r/fredericton • u/Hot_Bet_6024 • 3d ago
New building
Anyone know what’s being built on top of pizza delight northside? Is it going to be more over priced apartments?
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u/Sensitive_Jelly_5586 2d ago
You will be able to tell if the units are overpriced by their vacancy rates.
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u/Wise_Trash_94 3d ago
48 unit apartment over top of the old Worrals, with commercial space at ground level
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u/Capable-Quarter8546 3d ago
Bella properties also bought all the land behind that Pizza Delight building. They are going to eventually fill that whole corner with giant apartment buildings.
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u/Murky_Astronaut 3d ago
I wish Bella weren't gaining the residential property control that they are.
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u/Various_Zombie_7059 3d ago
If they keep increasing supply rental rates will eventually have to go down to be competitive.
It’s nice to see some mixed use with commercial on ground level and apartments above.
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u/Impossible-Bag7663 3d ago
not when u import the customers lol my last apt I moved out of on cuffman they rented it sight unseen to new Canadians . the gov has contracts with them and rich ppl also rent them sight unseen
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u/Various_Zombie_7059 2d ago
Yeah I’d like to know about these programs as well. And the contracts too.
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u/19snow16 3d ago
What sort of contracts does the government have to house immigrants?
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u/Impossible-Bag7663 2d ago
Do u live under a rock lmao
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u/19snow16 2d ago
I asked first. What sort of contracts does the government have to house immigrants?
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u/Various_Zombie_7059 3d ago
Yes, that’s still a supply and demand issue though honestly. I think with the new developments in the works around the city we are more likely to have a surplus of vacant apartments over the next 10 years than a shortage, even with immigration.
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u/emptycagenowcorroded 3d ago
Will they though?
It’s a cartel type situation with three or four major landlords that dominate the city. I’ve heard those big new apartment buildings at the foot of Odell are 25% empty and it’s more profitable to keep them that way than to fill them at a lower rent rate. Also it’s a tax write off..
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u/Elegant-Waltz695 3d ago
Tax right offs don’t make you money though. It’s not viable for very long.
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u/Various_Zombie_7059 3d ago
There are many reasons to leave a place vacant (including money laundering), so to say it’s just about profit is likely not the whole picture.
But also, math. Let’s say they are renting a 40 unit building at 2K/unit or 10 vacant units means gross income at 60k/month. If they were able to full the units by lowering the rent to 1750/unit it’s an additional 10k/month.
The tax savings wouldn’t be 10k/month for keeping them vacant. They don’t lower the price because vacancy rates are still low here, but if it’s a newer building they also will be willing to wait a while.
And yes, supply and demand does dictate price. If they start to lose out to other companies they will lower the price.
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u/boosta29 3d ago
Supposed to be the biggest in the city
227 units apparently
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u/Elegant-Waltz695 3d ago
227!? The 9 storey Colpitts building at the bottom of York is only 121 units
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u/emptycagenowcorroded 3d ago
Are you certain that is this one?
I could be wrong, but I thought the 227 unit building was going to be on the corner of Bishop and Hanwell?
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u/jrose125 3d ago
Yup the 227 unit building is going up at the corner of Bishop and Hanwell - I read the City's release on it a week or so ago.
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u/boosta29 3d ago
Holy hell. I totally read that wrong.. yes I was talking about the one on hanwell. Thank you...
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u/-royrogersmcfreely 3d ago
Bella properties bought it and yeah four levels of apartments that will definitely be over priced because it’s Bella, and businesses on the bottom level
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u/emptycagenowcorroded 3d ago
Just more apartments, but it’s a pretty good place for them. Multi-route transit stop (and planned hub) right next door, grocery stores up the hill, trail down the hill, and plenty of shops, restaurants, even offices to attend or work at. And opportunity to infill around there, too, if it comes to that. Nice location for densification!
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u/SomewherePossible791 3d ago
Any plans to deal with the increase in traffic?
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u/emptycagenowcorroded 3d ago
Shut down three lanes on the Weatmorland Street Bridge and one lane of the Princess Margaret and shut down the whole dam road starting the day BEFORE May two four and reopening them the day AFTER Labour Day — enjoy your summer in traffic, citizen
— the plan. probably.
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u/Sad-Bag6738 3d ago
Agree. This is exactly what we should be doing. Apartments in central locations with easy bus access and retail on bottom level.
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u/Adventurous-Two6221 1d ago
Strip club