[Moncton] St. Bernard Place | 18 Storeys | Proposed

[bam63]

Originally Posted by Riberview

I am glad it is still on their list of things to build. Hoping they haven't dumbed it down to 5 or 6 floors.

I asked if it was the 12 storey project and he said yes. I would have pushed for more info but my wife was pulling on my arm.

[josh_cat_eyes]

Am I the only one who still seemed optimistic about this project even after the sale of the land? Surely they had plans for the land when they bought it, otherwise, why bother buying it?

[Monctoncore]

Originally Posted by josh_cat_eyes

Am I the only one who still seemed optimistic about this project even after the sale of the land? Surely they had plans for the land when they bought it, otherwise, why bother buying it?

I feel like any developer who bought it would be in great shape because they development is ready to go. They just have to build it.

[josh_cat_eyes]

Originally Posted by Monctoncore

I feel like any developer who bought it would be in great shape because they development is ready to go. They just have to build it.

Exactly. Some people seemed to think the project was dead, but it just got a new owner. Maybe because of supply issues, the market just wasn’t it the right spot so it got delayed, but to me there was never any doubt it would go forward.

[jonny golden]

I remember last fall we were looking to see some activity on the site - any activity. Even if it was too late to start the excavation, at least some site prep so they could hit the ground running in the spring. So with their Weldon Street project wrapping up, it will be interesting to see if anything happens on the site this year.

[jonny golden]

Originally Posted by josh_cat_eyes

Am I the only one who still seemed optimistic about this project even after the sale of the land? Surely they had plans for the land when they bought it, otherwise, why bother buying it?

The developer who bought the St. Bernard's Square land has been leasing units at his new Weldon Street apartment building for a while now. I wonder if we'll see any site prep this fall, or would he wait until next spring?

I'm also curious if the $3 million price tag also included the plans that the the previous developer had put together. It would be great if the same project were to be constructed. I really liked that building.

[Leroy321]

So is this project going to start this spring or do they need to go to PAC again?

[MonctonRad]

Originally Posted by Leroy321

So is this project going to start this spring or do they need to go to PAC again?

It’s all a mystery.

All we know is that a new developer has taken over the project. We do not know if he plans any changes, or if or when the project may proceed

[jonny golden]

Originally Posted by Leroy321

So is this project going to start this spring or do they need to go to PAC again?

All we know is that the land was sold/purchased for $3 million in February 2022. The planning advisory committee had previously recommended approval of the plans submitted by Frederic Properties Corp. in Feb. 2021 for the St. Bernard's Square project.

[jonny golden]

I wonder why we haven't heard anything about the new developer's plans for this property. A lot of times information leaks out, or at least there's speculation. But there's been absolutely nothing on this file.

[MonctonRad]

Originally Posted by jonny golden

I wonder why we haven't heard anything about the new developer's plans for this property. A lot of times information leaks out, or at least there's speculation. But there's been absolutely nothing on this file.

I suspect financial conditions and practical considerations are not optimal to proceed at this time (high inflation, high interest rates, labour shortages, supply chain issues).

He owns the land, and owns the plans for the building. He will bide his time, and once conditions improve, he will proceed. I would not be surprised to see a delay of 2-3 years (at least).

I have very little faith that this project will break ground next year. 200 Robinson Street and 1299 Main, yes, but St. Bernard Square, I highly doubt it.

[jonny golden]

Originally Posted by MonctonRad

I suspect financial conditions and practical considerations are not optimal to proceed at this time (high inflation, high interest rates, labour shortages, supply chain issues).

He owns the land, and owns the plans for the building. He will bide his time, and once conditions improve, he will proceed. I would not be surprised to see a delay of 2-3 years (at least).

I have very little faith that this project will break ground next year. 200 Robinson Street and 1299 Main, yes, but St. Bernard Square, I highly doubt it.

But wouldn't the developers of those other projects be facing the same issues as the St. Bernard's Square developer? I guess there's just a limit as to how many major projects can happen at the same time.

At least the two you mentioned are exciting for downtown Moncton!

[Mud]

Originally Posted by jonny golden

But wouldn't the developers of those other projects be facing the same issues as the St. Bernard's Square developer? I guess there's just a limit as to how many major projects can happen at the same time.

At least the two you mentioned are exciting for downtown Moncton!

Believe the 200 Robinson developers have their hands forced due to the deal they struck with the city. 1299 Main had a similar sale agreement for the land if I remember correctly (need to develop by a given year).

[jonny golden]

Originally Posted by Mud

Believe the 200 Robinson developers have their hands forced due to the deal they struck with the city. 1299 Main had a similar sale agreement for the land if I remember correctly (need to develop by a given year).

Good point. The city had leverage in both of those situations. As MonctonRad pointed out, conditions are changing for developers, It's a shame that St. Bernard's Square never got off the ground, it was a great project.

[jonny golden]

I'm still very curious as to what could be happening behind the scenes with this project. It's been just over a year now since the new developer invested $3 million to purchase the land and the plans.

I wonder if this could be one of the major residential projects that John Wishart said were in the pipeline? He did say that there were several of them.

[MonctonRad]

I suspect probably, but there is no guarantee that the plans will be the same as before.

[jonny golden]

Originally Posted by MonctonRad

I suspect probably, but there is no guarantee that the plans will be the same as before.

True. Maybe they're totally reworking the project with new plans, and that's contributing to the delay.

I'm sure that they wouldn't have spent $3 million unless they had a substantial project in mind. It would have to be a heavyweight development to get an acceptable return on their investment.

And time is money, so they won't stay idle for ever. I actually liked the original proposal put forward by Frederick Properties.

[MonctonGoldenTri]

I hope we hear some news on this project in 2023, at least a new render/plan.

[jonny golden]

Originally Posted by MonctonGoldenTri

I hope we hear some news on this project in 2023, at least a new render/plan.

I still think the positive thing is that the developer spent $3 million for just the land, so it's going to have to be a major project to generate enough revenue to make the overall return worth while. And in business, "time is money." So I wouldn't be surprised if we do indeed hear some news in 2023. They've already had over a year to work on their plans.

[MonctonRad]

Reposted from the downtown thread:

Originally Posted by Mattyyy

There is some drilling going to today on Botsford behind the church...

Could it be? Are the new owners about to proceed on this project???