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not sure what happens....ugly whatever it is....hopefully someone buys it and finishes it. |
Disaster! What a mess.
Maybe Ackman takes it over. 2 large unfinished projects downtown. What does that say! |
^ Covid.
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Wow now that’s sure some bad news. Hopefully the project can be liquidated to a buyer for a relative deal to ensure it will continue to completion in a timely fashion. Bankruptcy proceedings will probably mean a lengthy delay.
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I see the B word mentioned above.Is that certain? That could have harmful effects..read on....
I also understood the owner of the Keg in Manitoba was behind this development & The Keg on Garry was the main tenant of the 10,000 ft2 dining space. Does this affect all The Kegs now in Manitoba as well? Between this & Sutton, what a disaster especially when tourists & perspective investors see that, little retail on Portage ave. as well as the meth issues plaguing the area. |
Is this a project that is likely to be bought? Are the economics favourable for a developer with deep enough pockets? Or is this a moonshot project that will have to get value-engineered to death for anyone else to touch it?
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That’s the big question I guess. It’s been value engineered for two straight years. Only to see the cost go up as every month passed. If there was another penny to be taken out it would have been.
I don’t have any experience with this but talking to a couple developer friends, the owner will likely have to take a loss until it does become attractive to a buyer. It breaks my heart because he is a really nice man. He didn’t deserve this. A perfect storm of issues all came together. |
Oh man this is a disaster. Downtown seems to be beyond life support at this point.
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I recognize it's a hit for downtown, but shouting "disaster! doom & gloom!" with each piece of bad news really doesn't help promote positive change. |
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in a wider view of downtown, it seems it's more of shifting of the deck chairs than actual complete decay and decline. yes there have been recent setbacks and portage place and portage avenue are in the doldrums, but the exchange, the forks, true north square and the area around the WAG are still bright spots. screaming that the sky is falling and that the last person to leave needs to turn off the lights isn't quite true and counter-productive.
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The Sutton project has similar circumstances but has an owner that should be able to develop the project properly but struggled through the Covid shutdowns. Their track record of developments being built quickly is definitely a question mark. I don't feel that either of these projects failed because they are downtown. I do agree that it doesn't look good having two incomplete projects downtown. |
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To Biff's point above, it does seem like there have been an abnormally large number of failed projects downtown. dCondos (which eventually got completed), Sutton Place, 300 Saint Mary, the Starlight iteration of Portage Place, even 300 Main basically took down a company. If downtown was thriving and demand was high, would they have suffered the same fates? |
Ahh. Was really looking forward to this one rising. I noticed the other day there was no activity on site.
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From what I've read, construction project delays and cancellations are not unusual, and Winnipeg isn't immune to that. |
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There has been more construction projects being built in the downtown area in the last decade than at any point in my lifetime. |
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The residential population of down has increased each year since the late 90s. |
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