Winnipeg Construction VIII

[Cyro]

All the details from the release seem to be out here already. Might as well add the link to the article.

Fortress developers say complex could be up to 55 storeys tall
http://www.winnipegfreepress.com/busines...-be-up-to-55-storeys-tall-222705481.html

I like this little tidbit from the article...Very Nice..

a nine-story-high, glass-wrapped lounge area on the top of the building, it will be the equivalent of 55 stories in height.

The cost of the project has increased 2 fold since it was initially concieved.

$200-million

Late 2014 or early 2015 as a start up date for construction? 1.5 yrs to pre-sell 400 condos? Speculation....They'll reach thier projected 40-50% Guessing 200-210 pre-sold.

[bomberjet]

Originally Posted by Biff

There will be 700 parking spaces on floors 3 to 8 of the parkade. The parkade will be on the interior of the podium so you will not notice it from the street. Offices and amenities will ring the exterior. Floor 2 will be for the grocer (they have been already negotiating with a possible franchise). The podium will be 9 storeys and the pinnacle will be 9 storeys tall. I would have to say likely at least 500 ft. They mentioned the Crown will have programmable LED lighting for special events (Breast Cancer Awareness, The Jets, The Bombers, Canada Day etc).

I'll have to admit, this development gets better and better. Your summary, including the interior parkade, is amazing. A nine storey high penthouse lounge area is killer, for lack of a better term! With changeable LED lighting at the top. Wow.

[TR_Chick]

The only thing that could make the fortress development more appealing in my eyes is turning a fraction of those condos into apartments! This would be an ideal location for me as a student (or any student since it is close to buses to U of M or walking to U of W)... of course apartments in this building would never be affordable. Still very excited about the development!

[Kris22]

Wow I really hope this materializes in full form. As much as I like the charm of converted heritage buildings, this complex offers so much I would consider living there for sure.

And I really like the design. I'm over the boring glass box design that's been popular recently...two glass walls is enough for me. Hopefully the roof feature stays in the final design!

[Lenin]

I'm liking this development as well. Been waiting to hear something a little more concrete for ages! I personally think it shouldn't be too difficult a task to sell a few hundred units given the roughly 4 -5 year timeline until the estimated completion date. The city is growing at a healthy rate now, and several factors make the downtown area (at least in my eyes) increasingly attractive to live in:

- the continued growth of Red River College, University of Winnipeg, and the University of Manitoba (even if some students move away post-degree or diploma we still skim off a bunch of new educated professionals with potential cash who want to live here, and our core is attracting more young professionals every year)

- the continued improvements to public transportation and the eventual link between the core and the U of M will connect two quite dense and active areas, making it easier for U of M students, faculty, and staff (and employees of surrounding businesses) to live downtown and still work / study down south. Would be nice to see a few of those condos morph into apartments though!

- the salvation and utilization, and (to some extent) gentrification of the nearby Exchange District

- the continued improvements to the Forks area including a new attractive museum and the iconic pedestrian bridge

- new building re-clads and renovations downtown, including smaller buildings being rehabilitated, and the emergence of new shops and restaurants and attractions (MTS Centre, etc.)

- increasing public perception of a safe and liveable downtown, as surface parking lots slowly disappear and more Downtown Biz, Cadets, etc. roam the streets in a visible fashion

Anyways, perhaps I'm being a bit naive or optimistic. But hey, there ARE good things happening, and I suspect we're damn close to hitting some kind of critical mass in core development. I realize there are several other residential projects along the way, but so far they appear to be valid and realistic, and will probably be successful. As the city continues to grow, and as downtown continues to densify and become more attractive, so will projects like this one.

I think it's not too flaky to assume a development of this scale is totally feasible, given the time frame. This gig could happen, folks!

