It will. See one of the quotes below from the recently released CBC article on the announcement:
Major overhaul of downtown Moncton poised to start this summer
City expects work on streets to last several years
Shane Magee · CBC News · Posted: Feb 22, 2023 3:24 PM AST | Last Updated: 1 hour ago
https://www.cbc.ca/news/canada/new-brunswick/moncton-infrastructure-downtown-funding-1.6756202
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Federal, provincial and city governments are planning to spend a combined $36.3 million to build a new street, raise some streets to reduce flood risks, replace underground infrastructure and move or bury power lines.
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Quote:
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"The new street will create a grid for these properties. Electrical, communications, water, wastewater infrastructure will support the development of these same properties."
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Quote:
Ashford has not yet announced its plans for the area, though Dixon told reporters its first phase will include a mixed-use building near Downing Street. He said a formal announcement could take place this spring.
He said one of the first things to address will be parking since the new street and any new buildings would replace surface parking lots.
"There will be very little, no surface parking 10 years from now ... probably less than 10 years," he said of the area near the courthouse, saying instead there will be parking structures or buildings with underground parking.
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CBC photo - Ashford affiliated companies own all the land coloured rd or yellow south of Main Street
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The funding, combined with some previously announced last year, will result in several years of construction work in downtown south of Main Street, according to city staff.
Lutz Street, using funding announced last year, is expected to be rebuilt between Record and Main over the next year.
Work will start this summer on Assomption and the lower end of Westmorland, as well as the new east-west street, though it would only be completed in 2025-26 when the underground infrastructure is installed.
N.B. Power lines will be relocated along Assomption near the courthouse to allow development closer to the street than could take place if the lines remained.
Downing Street's lower portion will also be raised, and it will become a two-way street.
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CBC photo showing where the new east/west street will be built
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The new east-west street will initially run between Westmorland and Downing streets. The city's downtown plan calls for it to continue as far as Foundry Street, but that would require moving the Moncton Market.
"There are no concrete details at this time, but you know, stay tuned," Arnold said when asked about the issue.
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1) - The reference to Downing becoming a "two way street" indicates that this latest funding announcement will include phase two work on Downing Street. I presume if Assumption Blvd is to be raised, that they will put in the roundabout at the same time.
2) - The mentioning of relocating or burying the NB Power lines on Assumption means to me that the substation next to the Three Sisters project will also likely be going. This is a good thing.
3) - the new street will eventually extend to Foundry Street. For the present time the City Market is in the way. Mayor Arnold is being coy, but lets be blunt, the City Market
will be relocated to Downing Street. From what I have heard, the new market will be on three levels, be an architectural statement, and can pull double duty as a convention space. It will be a signature development on Downing Street and will be a focal point for the downtown east end.
Between the Ashford Lands and the Three Sisters project by Lafford, the vast majority of the downtown surface parking will disappear. These are transformational times for the city core. This project is every bit as transformational as the Coast Guard site in Uptown Saint John.