DOWNTOWN UPDATE Al Strang, City Manager September 6, 2005 - PowerPoint PPT Presentation

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DOWNTOWN UPDATE Al Strang, City Manager September 6, 2005 PowerPoint Presentation
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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
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DOWNTOWN UPDATE Al Strang, City Manager September 6, 2005

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  1. DOWNTOWN UPDATE Al Strang, City Manager September 6, 2005

  2. 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)

  3. LAND INVOLVED

  4. 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

  5. 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

  6. CONGESTION: too much for too little space

  7. CONGESTION: too much for too little space

  8. 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

  9. Presentation toMoncton City Council September 6, 2005

  10. 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

  11. 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

  12. 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

  13. Features • Creation of 50-60 permanent jobs • Infusion of 200-225 new visitors daily to downtown Moncton • $10-$12 million project • 150 Parking Spots

  14. 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.

  15. Key Considerations • Cost of land must be consistent to north side • Hotel suites & spa connected to Convention Centre via pedway

  16. 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

  17. 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.

  18. 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

  19. 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

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

  21. 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