Moncton City Council has approved over $3 million worth of grants for a 15-storey high rise in Downton Moncton.
J.N. Lafford Realty plans to construct three towers in a phased approach that will alter Moncton’s skyline.
The 49 Foundry Street property will receive around $2.8 million under the Redevelopment Grant Program and about $280,000 from the Building Permit and Planning Fee Equivalent Grant Program.
The total estimated building permit value for the whole project is $106 million and phase one is $35 million.
Crews are expected to break ground this summer, with construction on the first tower expected to finish in 2023.
