Plans are underway to transform Moncton’s historic Castle Manor into high-end condos.
The 19,000-square-foot castle was recently purchased by a Vancouver developer for $475,000. He was reportedly impressed at how much he could purchase for less than $500,000 on the East Coast.
“It is not being torn down. They’re working with the existing structure,” says realtor Kathy Guitard. “They have a whole lot of renovations to do just because of the condition."
The developer, who wishes to remain anonymous, is turning the 105-year-old castle into 14 high-end condos – properties that are common in Vancouver, but almost unheard of in Moncton.
Tsur Somerville of the University of British Columbia Sauder School of Business says the project is a risky one because Moncton residents are used to traditional homes with plenty of land, and there could be some surprises hidden in the castle’s walls.
“You couldn’t have asked for a riskier type of development,” says Somerville. “We all know the second you take down the drywall there are no good surprises. When you open up a castle wall, there are even worse surprises.”
Originally a convent, Castle Manor boasts century-old stained glass, intricate woodwork and a chapel that the developer hopes to keep in the million-dollar renovation.
“We’re really thrilled to have the property in the hands of a developer who’s going to move forward on an upcoming project,” says Kevin Silliker, the director of economic development for the City of Moncton.
The developer hopes to complete the project and welcome new residents by next October.
With files from CTV Vancouver's Shannon Paterson
