Quote:
Originally Posted by dmacc
I hope you're right, I'm a bit more pessimistic though. I think after TNS and 300 main are built that we will see a slower growth in the downtown. I believe the apartments at 300 Assiniboine are only 30% filled. It may take a little longer to fill those suites. With the sale of 185 Smith we are essentially adding an extra apartment building to the market. I think we may see a bit of a pause to the building downtown. I do however believe we will see the positive windfalls as those sites begin to fill. We should see an increase of 25-30% in the downtown population. That will help with the critical mass, I just think were looking at something that will take closer to a decade to come to fruition.
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Couple thoughts
1. 300 Assinniboine, to me, is an earn-your-inheritance project. Owner/developer is retired and deliberately made this an affordable project to build geared towards older renters, ie harder to lease up, but much lower turnover. Next generation will fight harder to make their money, but be more secure thereafter.
2. That said, not entirely sure they know what they're doing...300 Assinioine is somewhat underwhelming and lacks amenities and flair. Designed moreso along the old Winnipeg mindset of providing xyz for as little as possible, rather than blowing up the market with a superior project.
3. 185 wouldn't compete with TNS, 300 Main or 300 Ass. Apartment market is quite healthy still.
They also have that sweet looking office building on henderson. Looks awesome, but flawed idea in the end.
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