Official Fredericton, NB projects thread

[RealEstateGuy]

Originally Posted by Freddypop

Colpitts plans on starting construction next spring. No idea at this time what they plan on putting up but word is that it will be an upscale development, commercial/residential and will compliment the brick surroundings of the adjacent buildings. They have already removed some trees and are mowing the property

ANNAPOLIS FORESTRY HOLDINGS LIMITED purchased the Train station property owned by Irving Subsidiary (Timer Transport Limited) for $4.5 Million.

[OliverD]

There is some drilling equipment beside the old train station on York today. I suspect they're trying to assess soil conditions?

[jonny golden]

Originally Posted by OliverD

There is some drilling equipment beside the old train station on York today. I suspect they're trying to assess soil conditions?

Has Colpitts Development released any information yet as to what they're planning? I know they said it would be something upscale. I really hope they elevate their game - something with some height would be nice. Four floor vinyl clad would be really disappointing.

[OliverD]

Nope, nothing yet. Hopefully something will go before PAC in the coming months.

[FreddyGuy]

It appears they are sifting the dirt mountains they have created on the Patience lane apartment project. Not sure if I've ever seen this happen on site before. They have also cleared almost the entire feild. Well beyond the foundation and what you would expect for the parking lot. They've also dug some holes further out in the feild. Planning for future development perhaps? Looking more and more like this might soon house 3 to 4 apartment buildings.

[RealEstateGuy]

Originally Posted by jonny golden

Has Colpitts Development released any information yet as to what they're planning? I know they said it would be something upscale. I really hope they elevate their game - something with some height would be nice. Four floor vinyl clad would be really disappointing.

From what I know and have been told by a few in the larger scale multi family development scene is that Colpitts is looking to get in on the action of what State Street, Bella Properties, Tony George (A.J Investments) to name of few have been picking up in the Downtown & Hill area. They had a lot of feedback I am sure both positive and negative about the station point development and they are now looking to get into the higher price point rental market.

[jonny golden]

Originally Posted by RealEstateGuy

From what I know and have been told by a few in the larger scale multi family development scene is that Colpitts is looking to get in on the action of what State Street, Bella Properties, Tony George (A.J Investments) to name of few have been picking up in the Downtown & Hill area. They had a lot of feedback I am sure both positive and negative about the station point development and they are now looking to get into the higher price point rental market.

So maybe we'll see cement floors & metal studs instead of wood frame construction, as well as ground floor commercial units. It will be interesting to see how high they decide to build. Like was stated earlier, we should see something coming up at a future PAC meeting. Colpitts are likely formulating their plans as we speak.

[cl812]

Noticed some activity this afternoon at the Legion site, hopefully work on the next phase will be resuming soon.

[Taeolas]

Hopefully something starts up. Feels like they wasted a lot of good weather this season.

Maybe it was too hot to pour concrete? That would be about the only real reason to delay that I can think of. Other than not having crews available to do the work (another very likely possibility)

[Freddypop]

Corbett Centre now has Ren's Pets listed in the former Bouclair location

https://riocan.propertycapsule.com/p.../corbettcentre

[Franco401]

Couple things:

-Gisele's Pizza is apparently opening a second location in the former GNC spot on Two Nations Crossing. The Forest Hill location will be renovated and stay open.

-It looks like they're putting in a multi-use trail on two different segments of Hanwell Road: from the Valley Trail to Woodstock Rd (I think the long-term plan is to extend it along Woodstock Rd to the Delta, since that sidewalk needs repairs soon anyway) and around Sutherland Honda. I also noticed what seems like the beginning of a trail along Bishop, but only from Grimross to World Class Auto.

[NB_ExistsToo]

Originally Posted by jonny golden

Has Colpitts Development released any information yet as to what they're planning? I know they said it would be something upscale. I really hope they elevate their game - something with some height would be nice. Four floor vinyl clad would be really disappointing.

Rumours tell me (can't say where) there's discussion of a 7+ storey building by Colpitts. Not sure of the site, but it would make sense for this site.

It's still all in the preliminary stages, so I imagine they're looking at feasibility side of it.

[Freddypop]

Originally Posted by NB_ExistsToo

Rumours tell me (can't say where) there's discussion of a 7+ storey building by Colpitts. Not sure of the site, but it would make sense for this site.

It's still all in the preliminary stages, so I imagine they're looking at feasibility side of it.

Another reason why soil testing taking place on that land

[Matzel_27]

Originally Posted by DyAm00394

It was confirmed by an employee over on Facebook that it is Moncton (CF Champlain) that's reopening here in NB. All other locations in Atlantic Canada are closed for good (including Fredericton and Saint John). Also Regent Mall has already removed them from their tenant listing a while back, so that adds further confirmation. So it appears that Moncton will now be the only location here in Atlantic Canada. DavidsTea is now primarily focusing on being an online retailer, while keeping these select 18 most profitable stores located in major shopping malls.

Also, apparently the proposed new lease terms are expected to give DAVIDsTEA termination rights at the end of 2020, and the flexibility of an option to extend the leases.

That's too bad. Where am I going to get my way overpriced tea and tea accessories now...?!

[Matzel_27]

Originally Posted by OliverD

Sold yesterday for $833,750.

I believe Miles was asking for well over $1,000,000.00 when it was first listed. Having to carry the property for well over two years probably cost a fortune. Had he priced it like that at first he could have done much better financially on this deal.

[OliverD]

Originally Posted by Matzel_27

I believe Miles was asking for well over $1,000,000.00 when it was first listed. Having to carry the property for well over two years probably cost a fortune. Had he priced it like that at first he could have done much better financially on this deal.

Interestingly, I just took another look and it now says it sold for $725k. I wonder what happened there?

[Matzel_27]

Originally Posted by OliverD

Interestingly, I just took another look and it now says it sold for $725k. I wonder what happened there?

Building inspection brought up issues (needing to be addressed) with the building that caused a lower purchase price?

[OliverD]

Originally Posted by Matzel_27

Building inspection brought up issues (needing to be addressed) with the building that caused a lower purchase price?

But usually that would have taken place before the actual transaction would have been recorded.

[Matzel_27]

Originally Posted by OliverD

But usually that would have taken place before the actual transaction would have been recorded.

True. Seems odd. Maybe property taxes were in arrears and were settled out of the purchase price?

[Justin6463]

I see Tony Pepperoni is opening a second location on Bishop beside Pur & Simple.