[Moncton] Downtown Developments

[MonctonPerson]

The so-called Tomato Building is now occupied.
I noticed people on balconies while driving by a week or two ago, but Amico has now posted about it with some photos: https://www.facebook.com/amicoconstruction/posts/1329205925871231

[jonny golden]

West Gate 1333 Main Street

Their site says units are available as of July 1st. - there are 89 units in the building. It'll be very interesting to keep an eye on the ground floor commercial space to see what happens. i.e. how long will it take to lease out, and what type of business will it attract.

Their website:
https://resoluteliving.ca/properties/1333-main-moncton/

[jonny golden]

Originally Posted by jonny golden

West Gate 1333 Main Street

Their site says units are available as of July 1st. - there are 89 units in the building. It'll be very interesting to keep an eye on the ground floor commercial space to see what happens. i.e. how long will it take to lease out, and what type of business will it attract.

Their website:
https://resoluteliving.ca/properties/1333-main-moncton/

Now all we need is for the Junction developers to proceed with the building along the Main Street section of their property. Maybe similar to the 55 Queen Street business model?

[josh_cat_eyes]

Is westgate the tomato building?

[jonny golden]

Originally Posted by josh_cat_eyes

Is westgate the tomato building?

Yes it is. There is furniture on some balconies, so tenants have started to move in. It also has ground floor commercial which will be interesting to keep an eye on.

[MonctonRad]

Originally Posted by jonny golden

Now all we need is for the Junction developers to proceed with the building along the Main Street section of their property. Maybe similar to the 55 Queen Street business model?

I don't know what the delay is with the Junction Village. All three current buildings (including GoodLife) are nearly fully occupied (residential and commercial) and very successful. The development has a good reputation. Why not carry on while the iron is hot and build the next building?

I know they would rather do the commercial/office building on the SW corner of Ivan Rand/Vaughan Harvey next, and, that the office market remains weak, but, there is no reason why they couldn't pivot and do the apartment building facing Main Street first.

What gives? Are there shifting priorities? Are there financial reasons? Are they rethinking how they want to finish off this development? There has to be something going on.

[jonny golden]

Originally Posted by MonctonRad

I don't know what the delay is with the Junction Village. All three current buildings (including GoodLife) are nearly fully occupied (residential and commercial) and very successful. The development has a good reputation. Why not carry on while the iron is hot and build the next building?

I know they would rather do the commercial/office building on the SW corner of Ivan Rand/Vaughan Harvey next, and, that the office market remains weak, but, there is no reason why they couldn't pivot and do the apartment building facing Main Street first.

What gives? Are there shifting priorities? Are there financial reasons? Are they rethinking how they want to finish off this development? There has to be something going on.

I also don't know what the delay is, but you could be on to something with shifting priorities. I can't imagine that there are financial reasons with these developers, especially since the cost of money is considerably lower now. It just doesn't seem like The Junction is a priority for them at this time.

There are a couple of factors that could have thrown a monkey wrench into their original plans. Of course the office market has largely dried up, with vacant space in Moncton that's been for lease for years. They'd be fools to build an office building now. And they had a Home 2 Suites hotel planned, but I think that brand has moved on.

I'd love to see them pivot and get going with another building, and perhaps they will at some point. As usual, we just don't know what's going on behind closed doors.

[MonctonDowntown]

1333 Main Street Street (West Gate) will be home to a pilates studio..


https://www.instagram.com/pilatescornermoncton?igsh=cDJybG1jbGVlam42

[new kid in town]

Junction Village/Ivan Rand Dr would be fantastic if it had a 10+ story building. Coming from Riverview, it's like a herald of what other taller buildings are yet to come as you enter Moncton's downtown proper.

[jonny golden]

Originally Posted by new kid in town

Junction Village/Ivan Rand Dr would be fantastic if it had a 10+ story building. Coming from Riverview, it's like a herald of what other taller buildings are yet to come as you enter Moncton's downtown proper.

The (2) Tannery Place and the West Gate buildings bring a lot of people into this neighbourhood. All three are 6 floors with ground floor commercial. But if the Junction developers would step up to the plate with a major project along Main Street, that would really put an exclamation point on this intersection. I believe that they purchased two properties that abut their land on the west, so they now have a large footprint to work with.

Unfortunately, it doesn't appear that the next phase is a priority for these developers, at least at this point in time.

[MonctonRad]

Originally Posted by MonctonRad

They have started laying form work for Building #7 of the Franklin Yards development.

The entire development is 11 buildings, of which nine are large apartment buildings. The other two are smaller commercial buildings. As such, this development is progressing towards it's final stage (and very quickly).



The render above shows the final four buildings to be built. I wonder if they will proceed with the last two apartment buildings (on Grand Trunk) first, or will they simply continue marching sequentially eastward and build the two commercial buildings next?

A crane has now appeared for Building #7.

[MonctonRad]

Cross posted from the main [Moncton] thread:

The Q2 2025 Colliers East Greater Moncton Office Report is live! 🏢📊

This quarter reflects a market in transition, as demand continues to shift and tenants adapt to changing workplace strategies:

• Vacancy Ticks Up: Overall office vacancy rose to 12.1%, up from 11.0% in Q1. Moncton climbed to 13.4%, while Dieppe tightened to just 1.2%, remaining one of the most stable submarkets.
• Rents Edge Up: The weighted average net rent increased to $14.51 PSF, up slightly from $14.33 PSF last quarter.
• Major Leasing Activity: Ashford fully re-leased 100 Westmorland (70,000 SF) to a mix of government and public sector tenants.
• Market Evolution: ExxonMobil’s planned 2026 departure and the sale of 1234 Main Street signal shifts in how large-scale space is utilized and repositioned.
• Transformational Project: Construction continues at the $198M Atlantic Science Enterprise Centre, which will bring 600 to 700 government employees to the region once completed.

