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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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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)

  • West side of Westmorland between Rogers building and Market (North property)

  • Corner of Westmorland and Assomption (Convention Centre property)


LAND

INVOLVED


  • 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


  • 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


CONGESTION:

too much for too little space

see images


  • 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


Presentation toMoncton City Council

September 6, 2005


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

  • 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

  • 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

  • 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….

  • 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

  • Cost of land must be consistent to north side

  • Hotel suites & spa connected to Convention Centre via pedway


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


  • 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.


  • 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


  • 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


  • CONVENTION CENTRE

  • FUNDING

  • Contingent on funding

  • Support from all levels of government

  • Mr. Cyr very confident — he’s going ahead with his hotel


  • 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


RIVERFRONT

DEVELOPMENT


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