Quote:
Originally Posted by CoryB
1. The Winnipeg Bay parkade is a separate title/owner so its not included.
2. Heard the atrium model + renovations comes in close to double the cost per sq ft of space on completion as just about any other project locally.
So on a high level you can do a top to bottom reno of Medical Arts into apartments or you can do that same with the Bay building. End of the day the units will rent for/sell for basically the same dollar per sq ft. If you are an investor where do you put your money?
Unless the Government is putting grant money on the table for the Bay project or someone wants a space that large and can't easily secure it elsewhere downtown nothing is going to happen.
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This alone will make it almost impossible to do an effective redevelopment that allows most of the original structure to be saved. Any developer wanting to actually have a successful project here would definitely want to include some form of parking structure into their plans and I have a hard time believing that anyone would willingly take on the gargantuan task of creating parking in existing structure. That said, if there were some way to get the attached parkade as part of the deal, the whole thing looks rather more attractive. Simply needs to go to make the whole thing workable. Not to mention it might be the ugliest structure in DT