Phase three of the Three Sisters development on Foundry Street in Moncton will begin in the fall.
City council approved over $2.9 million in grants for the 15-storey mixed-use building by JN Lafford Realty Inc. on Monday.
This is a part of the Redevelopment Grant Program, which is established under the Financial Incentive Program Policy for Downtown Core Community Improvement Plan Area & Designated Heritage Properties.
“The project is centrally located in downtown Moncton in the former Co-Op store location formerly at 20 Record Street, but now at 19 Foundry Street. The project branded as three sisters consists of three towers,” said Kevin Silliker, director of economic development for the city.
“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.”
He adds the city has an internal evaluating committee that assesses the merits of the project, to qualify for the grants.
“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,” Silliker stressed.
A 10-year financial incentive grant will be received for $2.6 million, along with a building permit and planning fee grant of over $312,000, because the project was on vacant land.
Silliker says city revenues over that period are expected to exceed 2.9 million and there are also conditions built into the policy that there will be even more revenues over the lifetime of this grant.
Approval of the grant for phase three was approved unanimously by Moncton City Council.
Construction on the third tower is expected to begin in the fall, with a construction end date of winter 2026.
Phases one and two were approved by council on June 21, 2021, and September 20, 2022, and construction of both towers is already underway.
