MONCTON — After the success of Tannery Place South in downtown Moncton’s west end, DuParc Real Estate Group has begun construction on a second mixed-use tower, Tannery Place North.
Denis Foulem, a managing partner at DuParc Real Estate, said the success of Tannery Place South, which officially opened in January, was bigger than once thought. The company expected it to be popular, but it didn’t expect the building to be fully leased out in six months.
“It’s been a great success and obviously we’re building out of that and we want to bring another product to the market and replicate it and give it the same formula,” said Foulem.
When Tannery Place South first broke ground two years ago, Foulem said DuParc had a lot of interest from residents despite little to no marketing at the time. Before the construction of that building was even complete, residential spaces were already preleased.
Once construction is complete toward the fall of 2022, Tannery Place North will offer 42 luxury apartments for older working professionals, along with retail space at the intersection of Vaughan Harvey Boulevard and Ivan Rand Drive.
Between the two towers, there will be a total of 88 units and a wide variety of retailers and other service providers. Residential and commercial pre-leasing for Tannery Place North opened to the public on Wednesday.
Foulem said the new property would provide residents with a “chic neighbourhood” in downtown Moncton in the middle of Junction Urban Village, complete with local restaurants, cafes and riverfront trails and parks. Because of that, property demand is high, he said.
“People definitely appreciate the lifestyle that we’re proposing of the junction overall, and Tannery Place North and South will obviously benefit from that,” said Foulem.
DuParc Real Estate has partnered with Stantec Architecture to design the building. It has also worked with Westmount Developments Inc. and Lounsbury Company Ltd to bring the building to life. In addition, it’s being built by Foulem Construction.
Foulem said the partnership with Lounsbury, future apartment tenants would receive exclusive furniture offers from that company’s furniture stores. Many current residential tenants at Tannery Place South already take advantage of that “win-win” situation.
Vaughn MacLellan, president of Westmount Developments, said in a news release about the project that interest from the community has been “extraordinary” since Tannery Place South launched this year. He’s excited for what’s next to come.
“We’re working to build an exciting community here at the Junction Urban Village, and we think it will have a broader impact in helping to revitalize the downtown area,” said MacLellan in the release.
Aaron Sousa is a summer intern for Huddle. Send him story suggestions: [email protected].
Tannery Place North Breaks Ground In Moncton - Huddle - Huddle Today
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