The Official PEI Project Thread

[Siriusb]

Originally Posted by Siriusb

Empire Development - Apartment #2

The elevator shift is being added, then the steel will go
up for this second apartment building.

UPDATE

Most of the steel is up. It didn't take long.

[Siriusb]

Originally Posted by TGK

........I’m beginning to think developers here are actually real estate holders who buy up land, hold it while they have it all rezoned, then go shopping for a buyer. That’s exactly what Stratford’s Crossroads project is all about…watch and see.

Jeers:
The 503 University Ave Gray Group apartments are probably a no-go. The project isn't even listed on their web page. Looks like we all, along with city hall, have been reeled in. Anyone hear anything on this!
They aren't the only ones that are very slow on the startup list. Bevan apartments on North River Rd probably won't be built. Sherwood Crossing, half of the city of Charlottetown will be dead before it gets underway. Porthouse, forget it, it won't be built as far as I'm concerned! APM is one of the worst!!
Another is the Calvary Church project, it's slower than the second coming of Christ.

Koodos:
To Empire Developers and to Arsenault property management and developers for being on the ball, and to Speer in Stratford. Also the company building the Hidden Valley development. Well done to you all to meet the ever growing need for housing!! I'm sure I have left some out but we salute those pushing forward.
We'll see how the 145 Great George St project goes! So many proposals, most approved, and so many slow to start!

[Monctoncore]

Originally Posted by Siriusb

Jeers:
The 503 University Ave Gray Group apartments are probably a no-go. The project isn't even listed on their web page. Looks like we all, along with city hall, have been reeled in. Anyone hear anything on this!
They aren't the only ones that are very slow on the startup list. Bevan apartments on North River Rd probably won't be built. Sherwood Crossing, half of the city of Charlottetown will be dead before it gets underway. Porthouse, forget it, it won't be built as far as I'm concerned! APM is one of the worst!!
Another is the Calvary Church project, it's slower than the second coming of Christ.

Koodos:
To Empire Developers and to Arsenault property management and developers for being on the ball, and to Speer in Stratford. Also the company building the Hidden Valley development. Well done to you all to meet the ever growing need for housing!! I'm sure I have left some out but we salute those pushing forward.
We'll see how the 145 Great George St project goes! So many proposals, most approved, and so many slow to start!

I think a lot of it has to do with the costs. I think a lot of these developers are watching for another rate drop and costs to come down a bit more to make it financially viable.

[Ifyoubuildit]

Originally Posted by Monctoncore

I think a lot of it has to do with the costs. I think a lot of these developers are watching for another rate drop and costs to come down a bit more to make it financially viable.

What are you suggesting, that developers aren’t making money hand over fist on these projects like the CBC reports or implies almost weekly? I thought the CBC was unbiased and completes thorough research on all of their statements? Sarcasm aside, everyone suggests projects have slowed due to construction costs and interest rates, these are definite factors, but no one ever points out property taxes. They are out of control and government never gets pulled into these discussions as being one of the greatest limiting factors. A developer recently told me that property tax on a per unit basis are now reaching $5-6,000. That tax hurdle has to be overcome before a project can even service its debt. Maybe the CBC needs to not always focus on the big bad developers but rather government!

[Monctoncore]

100% agree! I’ve said that before in other posts in the Moncton Threads. You can use the study done in Moncton by I forgot his name now, that mentioned some places rents could be $200-$600 cheaper depending on if the taxes were cut or eased a bit.

[jonny golden]

You can use the study done in Moncton but I forgot his name now

Bill Hennessey. Here's the news story:

https://www.919thebend.ca/2024/05/07/75070/

[CryingAutumn]

Does anybody know what happened to Island Edition? Were a pretty good source for news before disappearing and now it appears the islandedition.com domain is for sale.

[OliverD]

Originally Posted by jonny golden

Bill Hennessey. Here's the news story:

https://www.919thebend.ca/2024/05/07/75070/

One thing that isn't mentioned here that makes some of the comparisons a bit difficult is that cities like Toronto have low property taxes because they have exorbitant development charges – $80k per two bedroom unit. I do think the comparison to Halifax is reasonable though.

[Ifyoubuildit]

Originally Posted by OliverD

One thing that isn't mentioned here that makes some of the comparisons a bit difficult is that cities like Toronto have low property taxes because they have exorbitant development charges – $80k per two bedroom unit. I do think the comparison to Halifax is reasonable though.

Large centers like Toronto definitely have much higher development fees but that is a one time cost. High property taxes in PEI and NB affect the project income year over year and forever. This property tax diminishes net income annually and thus when a developer wants to refinance a project to build more housing they receive a much smaller mortgage. They have also made less return annually, all of which greatly impedes their access to capital and ability to build more housing. Add on top of that rent caps in PEI and it becomes a very unfavorable investment thesis.

[OliverD]

Originally Posted by Ifyoubuildit

Large centers like Toronto definitely have much higher development fees but that is a one time cost. High property taxes in PEI and NB affect the project income year over year and forever. This property tax diminishes net income annually and thus when a developer wants to refinance a project to build more housing they receive a much smaller mortgage. They have also made less return annually, all of which greatly impedes their access to capital and ability to build more housing. Add on top of that rent caps in PEI and it becomes a very unfavorable investment thesis.

