Quote:
Originally Posted by Biff
UM Properties would like to see all the buildings in the 15 to 25 storey range.
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UM properties must be out of their mind, unless they want the full build out to take 150 years. 15 stories would be what, 150 units per building? Since 2010, the entire Fort Gary area - which includes Bridgwater/Waverley West in the CMHC statistics - has seen 3,035 rental units constructed since 2010, or 233 per year.
The main driver behind rental unit construction in this area has been international student growth at the UofM which has and will continue to level off unless the UofM can significantly increase teaching capacity which means more academic staff and buildings, which they don't exactly have the budget for.
So:
A) where will the demand for multiple 15 storey buildings adjacent to campus come from if international student enrollment is leveling off (Winnipeggers continue to mostly live in their parents basement when going to UofM); and
B) if they built even one 15 storey building every 5 years, it would absorb over 12% of the demand for rentals in that entire geography of the city, which again includes the rapidly growing area of Waverley West which is still growing, also with lots of rentals.
I'd love to see the UofM's math on this one. I'm guessing we will see a modest development or two on this land in short order, then crickets for several years or decades just like the Smart Park... unless this development somehow reallocates rental unit construction from other parts of Winnipeg (i.e. downtown) to the UofM.