[Moncton] The Three Sisters - 20 Record Street | 3x58m | 3x15s | Under Construction

[new kid in town]

Exciting times for the Moncton downtown night skyline

[MonctonRad]

Reposted from the [Moncton] Downtown thread:

Originally Posted by habs33

Moncton council approves next phase of Three Sisters development

These snippets of information were interesting:

City council approved over $2.9 million in grants for the 15-storey mixed-use building by JN Lafford Realty Inc. on Monday.

“Phases one and two were previously approved by Moncton City Council. Now we’re discussing phase three. It is a 158-unit residential project where 10 per cent of the units are deemed as affordable in nature. This is a 15-level building with a value of around $39 million.”

Regarding the reasons why this project recieved the government grant:

“It scored 145 total points. It met the minimum threshold of 10 per cent of units are affordable housing. It had more than 50 units as a dwelling, and also as a mixed-use development which both scored points. More than 90 per cent of all the parking on the site is provided by structured parking. It’s also important to note that 10 per cent of all parking spaces will have EV stations, and they’re providing energy forecasting of having a 20 per cent decrease in energy consumption and greenhouse gas emissions relative to the 2015 national building code. There will also be some economic or cultural benefits,”

Construction completion date will be in the winter 0f 2026 (between 2-2.5 years from now).

[MonctonianSentinel01]

I wonder soon after the third sister is complete with the concrete forms and pouring of concrete, or just before they are finished pouring the third sister I should say, if we'll hear about this bigger fourth "sister" across the street. That would put an announcement time next year, probably roughly in the spring/summer, at least I would think. That being of course, if they plan on doing that one right away after the third sister to keep the ball rolling. Opinions?

[MonctonRad]

If Lafford wants to keep his crew together for the "fourth sister", it would make sense to start construction in late 2025 or early 2026 just so that the workers can segue directly from one project to the next.

If this transpires, expect a PACS agenda item or public announcement by late next year.

[MonctonRad]

I found this card on Canada Construct Connect.com, and I think this might fit the profile of Lafford's One Foundry project (the "fourth sister").

Retail Stores, Apartments, Townhomes
Moncton, Westmorland County, New Brunswick ConstructConnect Project ID: 1005642988

Project Particulars:
Stage: Design Development.
Start Date: May 2025
Funding: Private
Value: $33,800,000
Work Type: New Building Type: RESIDENTIAL

In particular, the valuation seems about right, as well as the anticipated start date (May, 2025). This would be about the time that site prep would start for this project so that the tower crane could be moved from the third sister for an anticipated start for One Foundry in the late summer or early fall of 2025.

If my hunch is correct, the description of the project would indicate a retail/residential podium in addition to the tower itself. I could see a retail component to the podium fronting Assumption Blvd, but with residential townhomes in the podium facing the other way, towards Riverfront Park.

[jonny golden]

Originally Posted by MonctonRad

I found this card on Canada Construct Connect.com, and I think this might fit the profile of Lafford's One Foundry project (the "fourth sister").



In particular, the valuation seems about right, as well as the anticipated start date (May, 2025). This would be about the time that site prep would start for this project so that the tower crane could be moved from the third sister for an anticipated start for One Foundry in the late summer or early fall of 2025.

So does $33.8 million sound like 20 floors?

[MonctonRad]

Originally Posted by jonny golden

So does $33.8 million sound like 20 floors?

Infinity is 30 floors and has an expected cost of $70M. The answer therefore is perhaps not. I would say at least 15 floors, maybe 20. In any event, I hope it isn't a clone of the Three Sisters. The Three Sisters is a fabulous development, but we need some architectural variety in the city.

[adamuptownsj]

Did Lafford need to acquire this lot for the 4th sister? https://paol-efel.snb.ca/paol.html?v...n&pan=04527761

PAOL says it hasn't been sold in recent years. Does Moncton own it?

[MonctonRad]

Don't know. Lafford certainly bought the lot next door. That footprint seems pretty tight for a major development (especially with underground parking). Perhaps there is an agreement in principle to buy the land when needed.

[MonctonRad]

Originally Posted by MonctonRad

I found this card on Canada Construct Connect.com, and I think this might fit the profile of Lafford's One Foundry project (the "fourth sister").

In particular, the valuation seems about right, as well as the anticipated start date (May, 2025). This would be about the time that site prep would start for this project so that the tower crane could be moved from the third sister for an anticipated start for One Foundry in the late summer or early fall of 2025.

