
https://stbernardplace.ca/

Not even having broken ground yet I think you can discount "opening fall 2026"

[MonctonRad]

Originally Posted by sailor734

Not even having broken ground yet I think you can discount "opening fall 2026"

Indeed. The website needs to be updated.

My main concern regarding St. Bernard Place is market conditions. Population growth in NB has flatlined in the last six months (although Moncton should continue to grow, albeit at a slower pace). The tariff war is also causing tremendous economic uncertainty. I could see this development being delayed.

[jonny golden]

Originally Posted by MonctonRad

Indeed. The website needs to be updated.

My main concern regarding St. Bernard Place is market conditions. Population growth in NB has flatlined in the last six months (although Moncton should continue to grow, albeit at a slower pace). The tariff war is also causing tremendous economic uncertainty. I could see this development being delayed.

Trevor Ritchie might be thinking it's too risky at this time. But who knows what's going on behind the scenes. Again, after purchasing the land 3 years ago and nothing happening, the vibes aren't positive. I hope I'm wrong. Such a great project.

[jonny golden]

From Dieppe thread.

I recall from about 4-5 years ago there was a plan to erect about 5-6 similar sized apartment buildings on Dieppe Blvd in this location. So far, only 1260 Dieppe Blvd was constructed. It mow appears they are working on building #2.

If these developers have waited all this time and have now re-started construction, maybe there's hope for St. Bernard's place after all. I sure hope so.

I think the overall conditions are positive: The Bank of Canada interest rate has come down a full 2.25% over the last year. That's huge when you're talking about a multi million $$ project. And according to CMHC, the overall vacancy rate in central Moncton is 1.4%, which they rate as excellent.

But who knows what's going on with this developer specifically.

[MonctonRad]

Speaking of St. Bernard Place, they do have a partially functioning website.

https://stbernardplace.ca/

This extraordinary 18 storey landmark building redefines the City’s luxury apartment landscape. With the perfect blend of health and wellness facilities, culinary delights, incredible gathering spaces and 181 modern apartments onsite, St. Bernard Place creates a world of smiles within. The top 4 floors are designed with 2,000+ sq. ft. penthouse corner suites, followed by various executive suites (some with a 1000+ sq. ft. outdoor patio living space) – which provides a diversity of rent and lifestyle options to choose from.

At this point in time we are finalizing penthouse and executive suite details, including apartment rental rates. Should you wish to receive email announcements, progress updates and be notified when our full website goes live in 2025 – please submit your name and contact information below.

The website is a work in progress, and, not really worth visiting right now, but, it looks like they may put up some interesting new renderings and concepts at some point.

[jonny golden]

it looks like they may put up some interesting new renderings and concepts at some point.

If they do, and I hope you're right, that'll be a good indication that this development is still alive. The frustrating thing is that we just don't know what's going on behind closed doors. For all we know, they could be arranging some things and will in fact be moving forward with the project. Or they could be attempting to sell, just like Valmond Grandmaison (Frederic Properties) did before them.

I know they're a private company and are under no obligation to do so, but it would be great if they'd keep us posted as to where things are, even if it's by way of a website update. It won't be opening in the fall of 2026 like the site says!

[MonctonRad]

This string of posts occurred today on the Three Sisters thread:

Originally Posted by Mattyyy

Sounds like St. Bernard’s is going to get a start but with considerably less floors.

Originally Posted by MonctonRad

What have you heard?

I have heard something similar, but was hesitant to make a post because I was uncertain regarding the quality of the source.

Originally Posted by Mattyyy

6 floors…

Originally Posted by MonctonRad

Yeah, that’s what I heard too. This qualifies as “multiple sources.” I hope it isn’t true.

It is always disquieting when the same rumour is heard from multiple sources. Of course, the rumour may still be untrue, and just circulating in the community, but, given the apparent delay in construction, and, concerns over decreasing demand, anything is possible.

Has anyone else heard anything?

[Taeolas]

Six floors seems so pedestrian, especially for the location and direction Moncton is going. 10 feels a minimum for a project space like this, if they're going down. I'd almost hope the Mayor and Council would step in and discourage it somehow; but I suspect their hands are tied.

[MonctonRad]

I sent them a query. Let's see if they respond.