from CBC
Land deal prompts debate over Moncton development
CBC News Posted: Jan 19, 2012 7:12 AM AT Last Updated: Jan 19, 2012 6:54 AM AT
Vancouver developer buys Moncton properties
The city's plans for a new arena complex were put on hold when the federal government refused to pay for part of the future complex.
However, the recent purchase of a whole city block by a major Vancouver developer is rekindling hope in the city over the construction of a new sports and entertainment venue.
John Thompson, the chief executive officer of Enterprise Greater Moncton, said there is no shortage of speculation on why the Aquilini Investment Group decided to buy all the land around their hotel, the Crowne Plaza.
And Thompson said he is willing to make a few guesses.
"
I think it would be ideally suited if you have a sports complex on one side of the road and the convention centre and imagine having a bridge joining the two,"he said.
"Obviously that property is very well suited to that."
Moncton-Riverview-Dieppe Conservative MP, Robert Goguen said he's still trying to find some federal money to help the complex.
The private sector interest in the development could mean less public money would be needed to help the project, he said.
“
I think a lot of the negotiations that are going on are behind closed doors for very good reasons,” Goguen said.
The Aquilini family, which is estimated to be worth $5 billion, already owns the Crowne Plaza hotel and now, they've just bought the whole city block around the Moncton hotel.
The block includes the old YWCA building, the former SMT bus terminal and the parking lots that link the buildings.
The family also owns the Vancouver Canucks and the stadium the hockey team plays in, Rogers Arena.
The development company also owns hotels, office buildings, at least 45 Pizza Hut franchises, a golf course and a movie set.
The Aquilini family’s track record in the sports and entertainment industry would be an important asset for Moncton.
There have been ongoing discussions, and a series of reports, surrounding the need for a new $100-million downtown facility that would replace the 40-year-old Moncton Coliseum.
The new venue would help the city attract bigger entertainment acts during winter months.
A consultant recommended building a 9,000-seat hockey rink in 2009, which would be an improvement on the coliseum's seating capacity of 7,200.
Another task force report, which was launched by the city, called for a downtown sports and entertainment complex.
Revitalizing downtown Moncton
Thompson said the high profile of the Aquilini family also gives Moncton's project a boost.
“The good news story is that we have a company that's very diverse, that has experience in the sports industry ... taking up the major part of our downtown,” he said.
Thompson said this land deal and the closure of Highfield Square mall are likely to be critical in the eventual revitalization of the city's downtown.
"
I don't think anything's coincidence. I mean you have to look at the history of the family, in terms of they've been buying property. They've been diversifying their business and they do things strategically," he said.
"So I would think that what's happening with the [Highfield Square] property is related to what's happening across the street."
The Enterprise Greater Moncton official said it is important to realize how far the city has come in the last few decades.
“There was a time in Moncton when the downtown was boarded up, but now we're at a point where when companies come in, such as we're seeing now,” he said.
“They're buying large chunks of land, large lots of land.”
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Personal note - They interviewed John Thompson on CBC Radio about this this morning as well. In the interview, he rambled on a little bit about other positive developments in the greater Moncton area (such as the new McKesson distribution centre. He did let it slip that UPS had chosen Moncton to be a regional air cargo hub. We have speculated on this before, but this is as close as we have come to a formal announcement. 
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