If my hunch is correct, the description of the project would indicate a retail/residential podium in addition to the tower itself. I could see a retail component to the podium fronting Assumption Blvd, but with residential townhomes in the podium facing the other way, towards Riverfront Park.

Note that it is not absolutely guaranteed that this card refers to the Fourth Sister. This is just a hunch based on valuation and time frame. Another possibility could a resurrected St. Bernard Square. This card could even refer to another development which has not surfaced yet.

[Riberview]

Originally Posted by MonctonRad

I found this card on Canada Construct Connect.com, and I think this might fit the profile of Lafford's One Foundry project (the "fourth sister").



In particular, the valuation seems about right, as well as the anticipated start date (May, 2025). This would be about the time that site prep would start for this project so that the tower crane could be moved from the third sister for an anticipated start for One Foundry in the late summer or early fall of 2025.

If my hunch is correct, the description of the project would indicate a retail/residential podium in addition to the tower itself. I could see a retail component to the podium fronting Assumption Blvd, but with residential townhomes in the podium facing the other way, towards Riverfront Park.

Did we decide on an approximate valuation of the Icon building? Could it not also be this?

The timeline of 2025 does have me leaning more toward Lafford so you're probably right..

[Leroy321]

Originally Posted by MonctonRad

Note that it is not absolutely guaranteed that this card refers to the Fourth Sister. This is just a hunch based on valuation and time frame. Another possibility could a resurrected St. Bernard Square. This card could even refer to another development which has not surfaced yet.

Didn’t St. Benard proposal have town houses in it?

[jonny golden]

Originally Posted by Leroy321

Didn’t St. Benard proposal have town houses in it?

Yes it did. Here's a quote from the Feb. 2021 CBC story about the building:

"The company's plans involve 170 underground parking spaces, walk-up townhouse units taking up the first and second floors, with the building core then set back."

[MonctonRad]

Originally Posted by adamuptownsj

Did Lafford need to acquire this lot for the 4th sister? https://paol-efel.snb.ca/paol.html?v...n&pan=04527761

PAOL says it hasn't been sold in recent years. Does Moncton own it?

Originally Posted by MonctonRad

Don't know. Lafford certainly bought the lot next door. That footprint seems pretty tight for a major development (especially with underground parking). Perhaps there is an agreement in principle to buy the land when needed.

Lafford may not own this lot, but, they are certainly using the lot for a storage yard for materiels for the Three Sisters development.

Here's an idea - perhaps they have a rental agreement for this lot for the time being, in addition to the possible agreement to purchase the lot when necessary to allow the Fourth Sister to be built. An understanding such as this would prevent any tax liability on the property for Lafford until he really needs it.

[MonctonRad]

Originally Posted by Riberview

Did we decide on an approximate valuation of the Icon building? Could it not also be this?

The timeline of 2025 does have me leaning more toward Lafford so you're probably right..

The valuation for the Infinity building (by ICON) is $70M.

[Riberview]

Originally Posted by MonctonRad

The valuation for the Infinity building (by ICON) is $70M.

I was about to edit my response.. while re-reading the thread I saw my question was answered before I posed it.

Thanks for the clarity before & after

[Leroy321]

I seen a Uhaul truck unloading today they must be open now?

[MonctonRad]

Originally Posted by Leroy321

I seen a Uhaul truck unloading today they must be open now?

First tenants were supposed to move in during October I believe.

It will be interesting for them since this will remain an active construction site for another 2-3 years.

[monctonian]

Originally Posted by adamuptownsj

Did Lafford need to acquire this lot for the 4th sister? https://paol-efel.snb.ca/paol.html?v...n&pan=04527761

PAOL says it hasn't been sold in recent years. Does Moncton own it?

Current record for PAN# 4527761 (assessed at 1.132 million) indicates the owner is NB Power (also shown NB Power as the owner on 2006 plan #23091334 - Assumption Boulevard Subdivision)

[MonctonRad]

He's referring to the lot adjacent to the old Co-op garage on the south side of Assumption, currently used as a staging area for the Three Sisters. It sounds like you are referring to the substation on the north side, next to the Three Sisters complex.

Lafford bought the old Co-op garage the other year (but not the adjacent lot). Rumour is that he plans on building here after the Three Sisters. Tjis is nicknamed "the Fourth Sister", but would more properly be referred to as One Foundry Street.