[Moncton] Downtown Developments

[lirette]

Can't recall if it was posted here before but the Timber Lounge Axe Throwing bar is going inside 19 Orange Lane beside Pumphouse. Opening in October. Seems like a good location for it.


There is also Halimac whos building their own Axe Throwing spot somewhere else in Moncton but it won't be ready until 2019.

Seems anytime these team building/activity type businesses open you always see 2 before the market is tested. Recent examples being Skyzone/Get Air, Escape Room Moncton/Escape Room Atlantic, the Café Diem/DIY Studio/Clayspace.

[MonctonRad]

There was a dumpster fire last night behind this building at the corner of Botsford and Main, damaging the upper floors above Japan Go! grill and sushi bar.






T&T Photos

This building (the Higgins Block) has been a pet peeve of mine for some time because the upper floor windows have been boarded up (forever), and it is on a prominent street corner right across from city hall. The restaurants on the ground floor (Japan Go!, Mexicali Rosa's & Freshii) are all viable and popular, but the boarded up windows on the upper floors always gave the building an ugly appearance and a partially derelict facade.

The preliminary article on the fire in the T&T however mentions that the upper floors had been "cleaned out" in preparation for renovations. This is a surprise to me. I had no idea that something was in the works for the building. The T&T interviewed the owner of the building on the scene, but he declined to comment on the nature of the impending renovations.

I wonder if the dumpster was there because of the renovation project???

[Ammn_guy]

possibile but, i toured it about 8 years ago when our company was looking to move and it was mostly gutted then, it was "ready to renovate" . Was going to be a costly reno though 6 +million if i remember correctly

Originally Posted by MonctonRad

There was a dumpster fire last night behind cene, but he declined to comment on the nature of the impending renovations.

I wonder if the dumpster was there because of the renovation project???

[Scarface]

Originally Posted by MonctonRad

There was a dumpster fire last night behind this building at the corner of Botsford and Main, damaging the upper floors above Japan Go! grill and sushi bar.






T&T Photos

This building (the Higgins Block) has been a pet peeve of mine for some time because the upper floor windows have been boarded up (forever), and it is on a prominent street corner right across from city hall. The restaurants on the ground floor (Japan Go!, Mexicali Rosa's & Freshii) are all viable and popular, but the boarded up windows on the upper floors always gave the building an ugly appearance and a partially derelict facade.

The preliminary article on the fire in the T&T however mentions that the upper floors had been "cleaned out" in preparation for renovations. This is a surprise to me. I had no idea that something was in the works for the building. The T&T interviewed the owner of the building on the scene, but he declined to comment on the nature of the impending renovations.

I wonder if the dumpster was there because of the renovation project???

Originally Posted by Ammn_guy

possibile but, i toured it about 8 years ago when our company was looking to move and it was mostly gutted then, it was "ready to renovate" . Was going to be a costly reno though 6 +million if i remember correctly

the dumpster is there for the demolition there business dumpster are the similar ones they have at apartment buildings.

The renovation is so costly because of the age of the building, and the lack of renovations that had been done. They probably have had to remove old electrical, and plumbing fixtures that no longer pass code. Once uncovered they must be replaced. I wonder if this renovation will not include the second, and third floors, and be renovated into high end apartments downtown.

[lirette]

The painting on the subway has begun. They've already put a fresh coat of greyish paint on the wall down the length of foundry street. 2 Sections of the overpass are now painted orange.

[MonctonRad]

I guess the damage to the Higgins Block from the fire last evening is pretty minimal. Both Mexicali's and Freshii were open this evening. Only Japan Go! was closed. They were the closest to the fire and may have suffered some smoke, water or electrical damage.

Regardless, if the owner really intends to renovate the building, I would say that there is probably nothing to prevent him from proceeding (if he wishes).

[MonctonRad]

Apparently Castle Manor is now an apartment development. Due to slow sales, the owner has decided to convert the building to apartments rather than condos.

Condos continue to be a housing concept difficult for Monctonians to wrap their head around. The idea of owning your unit but having to pay shared condo expenses on top of that seems to be difficult for locals to comprehend. Most people think in terms of black and white (own or rent), not this grey mushy-middle.

Home ownership continues to be a cheap alternative in Moncton. With low home ownership costs, this stifles the condo market and this in turn slows downtown redevelopment, as most developers prefer building condos over apartments.

I don't know when this particular worm will turn, but until it does, downtown redevelopment will remain sluggish........

[CodiacCanuck]

Originally Posted by MonctonRad

The idea of owning your unit but having to pay shared condo expenses on top of that...

As long as owning or renting are both affordable, I am actually among the many who believe it is a ridiculous concept to "buy" something, and still have to pay monthly/annual fees (aka "renting").

And while it is true that most developers would prefer to build condos over apartnents (money now vs. money every month), it is still money. If the demand is there, whether it be condos or apartments, they will supply.

[MonctonBoy]

People have this perception that condo fees are costing you lots of money, but when you add up everything that is included it's not that expensive...

Let's take FiveFive queen's condo fee for a one bedroom for example.

$325 per month, that's $3,900 per year.

