[Moncton] Downtown Developments

[adamuptownsj]

Originally Posted by BlackYear

Looks like $1.1 million will buy you not only the Deluxe land, but also the empty lot next to it. Am I crazy, or does that sound like a pretty good deal?

Hmm- 285 is the corner lot and 283 is the lot to its south, lot 277 is also vacant below that. Unless they're using shorthand and all 3 are for sale.

[BlackYear]

Originally Posted by MonctonRad

Looking at the photo, the land facing Robinson Street is probably far enough away fro the CNR mainline to allow for a good sized apartment building to be built. Add in a commercial strip facing St. George and this could be a valuable property.

St. George is undergoing a metamorphosis right now. An alert and interested developer would be aware of this. This land might get sold quickly!

What? Something like this?

credit google street view and google images.

[jonny golden]

Originally Posted by MonctonRad

Looking at the photo, the land facing Robinson Street is probably far enough away fro the CNR mainline to allow for a good sized apartment building to be built. Add in a commercial strip facing St. George and this could be a valuable property.

St. George is undergoing a metamorphosis right now. An alert and interested developer would be aware of this. This land might get sold quickly!

There is an apartment building next to it that would be slightly closer to the tracks, so I think an apartment building would work fine here. It would really enhance that corner as well.

[MonctonRad]

Originally Posted by BlackYear

What? Something like this?

Indeed!

[jonny golden]

Originally Posted by BlackYear

What? Something like this?

credit google street view and google images.

What a huge upgrade something like this would be over the property as it is now. Injecting more people into the neighbourhood would also be good for the businesses close by. Density and tax base improvement is just what the city wants downtown.

[josh_cat_eyes]

Originally Posted by MonctonRad

A quick look at the SNB website says no.

I am pretty sure when Ashford built the building on the NE side of that intersection they had to purchase former ROW. I expect that the land behind the houses on Atlantic Ave. will eventually be subdivided and sold to a developer. It would be a shame if the former auto repair shop land was not included in such a development.

[jonny golden]

Originally Posted by josh_cat_eyes

I am pretty sure when Ashford built the building on the NE side of that intersection they had to purchase former ROW. I expect that the land behind the houses on Atlantic Ave. will eventually be subdivided and sold to a developer. It would be a shame if the former auto repair shop land was not included in such a development.

I agree that we'll likely see a consolidation of properties in this location. For example, the recently listed Delux property on St. George Street consists of 6 separate PIDs. That makes up .65 acres of land in one block that can be developed.

The two vacant lots behind this Main Street property, and the vacant lot beside it which extends over to Vaughan Harvey could be combined and allow for a good sized development fitting for such a visible & prominent location.

[flyer99]

Originally Posted by shazapple

NBCC 2020 probably won't be published until December 2021, and considering New Brunswick only just adopted the 2015 code it might be a while before we see the effects of the newest code.

I wonder then if this is the case, would not structures made of wood be limited to 6 storeys as per the 2015 NBCC???

[MonctonRad]

Originally Posted by jonny golden

I agree that we'll likely see a consolidation of properties in this location. For example, the recently listed Delux property on St. George Street consists of 6 separate PIDs. That makes up .65 acres of land in one block that can be developed.

The two vacant lots behind this Main Street property, and the vacant lot beside it which extends over to Vaughan Harvey could be combined and allow for a good sized development fitting for such a visible & prominent location.

There's an article regarding the sale of the former muffler shop in the T&T today. They interviewed the real estate agent involved in the sale.

They did not disclose who the new owner is. The land immediately to the east of this property on the NW corner of the Main/Vaughan Harvey intersection however apparently is owned by the city. The city states there are "no current plans' for their land, but the real estate agent professed a hope that these two parcels of land could be joined together in the future for a significant development.

Personally, I think it is good news that the land immediately on the corner of Vaighan Harbey/Main is city owned. I imagine the city would be amenable to a land sale to a developer if the right project were proposed. These two parcels together could make a significant development. City involvement will ensure quality control.

[jonny golden]

Originally Posted by MonctonRad

There's an article regarding the sale of the former muffler shop in the T&T today. They interviewed the real estate agent involved in the sale.

They did not disclose who the new owner is. The land immediately to the east of this property on the NW corner of the Main/Vaughan Harvey intersection however apparently is owned by the city. The city states there are "no current plans' for their land, but the real estate agent professed a hope that these two parcels of land could be joined together in the future for a significant development.

Personally, I think it is good news that the land immediately on the corner of Vaighan Harbey/Main is city owned. I imagine the city would be amenable to a land sale to a developer if the right project were proposed. These two parcels together could make a significant development. City involvement will ensure quality control.

I agree that the city owning the corner land is very good news. Especially since they have a history of placing development conditions on city owned land transactions.

I recall the castle manor lawn was acquired from Galco Atlantic in exchange for the downtown parking lot on Robinson St. As part of the deal, the city placed a condition on Galco that they must develop this land within 5 years with a building valued at $7.5 million. If they don't, the city has the option to buy back the parking lot at fair market value. I never expected Galco to develop the property, but hold it and sell it back.

