[Moncton] Northwest/Magnetic Hill Developments

[Taeolas]

So if that's the case, I wonder if CREIT will look to buy the Costco and Kent properties, just to consolidate the space.

Some possibilities I can think of, but I have no idea how credible they would be.

1. Cineplex looks to build new, with a RecRoom a new cineplex, possibly with NB's first Imax screens? Grabbing the old Costco space would be a boon given how visible it is from the highways around there.

2. Maybe Superstore is looking to shift? I could maybe see them moving over to the Kent space, maybe with a land swap for their current property?

In any case, it doesn't sound like there is much movement until 2020 from the comments above. Cineplex could take action on the Costco space at any time if they wanted, but Kent and D&R are still a good year+ away from action by the looks of things.

[MonctonRad]

Originally Posted by BaseballFan

Just can't see this as being a problem. It's a 4-way stop, more people might simply turn left rather than go straight. What really changes in terms of timing? It won't be any busier than the 4-way stop at Evergreen and Glencairn or Evergreen and Shannon...traffic does not back up there either.

True enough about Evergreen/Glencairn, but traffic will likely increase a bit in volume (especially left turning traffic from Evergreen onto Twin Oaks) with the new North End YMCA. It may not be enough to really matter, but there will certainly be a change in traffic pattern at this intersection, and the city should keep an eye on this.......

[josh_cat_eyes]

Originally Posted by Taeolas

So if that's the case, I wonder if CREIT will look to buy the Costco and Kent properties, just to consolidate the space.

Some possibilities I can think of, but I have no idea how credible they would be.

1. Cineplex looks to build new, with a RecRoom a new cineplex, possibly with NB's first Imax screens? Grabbing the old Costco space would be a boon given how visible it is from the highways around there.

2. Maybe Superstore is looking to shift? I could maybe see them moving over to the Kent space, maybe with a land swap for their current property?

In any case, it doesn't sound like there is much movement until 2020 from the comments above. Cineplex could take action on the Costco space at any time if they wanted, but Kent and D&R are still a good year+ away from action by the looks of things.

10000% that superstore is not going anywhere. I worked in that one and even tho I’m a department manager in another store now, I have friends that are managers at Trinity, and I can assure you, that store will be there for decades to come.

[josh_cat_eyes]

Originally Posted by MonctonRad

Interesting. These rumours then have definitely increasing in credence.

1) - Mapleton_Roadie has first hand knowledge, therefore the Day & Ross move to Caledonia Industrial Park is now essentially confirmed as far as I'm concerned.

2) - What happens to the old Day & Ross property on Mapleton however remains less certain. habs33's info remains second hand, and therefore is less reliable than the above rumour, but there are now at least three people stating that Kent is moving from Wheeler Park to the Day & Ross property on Mapleton. This rumour therefore cannot be ignored.

What would the loss of Kent mean to Wheeler Park (on top of the loss of Costco)?

This could mean an expanded development opportunity for Wheeler Park, but a confounding variable is the fact that CREIT (the owners of Wheeler Park) actually do not own these properties. Costco, Kent and Superstore are (were) what is know as "shadow anchors." Essentially, they are independently owned, but help to drive traffic to the adjacent retail development just by their co-location. The current Costco will also be a "shadow anchor" for the Granite Centre, once the Granite Centre actually breaks ground.

The Kent & Costco properties at Wheeler Park combined will be a big chunk of land, and immediately adjacent to one another. Are there developers already sniffing around about this? Is a future development opportunity here helping to drive the possible Kent move to the day & Ross site??? Hmmmm.........

I believe CREIT owns the land, and leases it to Superstore, Kent and Costco. Costco, Kent and Superstore own the buildings. Similar to highfield square, when the City went to buy the land, they found out it was a CN holding company that had them been owned by Bill Gates and Warren Buffett.

I can state that Trinity drive Superstore is feeling the effects of Costco moving, but that that location is safe. They use a lot of the back shop area as an extra warehouse for the Moncton area. They have 10+ old forklifts back there for example, old store shelving too. So the building is actually super valuable to the company.

[BaseballFan]

Originally Posted by josh_cat_eyes

I believe CREIT owns the land, and leases it to Superstore, Kent and Costco. Costco, Kent and Superstore own the buildings. Similar to highfield square, when the City went to buy the land, they found out it was a CN holding company that had them been owned by Bill Gates and Warren Buffett.

I can state that Trinity drive Superstore is feeling the effects of Costco moving, but that that location is safe. They use a lot of the back shop area as an extra warehouse for the Moncton area. They have 10+ old forklifts back there for example, old store shelving too. So the building is actually super valuable to the company.

I just checked the registry database. All three properties are owned by the building owners (extra layer of ownership for Superstore).

Costco - Property owned in fee simple by Costco Wholesale Canada Ltd.