[Cyro]

^^ Yes, a truly remarkable reveal, Everything Winnipeg would want in a iconic build. I'm always optimistic but we still need the retail/commercial/ and condo sales and commitments for all of these wonderfull components to come to fruition? I hope and am excited as all for what was said today. Let's hope Winnipeg buisness and winnipeger's respond with the same enthusiasm we have with thier wallets.

Bringing the wow factor to the pinnacle(no pun intended), would sooth the masses if it came up short or under expectations at lets' say only 30 stories? Still a a great project either way but very well thought out by Fortress. I realize some posters will not enjoy this post, but I'm just being realistic and hoping for the best.

[steveosnyder]

Originally Posted by JamieDavid Exchange

This mixed use development will be the first of its kind in Winnipeg. The tallest building between Toronto and Calgary. Home to over 400 luxury suites, a 25,000 square foot grocer and over 15,000 square feet of amenities.

Makes me wonder if they have a grocer in their back pocket?

If the units have balconies, we'll be taking a serious look at living there.

Just a silly question -- are you worried that the saturation of the area with condos will decrease the value of your unit in Ashdown? With the number in the east exchange increasing and now glasshouse and this it seems like the market may force prices down.

[oftheMoon]

Originally Posted by steveosnyder

Just a silly question -- are you worried that the saturation of the area with condos will decrease the value of your unit in Ashdown? With the number in the east exchange increasing and now glasshouse and this it seems like the market may force prices down.

That's a great question actually. I was thinking that more condos downtown and more people wanting to live there would have a positive effect on values. I think the more desireable an area becomes the more values go up. Having said that, it's hard to compare an Ashdown unit to a Glasshouse unit.

[bomberjet]

One thing that will probably happen, similar to what's happening at Glasshouse, is people will buy to rent. It's an investment. So guy will buy 5 condos and rent them out. Probably on the lower end of the dollar scale, but would be ideal for the student. Maybe.

[Cyro]

Originally Posted by oftheMoon

That's a great question actually. I was thinking that more condos downtown and more people wanting to live there would have a positive effect on values. I think the more desireable an area becomes the more values go up. Having said that, it's hard to compare an Ashdown unit to a Glasshouse unit.

This is very true Moon, but an over abundance of homes or condos in an area would drive prices down if there was a glut of them in the market. More choices, oversupply, cheaper prices, which is not a bad thing if your looking to purchase. Increased values of properties will come with less demand, 10 people interested in a property rather than 1 or 2.

[Cyro]

Originally Posted by bomberjet

One thing that will probably happen, similar to what's happening at Glasshouse, is people will buy to rent. It's an investment. So guy will buy 5 condos and rent them out. Probably on the lower end of the dollar scale, but would be ideal for the student.

This is the most likely scenario, we've seen this in major cities across Canada for some time.

Edit: ps: Your right about traffic on the Site Bomber, you rarely see 50 members logged in many times for SSP Man/Sask.

[Biff]

The other thing i found interesting in talking with Fortress is that they have been working on this project for over 2 years. It really seems that they are not merely dipping their toe in the Winnipeg market but know and realize the situation here. They seem to know all about our poor soil conditions and were aware the below grade parking wouldn't work.

.......in the end they seemed to have done extensive homework, and still felt it is worth while to proceed and buy the land and market 400 units.

[bomberjet]

Originally Posted by Cyrodill

This is the most likely scenario, we've seen this in major cities across Canada for some time.

Edit: ps: Your right about traffic on the Site Bomber, you rarely see 50 members logged in many times for SSP Man/Sask.

I've kind of been watching and the guest count was almost up to 200 at one point. And yeah, 49 members in the group right now. Pretty good.

[cheswick]

Originally Posted by Biff

The other thing i found interesting in talking with Fortress is that they have been working on this project for over 2 years. It really seems that they are not merely dipping their toe in the Winnipeg market but know and realize the situation here. They seem to know all about our poor soil conditions and were aware the below grade parking wouldn't work.

.......in the end they seemed to have done extensive homework, and still felt it is worth while to proceed and buy the land and market 400 units.

