[Moncton] Downtown Developments

[C_Boy]

Promotional video for FiveFive Queen from the website.

http://vimeo.com/68533934

[Monctoncore]

Fill in A few of the parking lots on Queen st. and get that project built on that Parking lot off Assumption and I think we have a good start, but hey at least we don't look like Houston in the 90's



Photo added by Photolith to the downtown parking lots thread.

[Monctoncore]

Just for everyone to look at here is the Downtown Parking lot Thread, I couldn't imagine living in these cities when they were like this!

http://forum.skyscraperpage.com/showthread.php?t=191539

[pierremoncton]

Is it realistic to expect 55 Queen to sell so many condos? Their cheapest units are $169k for 646 sqft (smaller than a mini home). The penthouses go for as much as $718k. Condo fees must be $200-300 on top of that.

A number of factors make me question the feasibility of this development becoming successful:

- a number of condos are still for sale on Dominion St (and are of better value)

- planned second building of Dominion St condos

- there's always a few condos for re-sale on Cameron and Assomption (both better value)

- the building at St George/Archibald has been undergoing a transformation into condos for years (originally slated to be ready 2-3 years ago) and they're still pre-selling units (they might've even run out of funds -- I haven't seen any activity there in months)

- one building slated for Botsford (between St George and Mountain) had been pre-selling units for ~3 years as well, and now seems to be cancelled

- the proposed 4-storey building on Victoria is pre-selling units as well

- the proposed Harper St project is once again moribund -- technically dead now that the city's extension expired

How many people are really willing to pay $300k to $700k to live in downtown Moncton? Given that so many proposed projects never get off the ground, I'd say not many. Families want land and there's tons of it for much cheaper just a few kilometres away, close to playgrounds and schools. Those who might be interested in these units -- urban hipsters and call centre workers -- can't afford them.

On top of that, apartment vacancy rates are currently high (~7%), and a few significant apartment buildings are currently under development or planned throughout the city.

I do expect the project to get off the ground, and I'm not suggesting that it shouldn't; I'm questioning whether or not the building will actually get filled up. And because this one is getting built, I expect other proposals to be delayed or cancelled altogether.

I appreciate that these things are expensive to build, but I just don't know that Monctonians are ready to spend all their cash to live in a sky box looking down at parking lots... How many people reading these forums would really consider paying $169k + $2-3k/yr in condo fees for something only slightly larger than a bachelor apartment? And another ~$100k for just a second small bedroom? Then another ~$100k for a second bathroom?

[David_99]

Originally Posted by pierremoncton

- a number of condos are still for sale on Dominion St (and are of better value)

- planned second building of Dominion St condos

- the proposed Harper St project is once again moribund

I heard your first point was due to some bad paperwork and that little to no one lives there yet until it gets resolved, which puts your next two points on hold, unfortunately.

[MonctonRad]

Originally Posted by David_99

I heard your first point was due to some bad paperwork and that little to no one lives there yet until it gets resolved, which puts your next two points on hold, unfortunately.

Really? Bad paperwork?!? What does this mean?

[RyeJay]

Originally Posted by pierremoncton

Is it realistic to expect 55 Queen to sell so many condos? Their cheapest units are $169k for 646 sqft (smaller than a mini home). The penthouses go for as much as $718k. Condo fees must be $200-300 on top of that.

Your concerns are valid. Eventually we will find out, eh?

There are cheaper condos available in the downtown that are not yet selling; however, this developer is taking the risk to see if there is a market for people desiring to live in the core who are upper-middle class -- at least, young professionals earning a semi-decent salary.

In order to ascertain the conditions of the market, someone has to get out there on the front lines to discover what can be done. I'm glad this developer is being so bold, and I wish the company much success. Downtown Moncton will love this investment. If 55 Queen has units that remain empty...well then, the prices will likely drop. Let's allow the market to do its thing.

The city should be looking into public/affordable housing being located in the downtown if they want to get serious about increasing the core's residential population in order to build a momentum of cash flow for private businesses.

I'm disappointed by the Harper Building as well. Even though it was ugly, it would have still been a source of construction jobs and an opportunity for more downtown residents.

55 Queen is behind City Hall. These parking lots exist at the very centre of the downtown and are the closest to the all the amenities. It could be that these sites will have more immediate success than the outskirts of the core.

[David_99]

Originally Posted by MonctonRad

Really? Bad paperwork?!? What does this mean?

From what I heard, either the building permit or another legal document was filled out as Apartments not Condos.

[MonctonRad]

1234 Main Street - current status:

[MonctonRad]

According to the T&T, the move by Terra Verde to St. George Blvd is purely because the business had outgrown it's current location. They do not want to move, and in fact had explored the possibility of taking over the second floor of their building (which in my opinion would have been fantastic) but, an elevator would have been required. I gather this was not a consideration (I presume due to the age and condition of the building). Their new location on St. George will be roughly 4x the size of their current store.

Apparently there may be interest by several parties in Terra Verde's current location. It is on a high visibility corner next to city hall and speculation is that a restaurant will move in there......

[mylesmalley]

Elevators are extremely expensive.

[BlackYear]

Well, they are moving into the single story building next to the Tim Horton, so they will extra traffic and exposure from that alone.

Hopefully they do a nice job with the facade of the building to make it look very inviting.

Might not be such a bad move after all.

[MonctonRad]

According to the T&T, site prep work for the new oncology clinic at the Moncton Hospital is now complete and actual construction will commence later in August.......

[OUIR@random]

Originally Posted by Monctoncore

Fill in A few of the parking lots on Queen st. and get that project built on that Parking lot off Assumption and I think we have a good start, but hey at least we don't look like Houston in the 90's

Things do change for the better, because I was in Houston last year and it doesn't look like this photo, they have been in a ''Renaissance'' phase for a while, but like us they need to continue having residential developments in the downtown core.
I must say that Moncton Downtown from above does look like a sea of parking lots now, in 2013!

Nice photo update! The Terminal Plaza is really starting to look great! Super!

[Mattyyy]

I noticed this morning they are clearing land behind the Rogers building. I'm going to assume they are creating more room for.. wait for it.. more parking!

[David_99]

Originally Posted by Mattyyy

I noticed this morning they are clearing land behind the Rogers building. I'm going to assume they are creating more room for.. wait for it.. more parking!

Hopefully it's to DIVERT parking away from Assumption. Any news on those planned buildings?

[MonctonRad]

Originally Posted by David_99

Hopefully it's to DIVERT parking away from Assumption. Any news on those planned buildings?

That's what I'm wondering too. If I recall, that development required the current Roger's parking lot. Maybe this is actually a good sign!

[Mattyyy]

Originally Posted by MonctonRad

That's what I'm wondering too. If I recall, that development required the current Roger's parking lot. Maybe this is actually a good sign!

Well, they had already created more parking late last fall where the old Creek restaurant stood, and in between the market and the Rogers building. I assumed this was replacement parking for what would be lost in the Rogers lot.

Also, back in the early spring I thought I noticed a piece of machinery used to take soil samples in the Rogers lot doing some work. The only reason I noticed it is because it was the same thing they used to take soil samples from the Highfield Square property last year.

Perhaps these are good signs? It would be nice to see some more significant downtown development.

[NBNYer]

The old Zellers space in the Superstore mall on Main has found a new tenant. Radio-Canada's studios are moving there from their current location on Université.

[MonctonRad]

Originally Posted by NBNYer

The old Zellers space in the Superstore mall on Main has found a new tenant. Radio-Canada's studios are moving there from their current location on Université.

What's going to happen to the current CBC building then?