[Saint John, NB] 99 King Street | 13 storeys | Under Construction

[bingun]

Originally Posted by michael_d40

Anybody nearby have any update pictures of the progress?

There hasn't been much more progress this week since the last posted images, presumably due to the weather. If we are lucky, we will get another floor before Christmas.

[sailor734]

They have what? Nine floors to go? Probably looking at late March in a best case scenario. Percy was suggesting around 4 months assembly time back in July with an August start and a topping off about now.

I would imagine working in extreme cold or with any amount of snow may well slow things noticeably. After 4 long years the important thing is that it is actually being built!

[bingun]

I am still curious about their wind tolerance. I can't imagine they'll want to lift large, flat concrete components 10 floors on a blustery day.

[sailor734]

Originally Posted by bingun

I am still curious about their wind tolerance. I can't imagine they'll want to lift large, flat concrete components 10 floors on a blustery day.

Yes, I had wondered about that too. I wonder if they have a lift/no lift wind speed limit?

Lifting and placing sections when it's actually snowing might also be an issue (visibility for the crane operator, footing for workers etc)

[homebody]

No crane movement there for days. Did they decide to top out at 4 floors? Seems once the first snow came everything halted. I’m sure that’s coincidence.

[bingun]

Originally Posted by homebody

No crane movement there for days. Did they decide to top out at 4 floors? Seems once the first snow came everything halted. I’m sure that’s coincidence.

Yes, no movement this week. It is great weather today too, so no excuse there.

[homebody]

Originally Posted by bingun

Yes, no movement this week. It is great weather today too, so no excuse there.

Development in Saint John is the equivalent to pushing chain

[darkharbour]

Originally Posted by bingun

Yes, no movement this week. It is great weather today too, so no excuse there.

I'm not sure this discussion is fair to those working on the project, I have seen workers on-site every day this past week, including just now when I went past and they were excavating next to the northeast corner of the building.

Just because it hasn't gotten any taller for a week or two doesn't mean there hasn't been a lot accomplished inside, or on the upper floor where I have seen a number of people working this week.

It's slow in the grad scheme because we have been waiting for the building for a long time, but it's also a large construction project and they take a long time.

[Joe]

Perhaps Stresscon is behind in production of the panels?

[bingun]

Originally Posted by darkharbour

I'm not sure this discussion is fair to those working on the project, I have seen workers on-site every day this past week, including just now when I went past and they were excavating next to the northeast corner of the building.

Just because it hasn't gotten any taller for a week or two doesn't mean there hasn't been a lot accomplished inside, or on the upper floor where I have seen a number of people working this week.

It's slow in the grad scheme because we have been waiting for the building for a long time, but it's also a large construction project and they take a long time.

I meant no disrespect to the workers on site; they are doing what is asked of them. Yes, I have also seen other activity, but let's be real, the pre-fab erection is the core deliverable driving the project timeline.

Like others, I am just frustrated by the snail's pace at times. They still have those Spring 2026 signs plastered on the perimeter, and the news coverage makes it sound like it's just around the corner.

By comparison, I drove by Fundy Quay on Sunday afternoon, and they had a few workers in cherry pickers in the middle of December, in sub-zero temperatures, continuing window prep and other minor work.

[DyAm00394]

Provincial government is having a "Housing Announcement" at 99 King Street tomorrow December 17th at 11am. Housing Minister, David Hickey, and MP Wayne Long will be making the announcement.

[homebody]

Originally Posted by darkharbour

I'm not sure this discussion is fair to those working on the project, I have seen workers on-site every day this past week, including just now when I went past and they were excavating next to the northeast corner of the building.

Just because it hasn't gotten any taller for a week or two doesn't mean there hasn't been a lot accomplished inside, or on the upper floor where I have seen a number of people working this week.

It's slow in the grad scheme because we have been waiting for the building for a long time, but it's also a large construction project and they take a long time.

Remember. it was supposed to be erected and enclosed by now. I agree there has been some accomplishment but its slow coming.

[sailor734]

Originally Posted by homebody

Remember. it was supposed to be erected and enclosed by now. I agree there has been some accomplishment but its slow coming.

FWIW I.was told the late start (early Oct vs late August) was due to production issues and delivery delays for the panels from Strescon.

I agree though that's it's looking like the 4 month from start to top off is looking less and less likely.

[DyAm00394]

Originally Posted by DyAm00394

Provincial government is having a "Housing Announcement" at 99 King Street tomorrow December 17th at 11am. Housing Minister, David Hickey, and MP Wayne Long will be making the announcement.