Kent - Property owned in fee simple by J.D. Irving, Limited

Superstore - Property owned by CP REIT LPL NB Properties Limited (which is Loblaws REIT), leased to Loblaws Inc.

[Taeolas]

Originally Posted by josh_cat_eyes

10000% that superstore is not going anywhere. I worked in that one and even tho I’m a department manager in another store now, I have friends that are managers at Trinity, and I can assure you, that store will be there for decades to come.

My comments had partly been based on misremembering the layout of the Mapleton area. For some reason I thought the Superstore was pinned in between businesses on either side. While technically they are pinned in, the business on one side is just Kent, and they are separate, so there isn't any real reason to look to shift over. Maybe expanding into that area might be a consideration, but not very likely in the end.

[MonctonRad]

According to Retail Talk & Share, a Korean BBQ restaurant is destined to be opening in the old Pitazza Restaurant location in the Lounsbury Centre.

[drewber]

Originally Posted by MonctonRad

According to Retail Talk & Share, a Korean BBQ restaurant is destined to be opening in the old Pitazza Restaurant location in the Lounsbury Centre.

A second Mansu BBQ location perhaps?

[MonctonRad]

Special meeting of the Moncton PAC Committee on May 1st:

SIRA ENTERPRISES LTD on behalf of Nor’west Court Limited 1325 Mountain Road, Moncton (PID 70370614) a variance to increase the maximum height of a multiple unit dwelling and to allow a multiple unit dwelling in the Suburban Commercial zone, subject to terms and conditions

This is the current home of the Nor'West Motel, across from the Northwest Centre.


Location map


Site plan




Renders

Emma Place will be a six storey 108 unit apartment building with some interior parking on 1.87 acres of land.

[mylesmalley]

Wow, wasn't expecting that!

[Feneant]

Nice looking building... seems like an odd location but not so much when you consider he already owned multiple rental properties in the area including Chateau Mapleton right behind this one.

[MonctonRad]

Pretty much ideal location for a large apartment building. Lots of retail and services in the neighbouhood, including easy access to Sobeys and WalMart for groceries. It's also only a five minute walk to NBCC and to the Codiac Transpo terminal on Plaza Blvd.

There was a rumour posted in the forum about four months ago that SIRA was planning on another large Horizon Place like apartment building. I assumed it was going to go in Dieppe, but I guess this must be it.........

[Feneant]

Originally Posted by MonctonRad

There was a rumour posted in the forum about four months ago that SIRA was planning on another large Horizon Place like apartment building. I assumed it was going to go in Dieppe, but I guess this must be it.........

Maybe he will do both? Looking at PAOL he sold his holdings in the Mountain Rd. area for 68 millions so I don't imagine money is an issue. It's also clear he had this specific area in mind considering he bought (I assume...) the Nor'West motel only to tear it down when you have land available both directions of Mountain Rd. (Next to Arby's, near the Hillside Church) from this location- which is admittedly much better than the other 2 I mention.

[MonctonRad]

He owns those vacant lots next to Arby's? That's interesting........

[BaseballFan]

Originally Posted by MonctonRad

He owns those vacant lots next to Arby's? That's interesting........

No, he does not. I think the poster meant that those were lands that are also available for multi-res development.

The lands on the east side of Mountain Rd and just south of Hillside (PAN 0222834 for those keeping score at home) are owned by Vision Realty (who sold a bunch of stuff to Northview a while back). The lands to the east of Arby's are owned by Residence Complexe Bonnaccord, the folks who have built the stick-build, vinyl clad stuff on St George in proximity to Highfield St.

[Feneant]

Originally Posted by BaseballFan

No, he does not. I think the poster meant that those were lands that are also available for multi-res development.

Yes, thank you for clarifying that! That is how rumors get started otherwise

[MonctonRad]

Originally Posted by drewber

A second Mansu BBQ location perhaps?

Signage is now up (I would have taken a picture but it was too dark).

The new restaurant at the Lounsbury Centre on Mountain Road will be the Kim Ga Nae Korean BBQ

[drewber]

Originally Posted by MonctonRad

Signage is now up (I would have taken a picture but it was too dark).

The new restaurant at the Lounsbury Centre on Mountain Road will be the Kim Ga Nae Korean BBQ

This is from a location that used to be in Richmond, BC. Not sure if there is any relation but looks interesting none the less

[Feneant]

"Bi Bim Bob" - Was this place run by actual Koreans?

It's an interesting menu but considering the terrible location for an eatery I both expect that prices will be a lot higher and also that they won't last and be closed before the end of Summer. It might have been wiser to buy the old Golden Eagle location but I imagine the investment would have been significantly more.

[MonctonRad]

I doubt it's the same place, so I don't think the menu is valid. I did an online search too, and came up with a Kim Ga Nae Korean BBQ in Indonesia too.

At least this will be different, and I suspect it might be more successful than Pitazza, but we'll just have to wait and see.

I'm just happy the vacancy in the Lounsbury Centre is getting filled.........