Quote:
Originally Posted by OliverD
They're asking $31M, or approx $20k per unit, for fully serviced land. Seems reasonable but I wonder if anyone who typically builds in Fredericton has deep enough pockets to take that on. It's a bit initial ask. I assumed they were just going to sell the lots off piecemeal.
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Wait, this is the massive development that went to council and was approved, right? Now they are selling it and stalling he potential build? This could sit for years before someone buys this gets shovels in the ground, and we need more homes now.
We need more oversight in NB and start putting in place stringent timeline bylaws and conditions for approving these massive development proposals. Otherwise, they sit idle or are potentially re-sold at a premium once they get all of the "approvals". If an applicant cannot prove that they are financed and ready to get shovels in the ground within a year, they should not be approved. Worse, this will likely be sold to an investor outside of the city at a premium...meaning that every dollar of rent will go to Calgary or Toronto, and not back into the local economy.
Just ask SJ how their downtown "percy hole" is looking these days.