A proposed apartment complex in downtown Moncton could transform the city’s skyline.
Frederic Properties is one of two developers to qualify for grants under the city’s incentive program designed to attract new investment.
Moncton economic development officer Luc Babineau says the proposed building at Botsford and Victoria Streets will qualify for about $1.7 million in grants.
The so-called St. Bernard’s Square will be a 12-storey, 148-unit concrete structure with a green roof and underground parking.
Construction is slated to begin this fall with a completion date in 2024.
To be located next door to St. Bernard’s Church, the project’s building permit is valued at $35 million.
Babineau says the other proposed project is apartments from developer Ashford Living at 51 Highfield Street which qualifies for $500,000 in grants.
The five-storey, 55 unit building will have underground parking and some surface parking.
The project’s building permit is valued at $12.5 million and construction is expected to begin this summer with a targeted completion date in summer 2022.
City council unanimously approved the incentives on Monday.
