[Moncton] Northwest/Magnetic Hill Developments

[josh_cat_eyes]

Originally Posted by MonctonRad

I did say "almost" all.

I must have missed that part

[jonny golden]

Will Thrive keep developing property, or are they finished building and just cashing out?

It's hard to know what's going on with them. Their website is out of date. For example, it's still showing West Royalty Suites, which is now owned by Tier Too Properties

They did bring a lot of buildings onto the market, and at one time they had big plans. It'd be nice to see them remain active.

[josh_cat_eyes]

Originally Posted by jonny golden

Will Thrive keep developing property, or are they finished building and just cashing out?

It's hard to know what's going on with them. Their website is out of date. For example, it's still showing West Royalty Suites, which is now owned by Tier Too Properties

They did bring a lot of buildings onto the market, and at one time they had big plans. It'd be nice to see them remain active.

Very likely they took on a lot of debt to build these projects and then why the cost of them skyrocketed and they had worker shortages, they weren’t done yet, they needed to sell assets to remain solvent. I imagine they’ll try to get their residential buildings to full capacity and get some revenue coming in before they try to start building more units.

[Ifyoubuildit]

Originally Posted by jonny golden

Will Thrive keep developing property, or are they finished building and just cashing out?

It's hard to know what's going on with them. Their website is out of date. For example, it's still showing West Royalty Suites, which is now owned by Tier Too Properties

They did bring a lot of buildings onto the market, and at one time they had big plans. It'd be nice to see them remain active.

Is Tier Too a company owned by RCS? If so, I had heard RCS was always a minor partner in that building. I believe Thrive is still the majority owner and manages that property. If my count is accurate, I believe Thrive now owns 6 new apartment buildings or close to 500 units. The case may be one of monopoly, “trading houses (smaller commercial properties) for hotels (large apartment buildings).” They could be digesting their recent growth and focusing on managing their assets before their next push. Time will tell.

[MonctonRad]

Tier Too is a property development company based out of Halifax.

[Ifyoubuildit]

Originally Posted by MonctonRad

Tier Too is a property development company based out of Halifax.

I just googled Tier Too, and the President is Doug Doucet, same owner of RCS. I am quite confident that Thrive remains the majority owner of this building.

[josh_cat_eyes]

Originally Posted by Ifyoubuildit

Is Tier Too a company owned by RCS? If so, I had heard RCS was always a minor partner in that building. I believe Thrive is still the majority owner and manages that property. If my count is accurate, I believe Thrive now owns 6 new apartment buildings or close to 500 units. The case may be one of monopoly, “trading houses (smaller commercial properties) for hotels (large apartment buildings).” They could be digesting their recent growth and focusing on managing their assets before their next push. Time will tell.

I can only think of 4. West Royalty, Gunningsville Blvd, Coverdale Road & Twin Oaks. Am I missing some?

[Ifyoubuildit]

Originally Posted by josh_cat_eyes

I can only think of 4. West Royalty, Gunningsville Blvd, Coverdale Road & Twin Oaks. Am I missing some?

Elan in Dieppe (I think they purchased this building about 3 years ago) and Nook in Halifax.

[jonny golden]

Originally Posted by josh_cat_eyes

Very likely they took on a lot of debt to build these projects and then why the cost of them skyrocketed and they had worker shortages, they weren’t done yet, they needed to sell assets to remain solvent. I imagine they’ll try to get their residential buildings to full capacity and get some revenue coming in before they try to start building more units.

That sounds logical. The substantial rise in interest rates would have a major effect on a company using leverage to build a property portfolio.

I remember thinking that Thrive had an incredible number of projects in the pipeline. Once they strengthen their financial position, hopefully they can get going and bring some quality developments to the marketplace. That twin 10 floor building in Riverview would have made quite the impact on the river bank.

[MonctonRad]

Infinity Aerials photo showing the rapid progress on this new apartment building going up to Hastings Ridge on Mountain Road:

[MonctonRad]

Cannabis NB is setting up a new store on Mountain Road, apparently in the former Voodoo Lounge, in the same strip as the ANBL store.

Some great synergy here.........

[NBNYer]

Originally Posted by MonctonRad

Cannabis NB is setting up a new store on Mountain Road, apparently in the former Voodoo Lounge, in the same strip as the ANBL store.

Some great synergy here.........

That’s surprising, didn’t one just open on Granite drive?

[MonctonRad]

Originally Posted by NBNYer

That’s surprising, didn’t one just open on Granite drive?

Can’t have too much pot!😀

[drewber]

Originally Posted by NBNYer

That’s surprising, didn’t one just open on Granite drive?

The one on granite was technically a popup as per a worker there but it did well enough it stuck around. This seems to be their preferred model open in an existing structure and see how sales go and decide if it'll become permanent

[lirette]

Originally Posted by MonctonRad

Can’t have too much pot!😀

Cannibis sales continue to grow by substantial numbers year over year so its not surprising. At least the government stores are much more attractive to look at then some of the ugly private pop ups you see taking over many cities.

[MonctonRad]

Pizza Salvatore signage has now been installed on the former Klozet CRU in the Goji's strip mall at the Wheeler/Mountain intersection. Interior renovations are actively going on.

[MonctonRad]

Pizza Salvatore is now open (that was quick).

[MonctonRad]

Rumour of an optometrist coming to the Horsman Centre. I hope so. This plaza needs a first tenant to get going.

[MonctonRad]

From Mayor Dawn Arnold's summary of the city council meeting last night:

1. Introduction of a rezoning and municipal plan amendment for Moncton Industrial Development (Horsman/Berry Mills area)

This is presumably the first step in the process to allow for the expansion of the MID West Industrial Park south of the CNR mainline.

[MonctonRad]

Moncton street where biking child was struck may get traffic-calming measures
City evaluating ways to slow drivers on Twin Oaks Drive

Shane Magee · CBC News · Posted: Apr 16, 2024 6:00 AM ADT
https://www.cbc.ca/news/canada/new-b...oaks-1.7174315

René Lagacé, Moncton's director of engineering, said in an interview after the council meeting that city staff were planning traffic-calming measures for Twin Oaks Drive before the crash.

He said staff aim to present options to council by late spring or early summer. While money hasn't been budgeted for that road this year, Lagacé said they may still find a way to make it happen.

"We'll see what the estimate [is], but in light of the recent events and the fact that it's a priority on the traffic-calming list, we're hopeful that we can potentially see some measures installed in the summer of 2024," Lagacé said.

Under a policy adopted last fall, traffic-calming measures can include raised pedestrian crosswalks and intersections, signs showing a driver's speed, physically narrowing the lane, and installing mini-roundabouts in intersections.