Watched Wayne Long's live stream of the announcement. Federal government is loaning Percy $46-million, (in low interest loans), to help build 152 rental housing units.

[bingun]

Originally Posted by DyAm00394

Watched Wayne Long's live stream of the announcement. Federal government is loaning Percy $46-million, (in low interest loans), to help build 152 rental housing units.

32 of the 152 will be affordable, or roughly 21% from David Hickey's post.

That's both Fundy Quay and 99 King utilizing government funding or low-cost financing. Do we think that is a good thing, or does this reflect poorly on Saint John's ability to attract private financing for major developments?

[DyAm00394]

Originally Posted by bingun

32 of the 152 will be affordable, or roughly 21% from David Hickey's post.

That's both Fundy Quay and 99 King utilizing government funding or low-cost financing. Do we think that is a good thing, or does this reflect poorly on Saint John's ability to attract private financing for major developments?

The city also invested $310,000 and $7.5 million is coming from 99 King Street Limited Partnership in land and cash equity. So, in total $55-million for the development

Also says project completion target is October 2026.

Breakdown of the funding:

• Federal government is loaning $46 million through low interest loans as part of the National Housing Strategy’s Apartment Loan Construction Program.
  
• Provincial government is investing $2.2 million through the Housing New Brunswick: Affordable Rental Housing Program.
  
• The City of Saint John is investing $310,000.
  
• Plus, $7.5 million from 99 King Street Limited Partnership in land and cash equity.

https://saintjohn.ca/en/news-and-notices...-152-new-rental-housing-units-saint-john

[cdnguys]

Originally Posted by bingun

32 of the 152 will be affordable, or roughly 21% from David Hickey's post.

That's both Fundy Quay and 99 King utilizing government funding or low-cost financing. Do we think that is a good thing, or does this reflect poorly on Saint John's ability to attract private financing for major developments?

Not sure why it would be viewed as bad. This is a new program. Given the choice and being eligible for an 8% loan or a 5% loan, which one would you take? All developers will be accessing this program It’s not a reflection on the financial health of a developer.

[bingun]

Originally Posted by cdnguys

Not sure why it would be viewed as bad. This is a new program. Given the choice and being eligible for an 8% loan or a 5% loan, which one would you take? All developers will be accessing this program It’s not a reflection on the financial health of a developer.

Just raising a topic of discussion. You are right on the loan, it's hard to argue with lower rates. It is also hard to quantify, in layman's terms, what providing those discount loans costs the government.

But if I am reading the announcement correctly, the provincial and municipal government are investing close to $2.5M in the project. What are they getting in return for that? I assume it's the affordable units, which work out to roughly $80,000 per unit.

Is that also a loan or is it a cash investment? How long have we secured these 'affordable' units for? Or is this related to the Large Scale Development Incentive Program?

I think it's reasonable to want to understand what our taxes are going towards and ensure it's not padding Percy's margins.

[darkharbour]

Originally Posted by bingun

Just raising a topic of discussion. You are right on the loan, it's hard to argue with lower rates. It is also hard to quantify, in layman's terms, what providing those discount loans costs the government.

But if I am reading the announcement correctly, the provincial and municipal government are investing close to $2.5M in the project. What are they getting in return for that? I assume it's the affordable units, which work out to roughly $80,000 per unit.

Is that also a loan or is it a cash investment? How long have we secured these 'affordable' units for? Or is this related to the Large Scale Development Incentive Program?

I think it's reasonable to want to understand what our taxes are going towards and ensure it's not padding Percy's margins.

Well for comparison, the smaller Wentworth apartment development that Percy built a few years ago paid $428,729.55 in property taxes this year. So the City kicking in a little over $300k to this development will essentially pay itself back in under a year once the building is completed (I know I'm over-simplifying the amount the city will get back in taxes, but it's still worthwhile perspective).

[bingun]

Originally Posted by darkharbour

Well for comparison, the smaller Wentworth apartment development that Percy built a few years ago paid $428,729.55 in property taxes this year. So the City kicking in a little over $300k to this development will essentially pay itself back in under a year once the building is completed (I know I'm over-simplifying the amount the city will get back in taxes, but it's still worthwhile perspective).

Yes, that's the Large Scale Development Incentive Program they just refreshed, and I am wondering if it's related to that.

I also find the timing of both announcements a little odd, as they occur once construction is well underway. Maybe this has been locked down for some time, and the delay is just for optical reasons, but it's confusing for the average citizen why a project that is already being built needs government funding.

I'd recommend folks check out the city's Facebook post about this. There are already over 100 comments, and they are quite something.