Condo development seen as downtown development boost
Posted on July 12, 2016
Condo development seen as downtown development boost



More than half of the condos going into a downtown Moncton development have now been sold. This September, ground will be broken behind city hall to make way for Five Five Queen, an eight-storey building containing condominiums, a boutique hotel and a Gahan House restaurant. Moncton-based developers Spataro Holdings and ELCE Developments, who made the announcement, say 52 per cent of the condos have been sold. “I think this building will be a catalyst for downtown. It will spur development,” said Nick Spataro, vice-president of Spataro Holdings. The companies have had their hands on the property for about two years, initially planning to construct a condo and apartment development. “With the market of apartments in Moncton, we were a bit worried so we thought we’d see what other options we had out there and that’s when we met with the Murphy [Hospitality] Group and we talked about the hotel,” Spataro said. P.E.I.-based Murphy Hospitality Group will operate The Wesley, a boutique hotel of 75 rooms on floors two through four. The company will also run The Gahan House, a 6,000-square-foot restaurant on the main floor that will seat 160; two Gahan Houses already operate in Halifax and Charlottetown. The Gahan brewery has been in Charlottetown since 1997, and started bottling two of their handcrafted ales in 2008. “We just wanted the right fit for this building,”said Spataro. Above the hotel, on floors five to eight, will be 43 condos ranging from 650 to 2,400 square feet in size, and $169,000 to $700,000 in price. “You’re sitting in a condo late at night, you want something to eat, you just go to the iPad, go to Ghahan’s app, order food and they bring your food up to your condo,” said Spataro. “[If] you want the hotel to clean your condo once a week, they have the amenities there that will be able to do that. It’s great, it’s like you’re buying a condo but you’re living in a boutique hotel.” The complex, with an estimated $20 million value, is expected to open in early 2018. Owner of ELCE Developments, Bill Hennessey, said the project will change the way people see Moncton, literally. “When you’re driving up Champlain Street from Champlain Mall and you look at the Moncton skyline, you’ll be able to see the top two floors of Five Five Queen,” he said. “[With] the modern architecture, we’re confident it will instantly become a landmark building.” MHG operates 10 restaurants, two hotels and two breweries out of Charlottetown and two restaurants in Halifax. The company employs 500 people between both provinces. The Moncton hotel will be the company’s first venture into New Brunswick.