MONCTON – The City of Moncton approved a $3-million sale of a parcel of land on the corner of Main and Highfield Streets to Corey Craig Group (CCG), the real estate developer announced Monday. It will build a hotel in the space next to the downtown Events Centre that’s under construction.
The company calls this its “most ambitious project to date.” In an interview with Huddle, president and CEO Craig O’Neill said that’s because it’s so new.
“Anytime you build a hotel, it’s a lot of components, a lot of design work goes into it. [Hyatt] is also a new brand in our city, so there’s a lot of hallmarks that goes with that,” he said.
“Our team has spent the past two years getting ready for the [Request For Proposal] process and now that we are approved there will be lots of new and exciting work to do,” he said in the press release.
The company’s RFP aligned with the city’s criteria, including that the purchase price fits a specified range and that the proposed project’s value fits the tax assessment range, among others.
The CCG will bring the Hyatt international hotel brand to New Brunswick by building a 120-room hotel that includes a 1,500-square-foot retail space and a 5,000-square-foot area for a branded restaurant with a patio. The restaurant brand will be announced soon. There are only two Hyatt locations in eastern Canada – one in Montreal and one in Ottawa.
“The Hyatt Place brand aligns with our goals of bringing a high-quality hotel to our city that will complement the new Events Centre,” he said in the press release.
In a separate press release, City Manager Marc Landry said the sale of this land parcel was key to the downtown centre’s financial model.
“By developing this land, the city gains an anticipated non-residential tax assessment value of $17 million. This deal builds upon the positive momentum underway in Moncton and the downtown,” he said.
O’Neill says the land, located close to the CN rail line and directly across the Crown Plaza hotel on Main Street, is well situated.
“If you bundle all those [retail, hotel and restaurant space], and the fact that it’s right across the downtown centre, it’s a fantastic place,” said O’Neill. “It will be easier for people to stay downtown and just walk after shows.”
“Moncton City Council is extremely pleased to have received such a solid development project for this strategic location in our downtown,” said Mayor Dawn Arnold said in a press release. “It clearly aligns with our downtown development vision, and meets defined objectives such as enhanced investments and increased built density in the city’s core. This will undoubtedly attract even more people to the area.”
The Hyatt Place hotel is expected to open in early 2020, with construction slated to start next spring. Moncton’s Rice Contracting will be the builder, while Architects Four will plan and design the space.
During the construction phase, the project is expected to provide 232 direct jobs and 97 support jobs. Once operational, the hotel and restaurant are slated to create 100 jobs.
The CCG owns and operates Tim Hortons, Wendy’s, Holiday Inn Express and Shell gas franchises in Southeastern New Brunswick.