That makes me optimistic they will get their pricing right.

[Authentic_City]

Originally Posted by JamieDavid Exchange

Makes me wonder if they have a grocer in their back pocket?

Who knows how accurate the Free Press report is, but the latest article says fortress is "close to finalizing a leasing deal with a national grocery store chain". If this is true, it would be a coup for downtown and a real selling point for the development.

It's hard to to get excited about the proposal when it has all these goodies attached to it!

[oftheMoon]

Originally Posted by Cyrodill

This is very true Moon, but an over abundance of homes or condos in an area would drive prices down if there was a glut of them in the market. More choices, oversupply, cheaper prices, which is not a bad thing if your looking to purchase. Increased values of properties will come with less demand, 10 people interested in a property rather than 1 or 2.

Good points also. I’m sure JamieDavid can speak to this better than I can, but sales in Ashdown have been hot since the spring. I’m curious as to how this will all pan out over time with the number of “downtown” units increasing like they are. I’ve been watching condo development and sales for years for “fun” and have now bought, but plan to continue to watch. It’s an odd obsession I have so stuff like Fortress has me reeling today!

[esquire]

Originally Posted by Cyrodill

This is very true Moon, but an over abundance of homes or condos in an area would drive prices down if there was a glut of them in the market. More choices, oversupply, cheaper prices, which is not a bad thing if your looking to purchase. Increased values of properties will come with less demand, 10 people interested in a property rather than 1 or 2.

Somewhat paradoxically, more supply could also end up driving prices higher by growing the market for residential properties downtown. If more construction leads to the emergence of a thriving downtown residential community, it could encourage more people to consider moving there.

Edmonton, which is a very similar city, is a good example of this phenomenon: 15 years ago, downtown living was a bit of a niche much as it is here now. Condos downtown were pretty cheap. However, a condo building boom took place in the 2000s and it gave rise to lively, safe downtown streets... the new buildings and vibrant neighbourhood appeal to a much broader segment of the population. So in the end thousands of condos were built and snapped up, but prices are actually quite a bit higher now than they were previously as far more people are interested in living downtown than before those condos were built.

Obviously the Fortress plan is just one building, but it would be great to see a residential cluster emerge along Graham Avenue (as with Edmonton's 104 St.) ... Graham's location and scale would make it a logical place to see some more condo buildings go up.

[ctochico]

Originally Posted by oftheMoon

Good points also. I’m sure JamieDavid can speak to this better than I can, but sales in Ashdown have been hot since the spring. I’m curious as to how this will all pan out over time with the number of “downtown” units increasing like they are. I’ve been watching condo development and sales for years for “fun” and have now bought, but plan to continue to watch. It’s an odd obsession I have so stuff like Fortress has me reeling today!

i have been doing the exact same thing for the past 5 years or so...i look everyday just to see whats out there and the market. im always looking out to possibly purchase condos and rent them out..thats what i plan on doing with mine, after living in it for a bit first, its just a matter of getting more financially and picking the right ones to invest.

i believe the units downtown will still increase as the city becomes more dense. the competition out there for condos is no different from purchasing homes in other neighbourhoods, theres always going to be something better, its just a matter how much you can afford.

[oftheMoon]

Originally Posted by esquire

Graham's location and scale would make it a logical place to see some more condo buildings go up.

Absolutely! Graham Ave. is sort of "mid" downtown as I'd describe it. It seems like such a logical place to see more condos go. I was walking down it today and thinking with the bus mall running up and down there, it just makes so much sense. I was excitely living in a Winnipeg dream world. But hey, it's a good day right!

[oftheMoon]

Originally Posted by ctochico

i have been doing the exact same thing for the past 5 years or so...i look everyday just to see whats out there and the market.

Oh man - good to hear I'm not the only obsessed one out there!

I've got a collection of handouts I've collected about condo, spreadsheets and everything lol. My stuff goes back about 8 years...