Downtown 'quick fix' panned
Report opposing incentives to turn heritage buildings into condos kept quiet
By: Bartley Kives
A downtown revitalization strategy commissioned by the City of Winnipeg but subsequently kept under wraps advised officials to "resist the temptation to pursue quick fixes" to increase residential development in the city's core.
Quote:
"If $100,000 of incentives can help create 20 units through new construction versus 10 similar units through the conversion of non-residential space, the former clearly would be more cost effective," the report stated.
The high cost of condo conversions in the East Exchange has left developers with narrow profit margins -- keeping purchase costs above the means of some prospective buyers.
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http://www.winnipegfreepress.com/loc...217061711.html
Good article by Bart, A 2008 report kept under wraps by our city council? A different perspective on what should have been done.
ps: (nice skyline shot in the article)