[Saint John] Fundy Quay (South Market Wharf) | 19-6s | 70m-26m | U/C

[EnvisionSaintJohn]

Originally Posted by JakeNB

I have spoken to a couple of prospective tenants who have chosen to make other arrangements. Two main reasons 1) rents in the $10k per month range and 2) they don’t want to spend their retirement years listening to piles being driven outside their windows (making balconies unusable). FHG should really get the piles driven now on the remaining buildings before tenants begin to move in.

10k per month for an apartment in a 6 storey building in SJ?

Luxury or not… that’s freaking INSANE lol

[bingun]

Wasn't there a bunch of controversy recently at insane rent prices at new buildings in Vancouver that had benefited from government money? I know this isn't subsidized, but they did get financing or something similar.

https://www.cbc.ca/news/canada/british-columbia/senakw-rental-prices-backlash-9.7248096

Surely $10K is an exaggeration? I know there are some folks in the region with a high income or existing wealth, but that is extreme. I'd want half the floor for that price.

Even once the second building is complete, there will still be more construction on the other two over the coming years. It could be the mid 2030s before things calm down.

[sailor734]

Originally Posted by bingun

Wasn't there a bunch of controversy recently at insane rent prices at new buildings in Vancouver that had benefited from government money? I know this isn't subsidized, but they did get financing or something similar.

https://www.cbc.ca/news/canada/british-columbia/senakw-rental-prices-backlash-9.7248096

Surely $10K is an exaggeration? I know there are some folks in the region with a high income or existing wealth, but that is extreme. I'd want half the floor for that price.

Even once the second building is complete, there will still be more construction on the other two over the coming years. It could be the mid 2030s before things calm down.

That does seem pretty extreme although decent 650-700sq ft 1br units in Yaletown run high 2's or low 3K's on average. I had a family member who was in a luxury building on the seawall in a 1350 sq ft 2br 2ba that now rents for around 6.5K.

If you check out Craig's List you will see some eyewatering prices.

[Sabien]

They've been working on relocating the material that has been stored by the fence next to Water street for the past year. I assumed it was just being used up inside the building, but now I see that it's just being relocated to the far diagonal corner of the site.

Could this mean they're clearing that area to get ready to begin site prep for building #2?

[bingun]

Originally Posted by Sabien

They've been working on relocating the material that has been stored by the fence next to Water street for the past year. I assumed it was just being used up inside the building, but now I see that it's just being relocated to the far diagonal corner of the site.

Could this mean they're clearing that area to get ready to begin site prep for building #2?

Last year, there was something on ConstructConnect with a proposed start date for building #2 in August 2026.

I think we'd need to see a building permit filed for the foundation work yet, which means it's probably slipped, but maybe they'll still squeeze something in this year.

That or they don't want any supplies or materials stranded on the other side of the new road once it opens. I assume they'll have to set up some new fencing to stop folks from wandering around the site.

[DyAm00394]

New permit has been registered in the database yesterday for 35 Water Street. “Tenant Fit Up For New Restaurant In Fundy Quay”. Valued at $500,000.

[homebody]

Originally Posted by bingun

Last year, there was something on ConstructConnect with a proposed start date for building #2 in August 2026.

I think we'd need to see a building permit filed for the foundation work yet, which means it's probably slipped, but maybe they'll still squeeze something in this year.

That or they don't want any supplies or materials stranded on the other side of the new road once it opens. I assume they'll have to set up some new fencing to stop folks from wandering around the site.

Man I would like to see movement on the second one soon!! I would hate to think that people paying crazy rent for the first building would have to listen to a pile driver for 6 months. I lived at the top of Princess when they drove pile for the first and it would wake up. I really think this company I had no real financial backbone. I mean really they could have had the 6 story done in half the time they did.

[bingun]

Originally Posted by DyAm00394

New permit has been registered in the database yesterday for 35 Water Street. “Tenant Fit Up For New Restaurant In Fundy Quay”. Valued at $500,000.

Do we think that is Picaroons then? Or have they found another restaurant for the remaining space?