Most Apartments Taken In Dieppe Building Just Days After Construction Begins
DIEPPE, N.B. – Denis Foulem has just broken ground on his new downtown Dieppe development, and it’s already nearly completely leased out.
Foulem, the managing partner of DuParc Real Estate Management Inc., has received a flood of calls from people looking for an apartment in the Terrasses du Marché multi-use building since construction began on September 15.
“I wouldn’t be surprised if it were fully leased within the next few weeks or month,” said Foulem.
Foulem told Huddle the four-storey mixed-use building at the intersection of Du Marché Street and Champlain Street is the product of years of research and work and is a response to the growing demand for places to live in Dieppe and Greater Moncton as a whole.
“We’re always making sure we research the market and leverage our long-term relationships,” said Foulem, adding the development is adjacent to an intersection through which 25,000 cars a day pass.
“It’s a great place to live and work. The success of the place is certainly based on its location.”
Interest in Terrasses du Marché is coming from a broad demographic swath. Foulem said a combination of people young and old, from retirees to young families are asking about the apartments.
“They want to have an urban lifestyle with services nearby,” said Foulem.
“Some of them are coming back from Ontario and other markets where they experienced the downtown life and want that here.”
The development will feature 14 one, two and three-bedroom luxury apartments with large private rooftop terraces, 10-foot ceilings, floor-to-ceiling windows, equipped with on-site and underground parking.
The first two floors have 17,700 square feet of modern “boutique-style” commercial and retail space.
“It offers something unique and special for residents with those large rooftop terraces. That’s unique in Dieppe and greater Moncton, to have exterior living space where you can put a patio or dining table and have some space outside for three months of the year,” said Foulem.
DuParc expects to complete construction on the building in 2022.
Construction is being carried out by DuParc Real Estate Management’s Dieppe-based sister company Foulem Construction – a company responsible for major developments like the Maritime Ontario Hub Terminal and Moncton Area Regional High School in Moncton, and the Grant Harvey Centre in Fredericton.
Terrasses du Marché co-owners include Generation Commercial Real Estate Fund LP, Lounsbury Company Limited and DuParc Real Estate Group.
RELATED: Tannery Place North Breaks Ground In Moncton
Foulem is also the developer behind the two west-end Moncton-based Tannery Towers developments in the Junction Urban Village district. The first of the two, Tannery Towers South, was leased out before construction finished.
Sam Macdonald is Huddle’s new Monton correspondent. E-mail him story ideas and feedback:
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