Greater Moncton’s office landscape is evolving, with smaller, modern spaces seeing the most demand. Explore the full report here:

Not good news that the office vacancy rate has increased, especially with Exxon/Mobil shutting down next year.

Here is the full report:

https://www.collierscanada.com/download-article?itemId=6aa8119b-ab7a-492a-b205-5d5597083bcf

This particular snippet regarding the acquisition of 1222 Main and 1234 Main by TierToo is very interesting:

TierToo Properties acquired a portfolio that includes 1234 Main
Street, a 122,000 square foot office building currently 50% leased, with plans to stabilize occupancy.

The acquisition also included two adjacent vacant buildings and the VIA Rail
station. The seven-story structure at 1222 Main Street is being considered for residential or mixed-use conversion, while the smaller two story building is expected to be demolished as part of a broader redevelopment.

Colour me very intrigued! Is the "smaller two storey building to be demiolished" the Telegraph Building???

[jnaygull]

Originally Posted by MonctonRad

Cross posted from the main [Moncton] thread:



Not good news that the office vacancy rate has increased, especially with Exxon/Mobil shutting down next year.

Here is the full report:

https://www.collierscanada.com/download-article?itemId=6aa8119b-ab7a-492a-b205-5d5597083bcf

This particular snippet regarding the acquisition of 1222 Main and 1234 Main by TierToo is very interesting:



Colour me very intrigued! Is the "smaller two storey building to be demiolished" the Telegraph Building???

There isn't any other 2 storey development in that area, so it appears so! That must have been a separate purchase by TierToo? It doesn't appear that was part of the 1222/1234/VIA parcel of land.

[jonny golden]

Repost

The telegraph building is two stories, the Via Rail building is one story. Hopefully, the telegraph building has also been purchased, as this would make a lot of business sense for a property developer.

My question would be: Is this new owner capable of creating a signature development that would combine the vacant land and 1222 Main Street? There is tremendous potential for something very special in this location. We should know more when the PAOL site is updated.

[MonctonRad]

If the Telegraph Building is demolished, and, the entire property between 1222 Main and the Avenir Centre were redeveloped, there is the potential for something very interesting to be built - something rivalling the size and scope of the Ashford/Downing project.

Especially if this redevelopment were integrated with 1222 Main, a large mixed use project could arise, incorporating ground level retail/commercial and hotel and residential towers.

The Colliers report mentions residential conversion of 1222 Main. I definitely think there is room for another hotel in the Avenir Centre precinct. I also think that a proper large sports bar/restaurant would also be a big hit with the Avenir Centre next door. The podium could also contain some specialized downtown retail, especially with the integrated Hotel and residential components, much lke the ground level retail in the two Tannery Place buildings. A parking structure in behind with access off Canada Street could also be a consideration.

There are lots of possibilities.

In any event, Crombie was just letting their properties here languish. They had no interest in any redevelopment. YierToo on the other hand seems much more open to redevelopment possibilities. They seem proactive.

[David_99]

Originally Posted by MonctonRad

In any event, Crombie was just letting their properties here languish. They had no interest in any redevelopment. YierToo on the other hand seems much more open to redevelopment possibilities. They seem proactive.

I’d be much more optimistic if either Asford or Lafford had purchased the properties. What is the largest project TierTwo has ever built from scratch? Their portfolio contains a lot of mini malls.

[jonny golden]

If the Telegraph Building is demolished, and, the entire property between 1222 Main and the Avenir Centre were redeveloped, there is the potential for something very interesting to be built - something rivalling the size and scope of the Ashford/Downing project.

Especially if this redevelopment were integrated with 1222 Main, a large mixed use project could arise, incorporating ground level retail/commercial and hotel and residential towers.

My thoughts exactly. This is an important location, and there'll only be one chance to get it right. I'm just not sure the new owners are the right developers to deliver a signature project incorporating the land and the 1222 Main Street building.

They purchased the Riverview mall last fall, and here's what they said at the time:

“We hope to get in the ground potentially at some point this fall with some of our demolition, and hopefully start building new sometime in the spring of 2025.

All I've seen so far is a couple of dumpsters out front, an RCS Construction pickup truck, and no building demolition. I think they've been working on gutting the call center space. I'm not going to hold my breath on this one.

[Riberview]

Interestingly enough, if you click on 1222 or 1234 Main St on the paol.snb website, you are told the correct address is 77 Canada St

[MonctonRad]

This post just popped up on Retail Talk & Share:

There are rumors of construction potentially happening on the vacant corner of Millenium and Ocean Limited Way in Moncton. Current gossip is that it will be more mixed residential and retail with speculation of a Jersey Mike's being one of the first tenants.

This is a great central location in Moncton with massive residential projects both completed and still in development nearby. This site is the former CN rail yard and up til now construction has not been allowed on these properties due to environmental concerns resulting from ground contamination from the old rail yard. Currently there are no signs of this moving forward besides that they were doing soil drilling and sampling recently.

I can not speak for the reliability of the poster, but, this is intriguing information. This lot has been promoted for retail development for some time, but to no avail. The fact they have recently been doing some soil testing is interesting.

[riverviewer]

What do they mean by corner of Millennium and Ocean Limited Way? It doesn't exist as those run parallel.

either corner of Millennium and Intercolonial Way
or corner of Intercolonial Way and Ocean Limited Way