This fee includes
- Water and Sewer
- Garbage Removal
- Indoor common area cleaning
- Snow Removal
- Landscaping
- Building Security
- Gym Access
- Reserve Funds (Building Upkeep)

Now start adding up the cost of all of these services individually...
The average water and sewer cost in Moncton is $868 per year, snow removal costs up to $500 per year, a gym membership can cost up to $600 per year etc...
That's not even counting the cost of replacing a roof for example... which would use the money from the reserve funds...

The owners of a condo building don't make a penny off of the condo fees. If anything you get a bulk discount by having everyone "pitch in".

[Ire Narissis]

I think the key difference is whether somebody is interested in paying for all those things that are included in the condo fees. Many folks would rather have a house, pay for just water and sewer month to month, haul their own refuse to the landfill, clear their own snow, and landscape on their own terms.

[Taeolas]

Originally Posted by Ire Narissis

I think the key difference is whether somebody is interested in paying for all those things that are included in the condo fees. Many folks would rather have a house, pay for just water and sewer month to month, haul their own refuse to the landfill, clear their own snow, and landscape on their own terms.

All depends on what people are after and what their price points are.

I own a condo in Freddy, and I've got no problem with the condo fees since it means I don't have to worry about snow removal, lawn maintenance, etc.... and the total cost of fees + mortgage are still less than what I paid to rent a much smaller apartment.

It all comes down to what people are comfortable with and what they're willing to pay. Condos do fall into the middle ground between "Owning and completely controlling your home" and "having a place to live in that you are not tied to"

While I haven't looked much into the Freddy market, it does seem we have a healthy condo market, as well as rentals and homes; we might be in a better mindset compared to Moncton when it comes to Condo ownership.

[Scarface]

Originally Posted by Taeolas

All depends on what people are after and what their price points are.

I own a condo in Freddy, and I've got no problem with the condo fees since it means I don't have to worry about snow removal, lawn maintenance, etc.... and the total cost of fees + mortgage are still less than what I paid to rent a much smaller apartment.

It all comes down to what people are comfortable with and what they're willing to pay. Condos do fall into the middle ground between "Owning and completely controlling your home" and "having a place to live in that you are not tied to"

While I haven't looked much into the Freddy market, it does seem we have a healthy condo market, as well as rentals and homes; we might be in a better mindset compared to Moncton when it comes to Condo ownership.

Fredy despite not yet being in the CMA group status. Always seemed to have a better head on there shoulder when it came to thinking outside the box. In Moncton it seems the majority of the population is still thinking black, and white on a lot of issues.

[BlackYear]

One other fee I didn't see mentioned above...property taxes.

If I was in the stage of downsizing, I would look at renting rather than condo purchasing.

[newguy]

Any news on Tannery Place? In the TT it was mentioned that construction would start this June. Not much construction happening at Junction Village as of now.

[MonctonRad]

Originally Posted by newguy

Any news on Tannery Place? In the TT it was mentioned that construction would start this June. Not much construction happening at Junction Village as of now.

Distressingly there is no new update on Tannery Place.

The website continues to state that occupancy of Tannery Place South is next fall, but I can't imagine how this is still possible given the size of the project.

On the positive side, there was a rezoning request before PAC in June dealing with a ROW issue, which might have been a hold-up for construction. Also, walking by the other day, I noted some sewer work that was going on at the back of the property heading towards Stewart Street which also might have caused a delay.

I was also wondering if they were waiting for the tower crane being used to build the new apartment building on Dieppe Blvd to become available, but I see that that particular tower crane has come down, so there shouldn't be any more hold-up over that.

In any event, the Tannery Place project remains a serious development proposal, and I have no evidence that it is in trouble. There of course may be many things going on in the background which might be problematic for this development (for example financing, or steel availability due to Trumps tariffs) that we are unaware of. Only time will tell.

They will really need to begin construction by September 1st if they want to get a good head start before the onset of winter. This project is large and will require significant excavation because of the underground parking. They will want to have the foundation in before freeze up in December. If we see no action by about September 15th, then we will know that Tannery Place has been delayed by a full construction year............

[Good2go]

120 Queen Street (between Church and Alma) has been torn down.

https://goo.gl/maps/f4MAW1wWk1Q2

[MonctonRad]

Any known plans for this property???

[Scarface]

Originally Posted by MonctonRad

Any known plans for this property???

Not sure it was for sale with 36-38, and 40 Alma Street, and it seems all 3 where sold for 440,000 as a package deal.

[HanSoloCup]

Originally Posted by Scarface

Not sure it was for sale with 36-38, and 40 Alma Street, and it seems all 3 where sold for 440,000 as a package deal.

At least two of those are vacant (I'm not sure about the third one closest to the parking garage but it too is probably vacant) and look to have the same fate as 120 Queen.

[MonctonRad]

Originally Posted by Scarface

Not sure it was for sale with 36-38, and 40 Alma Street, and it seems all 3 where sold for 440,000 as a package deal.

So, all three properties were sold on 12/11/2017 for $440,000 each.



And now one of the houses has been demolished. It certainly makes it look like the properties are being consolidated for a grander purpose. I wonder if there are any firm development proposals?

This would be a good location for a small mid rise apartment building.........