So I do believe the city would place development conditions on selling the Main/Vaughan Harvey land.

Regarding the downtown parking lot deal, the 5 year development time frame is up this coming March. Wouldn't it be nice to see another downtown surface parking lot getting developed!

[Monctoncore]

Originally Posted by MonctonRad

There's an article regarding the sale of the former muffler shop in the T&T today. They interviewed the real estate agent involved in the sale.

They did not disclose who the new owner is. The land immediately to the east of this property on the NW corner of the Main/Vaughan Harvey intersection however apparently is owned by the city. The city states there are "no current plans' for their land, but the real estate agent professed a hope that these two parcels of land could be joined together in the future for a significant development.

Personally, I think it is good news that the land immediately on the corner of Vaighan Harbey/Main is city owned. I imagine the city would be amenable to a land sale to a developer if the right project were proposed. These two parcels together could make a significant development. City involvement will ensure quality control.

The only concern would be the Neighbourhood on Atlantic Avenue, there will be some push pack from them as any development will definitely dwarf their homes and cause them to lose their small tree buffer. Though I’m sure that is something down the road and not now.

[josh_cat_eyes]

Originally Posted by jonny golden

I agree that the city owning the corner land is very good news. Especially since they have a history of placing development conditions on city owned land transactions.

I recall the castle manor lawn was acquired from Galco Atlantic in exchange for the downtown parking lot on Robinson St. As part of the deal, the city placed a condition on Galco that they must develop this land within 5 years with a building valued at $7.5 million. If they don't, the city has the option to buy back the parking lot at fair market value. I never expected Galco to develop the property, but hold it and sell it back.

So I do believe the city would place development conditions on selling the Main/Vaughan Harvey land.

Regarding the downtown parking lot deal, the 5 year development time frame is up this coming March. Wouldn't it be nice to see another downtown surface parking lot getting developed!

One problem this lot has is it’s proximity to the CN tracks. I’ve often thought this would be an excellent place for a parking garage however.

[jonny golden]

Yes it is close to the tracks. But there is also that small street that provides an extra bit of distance. They could possibly construct something on this lot in the area farthest away from the tracks. Looking at google maps and following the tracks north, I can see that there are a few buildings that would be closer to the tracks. Plus the city placed the condition of this property being developed as part of the deal with Galco.

All that being said, I suspect the city will buy back the property at some point, and it will remain a parking lot for the foreseeable future. Unfortunately.

[Mapleton_Roadie]

Originally Posted by jonny golden

I agree that the city owning the corner land is very good news. Especially since they have a history of placing development conditions on city owned land transactions.

I recall the castle manor lawn was acquired from Galco Atlantic in exchange for the downtown parking lot on Robinson St. As part of the deal, the city placed a condition on Galco that they must develop this land within 5 years with a building valued at $7.5 million. If they don't, the city has the option to buy back the parking lot at fair market value. I never expected Galco to develop the property, but hold it and sell it back.

So I do believe the city would place development conditions on selling the Main/Vaughan Harvey land.

Regarding the downtown parking lot deal, the 5 year development time frame is up this coming March. Wouldn't it be nice to see another downtown surface parking lot getting developed!

Speaking of Castle Manor, what are they doing to the property there now?

[jonny golden]

Castle Manor has been completely renovated into high end condos. I'm not sure how many the developer had sold, but he now has condos on airbnb as rental units. Long term & short term.

[jonny golden]

It seems that every time I drive by the Co-op Lafford site there's a couple of carpenters working there. The thing is, I can't see that they've done anything. They're obviously cutting lumber because there's a small pile of sawdust on the ground. The next PAC meeting is May 26th. Surely we'll see something regarding this project at that time, won't we?

[BlackYear]

Originally Posted by jonny golden

It seems that every time I drive by the Co-op Lafford site there's a couple of carpenters working there. The thing is, I can't see that they've done anything. They're obviously cutting lumber because there's a small pile of sawdust on the ground. The next PAC meeting is May 26th. Surely we'll see something regarding this project at that time, won't we?

My only recommendation to the carpenters, measure 4 times, cut once. Hate to see you get fired over a $1000 mistake. #PriceOfLumber #AmItheFirst2UseHashtagOnSkyscraperPage

[jonny golden]

Originally Posted by BlackYear

My only recommendation to the carpenters, measure 4 times, cut once. Hate to see you get fired over a $1000 mistake. #PriceOfLumber #AmItheFirst2UseHashtagOnSkyscraperPage

Maybe they work for NB Power which would explain everything.

[BlackYear]

So I found this parcel of land for sale Lutz/Victoria/Robinson just south of the 'Deluxe For Sale' property. It's pretty much the same size land but double the price. I estimated and marked the 30m buffer zone with the red line.

If I was a developer with several millions burning a hole in my pocket, I know which piece of land I would jump of my chair for.

[MonctonRad]

Indeed.

The Deluxe property is certainly far more workable for redevelopment.