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DOWNTOWN UPDATE Al Strang, City Manager September 6, 2005

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DOWNTOWN UPDATE Al Strang, City Manager September 6, 2005. BACKGROUND City of Moncton sells three parcels of land (former Beaver Lumber property) to Ash-verd Holdings Deal closed June 10, 2005 Three parcels of land involved: East side of Westmorland (Courthouse lands)

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Presentation Transcript
slide1

DOWNTOWN

UPDATE

Al Strang, City Manager

September 6, 2005

slide2

BACKGROUND

  • City of Moncton sells three parcels of land (former Beaver Lumber property) to Ash-verd Holdings
  • Deal closed June 10, 2005
  • Three parcels of land involved:
  • East side of Westmorland (Courthouse lands)
  • West side of Westmorland between Rogers building and Market (North property)
  • Corner of Westmorland and Assomption (Convention Centre property)
slide3

LAND

INVOLVED

slide4

CURRENT

  • STATUS
  • Deal in escrow until replacement parking deal finalized
  • Council must approve parking deal
  • 45-day timeline does not begin until a parking deal is finalized
slide5

A GOOD PROBLEM

  • A great development opportunity, we need to fit the pieces together on the available land
  • Committee struck to do due diligence and explore options (with Council’s blessing)
  • Convention Centre property too small to hold a hotel, apartments
  • Something will have to be relocated, look at options for South side of Assomption
  • Convention centre should be a stand-alone facility, showpiece, built for expanded future use
slide6

CONGESTION:

too much for too little space

see images

slide7

OPTIONS

  • Bernard Cyr looked at how he could develop hotel on the south side of Assomption
  • Minimal impact on trail system, integrated into Riverfront
  • This land is better suited for a hotel, less intrusive than a Convention Centre
  • Mr. Cyr is a local developer with a proven track record (Chateau Moncton well integrated with Riverfront)
  • For your consideration,
  • Mr. Bernard Cyr, President
  • Cyr Holdings
  • will present his proposal
introduction
Introduction
  • Approached to consider moving development to south side of Assumption Blvd
  • Agreed to consider option seriously
  • And we now agree that this is a viable solution to the need for space on the north side
our proposal
Our Proposal
  • 125-room high-end hotel suites and spa with a full-scale restaurant, possible return of Cy’s brand
  • Will have full spa and pool facility
  • Will target business travelers during the week
  • Will target families for weekend business
timing
Timing
  • We would like to start this fall (2005) – no more delays
  • We also agree to drop the condition – to only build with the Convention Centre – realize it will take time to finalize funding formula with 3 level of governments
  • And market conditions make it crucial for us to move immediately
features
Features
  • Creation of 50-60 permanent jobs
  • Infusion of 200-225 new visitors daily to downtown Moncton
  • $10-$12 million project
  • 150 Parking Spots
part of the riverfront
Part of the Riverfront….
  • Designed to bring life to the riverfront as experienced with the Chateau Moncton
  • Will work cooperatively with city to ensure complete integration to the riverfront:
    • Bicycle paths
    • Walking trails
    • Flower gardens
    • Lamp posts, benches, etc.
key considerations
Key Considerations
  • Cost of land must be consistent to north side
  • Hotel suites & spa connected to Convention Centre via pedway
next steps
Next Steps
  • Needs council approval for construction to begin this Fall (2005)
  • Will need height variance
  • Understand that the zoning conforms with the proposed hotel suites and spa
  • Hotel suites and spa will open in June 2007
  • The project will be first class
slide16

PARKING

  • Parking has been key to developing this proposal
  • We have a solution
  • I’d like to call upon
  • Mr. Patrick Gillespie, President
  • AshFord Investments Inc.
slide18

PARKING / CONVENTION CENTRE

  • Best solution
  • Little disruption of current parking on property
  • Common foundation, synergies (links and connections within development and existing downtown)
  • Can relocate Rogers spaces at no cost
  • Lease the structure over a 20-25 years, at flat rate
slide19

PARKING / CONVENTION CENTRE CONTINUED

  • Parking spaces over and above those for Rogers will be leased at market rate to offset fixed cost of structure
  • Do not have to purchase land since we are leasing
  • Glass half full, not the solution to all parking in downtown but helps for next few years
slide20

CONVENTION CENTRE

  • FUNDING
  • Contingent on funding
  • Support from all levels of government
  • Mr. Cyr very confident — he’s going ahead with his hotel
slide21

CONCLUSION

  • Complex deal
  • Many players involved
  • Catalyst for future development
  • Lots of changes, lots of work and due diligence to get to where we are today
  • What we have is still true to Council desire for downtown development
  • Back for final approval in two weeks
slide23

RIVERFRONT

DEVELOPMENT

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