Posted Jan 21, 2026, 2:07 AM
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Join Date: Aug 2002
Location: Winnipeg, Manitoba
Posts: 7,845
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At today's Executive Policy Committee Regular Meeting, EPC (City of Winnipeg) as a shareholder of the North Portage Development Corporation approved the Forks Renewal Corporation to finance their 91-unit, $38.1 million affordable housing project at 72 Israel Asper Way.
- Approve borrowing of up to $28,601,843 from the Canada Mortgage and Housing Corporation (CMHC)
- Approve borrowing unsecured loan of up to $2,498,947
- In December 2024, City Council approved $2 million from the City’s HAF for the Project. The province, through the Manitoba Housing and Renewal Corporation is in the process of finalizing a contribution to the Project.
- Building permit applications have been submitted to the city
Quote:
Originally Posted by Wpg_Guy
Location: 72 Israel Asper Way
Developer: Forks Renewal Corporation
Architect: Number TEN Architectural Group
Status: Development Permit
Documents: Project Thread: Forks Redevelopment
Renderings
Description: The City of Winnipeg has approved a development permit for a six-storey mixed-use project at 72 Israel Asper Way, part of the ongoing Railside at The Forks redevelopment initiative, which is transforming former surface parking areas into a vibrant, pedestrian-oriented mixed-use neighbourhood. The project features two connected buildings totaling approximately 79,409 square feet, linked by outdoor walkways at each level, and includes four commercial rental units on the ground floor and 91 residential units above, with Building A incorporating a rooftop patio amenity. This development advances urban intensification near The Forks, adding to the area's growing residential and commercial offerings as part of a broader phase that will deliver hundreds of units—including condominiums, market rentals, and affordable housing—by around 2027. When completed, the project will be a 91-unit, $38.1 million mixed-income residential development, of which 51 percent (46 units) will be affordable—28 of which will be two- and three-bedroom rent-geared-to-income units targeted towards low-income families and single mothers. On November 17, 2025, CMHC issued conditional financing approval under the Affordable Housing Fund of up to $28,601,843 on a secured basis for the project, confirming the financial viability of the project’s funding model; CMHC requires NPDC to guarantee this loan. FRC also seeks authority to borrow up to $2,498,947 on an unsecured basis, if required, to support its planned equity contribution to the project. Recipient of the Housing Accelerator Fund Capital Grant Incentive.
Permits: 25-139621 DP-2025-12-09, Permit. Housing Accelerator Fund - Development Permit Application for a proposed two building, 79,409 sq. ft. 6-storey mixed-use development containing a 91-unit Multi-Family Dwelling Use and 4 Commercial Rental Units located on the main floors. The two buildings are connected by outdoor walkways at each level and building A has a roof top patio amenity.
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