I understand that, but the development charges still drive up the rents. To make a true comparison to Toronto we need to know what impact development charges have on rents there.

[Siriusb]

YYG Charlottetown Airport - ATB Expansion Project

All info and images are provided by YYG Airport website,

MORE HERE > https://flyyyg.com/corporate/expansion/

Phase 1b - STARTING SUMMER 2024:

- Expansion to check-in hall to allow for more counters and space for passenger check-in.
- Additional office, storage, and operational space for airlines and ground handlers.
- Relocation and expansion of CAA administration offices and some tenants to 2nd floor.

[Siriusb]

Originally Posted by Siriusb

UPDATE

The building is a modular build similar to the one they built on Fitzroy St. This will be six floors and it will be located across from the Petro Can in Winsloe. The land has been purchased and the modules constructed in N.B.
We should see a very fast build as the four storey only took 29 days to build to the top floor.
I would have liked to have it closer to the mall but it is on the main corridor and transit route.
The city did say they wanted to build up more along its main corridor in the new city plan. More to come I'm sure.

from the City of Charlottetown Planning Board Meeting minutes on Aug 29th.

It appears two 6 storey apartments are planned for this property.

CONCLUSION: The Planning & Heritage Department encourages Planning Board to recommend to Council that the following Major Variance for the subject properties identified as PID#s 134981, 134999 and 135004 be approved:
1) To increase the maximum allowable building height from 15 metres (49.20 feet) to approximately 25.0 metres (82.0 feet) to allow for the future construction of a 6-storey, 82 unit apartment building and a 6-storey, 65 unit apartment building on the subject properties.

[Siriusb]

Originally Posted by Siriusb

Found this.

Cornwall Permits:

Status Development Permits.
March 13, 2024
PID 245613
522 Capital Drive
Multi-Family Dwelling

Image as per Arsenault Properties FB page,

18 unit,

[Siriusb]

Originally Posted by Siriusb

from the City of Charlottetown Planning Board Meeting minutes on Aug 29th.

It appears two 6 storey apartments are planned for this property.

Council voted 9-0 for the go ahead for 147 units.
Social housing and senior housing is desperately needed. The road has been added.

picture is from CBC PEI

[Siriusb]

PSB recommends more schools be built to keep up with P.E.I.'s population

The Public Schools Branch is recommending that three more schools be built to help deal with the growing student population, after a recent study looking at overcrowding. That includes a junior high in Stratford, as well as two more near West Royalty School and L.M. Montgomery Elementary School in Charlottetown.

The PSB, which is responsible for the Island's English-language schools, conducted a study earlier this summer looking at overcrowding in Island classrooms. The report on that study confirmed what many teachers, students and parents already know: Space is at a premium, especially in the Charlottetown area.........

MORE HERE > https://www.cbc.ca/news/canada/princ...town-1.7316323

Sherwood Elementary School currently under construction.

[josh_cat_eyes]

Originally Posted by Siriusb

PSB recommends more schools be built to keep up with P.E.I.'s population

The Public Schools Branch is recommending that three more schools be built to help deal with the growing student population, after a recent study looking at overcrowding. That includes a junior high in Stratford, as well as two more near West Royalty School and L.M. Montgomery Elementary School in Charlottetown.

The PSB, which is responsible for the Island's English-language schools, conducted a study earlier this summer looking at overcrowding in Island classrooms. The report on that study confirmed what many teachers, students and parents already know: Space is at a premium, especially in the Charlottetown area.........

MORE HERE > https://www.cbc.ca/news/canada/princ...town-1.7316323

Sherwood Elementary School currently under construction.

The fact that Stratford, the 3rd largest community in the province, STILL doesn’t have a school for students above grade 6 is an embarrassment. They needed a middle school and a high school 10-15 years ago! This should have been built while Robert Ghiz was Premier. But here we are, a decade later and it’s still being talked about. Embarrassing!

[TGK]

Anyone hearing anything about Costco looking at buying some of the land between bypass and Princess Auto? Also, I’ve heard Mike Cassidy has purchased Slick’s land, planning 1,800 units.

[CryingAutumn]

Originally Posted by TGK

Anyone hearing anything about Costco looking at buying some of the land between bypass and Princess Auto? Also, I’ve heard Mike Cassidy has purchased Slick’s land, planning 1,800 units.

Where'd you hear that?

[TGK]

Originally Posted by CryingAutumn

Where'd you hear that?

Our mayor isn’t great at not letting things slip during committee meetings.

[Siriusb]

Originally Posted by TGK

Anyone hearing anything about Costco looking at buying some of the land between bypass and Princess Auto? Also, I’ve heard Mike Cassidy has purchased Slick’s land, planning 1,800 units.

Costco woukd be a good thing. We lost all our dept stores. Before they do anything, they need to fix that poor excuse of a bypass. Traffic has no where to go quickly! 1,800 units and 400 units at Calvary Church property, not to mention the hundreds and hundreds of units north of there, they better start putting shovels in the ground to upgrade that highway. Hire new engineers from out of province that know how to build highways!! Doing piece meal upgrades to the present bypass won't fix the problem. A whole new road system with federal dollars, and a new bridge over the Hillsborough and the North River will only help . Time to get into the 21st century here. Where are the forward thinkers in our government!!