Winnipeg Construction IX

[1ajs]

Originally Posted by buzzg

The city wants TFNP to merge/evolve into a waterfront development corporation, and spearhead all the city's waterway plans. Essentially sell off North Portage assets and shift focus to the rivers.

they sell off the north portage assets and u kill the sustainbility of tfnp income wise to do things and then it turns into a drain on the government purse vs being able to slowly develop and grow naturaly something we are very lucky to have

[Biff]

My boy was in a soccer tournament at Blumberg over ther weekend and noticed a couple of flat beds carrying a tower crane. It could be passing through or it could be for 300 Main possibly.

[Wolf13]

Originally Posted by Bluenote

I really hope they are putting back the top and not leaving it like this.

haha so Winnipeg

Originally Posted by esquire

What has happened to Albert Street is downright tragic... it went from being one of the best streets in the city 15 years ago to being barely more than a glorified backlane now. A few committed property owners could probably turn it around, though.

Originally Posted by Urban recluse

No kidding. Rather than improve over time, it has deteriorated despite increased efforts revitalizing downtown. This Winnipeg phenomenon where government has to do everything is ridiculous, proving the private sector cannot ever take the f*ckin lead.

So, the question is, why aren't they?

1) Bought for cheap, no maintenance, value climbs
2) Dirtbag owners

We're all cynics, but those are the "of course" answers. What are the more technical questions that actually matter?

1) How much $/sq ft does it cost to make such a building appealing?
2) What's the typical street level retail rental rate? What's the typical exchange office rental rate?
3) Do these cover cost of renovation (for a holding owner) substantially? Do these adequately offset cost of purchase (for new owner)?

I'm not being a smartass, I actually would like to know.

Unless the owner is a complete dirtbag (and several are), most unsavvy operators would still attempt a redevelopment if the numbers made sense.

Now regarding the rents:

They're probably low for office, because the office market isn't saturated and everything's empty. One could make the argument that there is no desirable product, yet if we cried out for good offices in the exchange like we did for a downtown grocer perhaps we'd get some attention to the matter.

Otherwise we require a slick operator with deep pockets to pull an Imperial properties and get going on these warehouses.

Originally Posted by Biff

My boy was in a soccer tournament at Blumberg over ther weekend and noticed a couple of flat beds carrying a tower crane. It could be passing through or it could be for 300 Main possibly.

This would warm my sweet little heart.

[buzzg]

Originally Posted by 1ajs

they sell off the north portage assets and u kill the sustainbility of tfnp income wise to do things and then it turns into a drain on the government purse vs being able to slowly develop and grow naturaly something we are very lucky to have

That is precisely why they're developing that parking lots and adding more revenue streams to The Forks Market.

[robertocarlos]

Some owners are really cheap. It's June 4th and two parking lots on Donald were cleaned and had lines painted for the first time this year. The lot at Donald and York was a huge mess. Have some pride and build proper fencing and maybe plant some — flowers or shrubs. You only charge 15 bucks to park at a Jet's game.

[Urban recluse]

Originally Posted by Wolf13

So, the question is, why aren't they?

1) Bought for cheap, no maintenance, value climbs
2) Dirtbag owners

We're all cynics, but those are the "of course" answers. What are the more technical questions that actually matter?

1) How much $/sq ft does it cost to make such a building appealing?
2) What's the typical street level retail rental rate? What's the typical exchange office rental rate?
3) Do these cover cost of renovation (for a holding owner) substantially? Do these adequately offset cost of purchase (for new owner)?

It all comes down to the owners IMO. We need more out of province developers/investors (a la Bryce Alston).

[buzzg]

Originally Posted by robertocarlos

Some owners are really cheap. It's June 4th and two parking lots on Donald were cleaned and had lines painted for the first time this year. The lot at Donald and York was a huge mess. Have some pride and build proper fencing and maybe plant some — flowers or shrubs. You only charge 15 bucks to park at a Jet's game.

I never understand why the City doesn't seem to do anything to enforce it's existing requirements for parking lots.

[cllew]

Originally Posted by robertocarlos

Some owners are really cheap. It's June 4th and two parking lots on Donald were cleaned and had lines painted for the first time this year. The lot at Donald and York was a huge mess. Have some pride and build proper fencing and maybe plant some — flowers or shrubs. You only charge 15 bucks to park at a Jet's game.

I'm not sure if Impark/City Place provided them or the guy that ran the City Place lot at night where the TNS is now going up paid on his own, but you would see him in the evening when not busy tending to flowers around that lot. Not a lot of them like in a park but more than most lots have.

Sometimes I would come into work and see some of the "guests" from Tavern or other places would have ripped them out of the pots overnight, so I can see why some lots don't spend the money to beautify their lots.

[robertocarlos]

Thanks for that post cllew. At least one owner cares. Too bad idiot drunks ruin things.

At least this Donald and York owner had his crew clean up the mess they made. The back lane was covered in gravel but a sweeper cleaned in up OK.

Some lot cleaners (Best Western) put the gravel on the city sidewalk and leave it for the city to clean up.

On the whole, downtown is a dump.

Edit: That lot looks good today. Freshly painted and clean. Don't mind me, I stepped in some fresh gum yesterday.

[Wolf13]

Originally Posted by robertocarlos

Some owners are really cheap. It's June 4th and two parking lots on Donald were cleaned and had lines painted for the first time this year. The lot at Donald and York was a huge mess. Have some pride and build proper fencing and maybe plant some — flowers or shrubs. You only charge 15 bucks to park at a Jet's game.

Originally Posted by Urban recluse

It all comes down to the owners IMO. We need more out of province developers/investors (a la Bryce Alston).

I hear you both, but that only addresses what we've either all assumed, or all been told.

And furthermore, very few from out of town are coming in to do this, so why is that? If it's a struggle to actually GET land/property at a good price in stronger markets ie Toronto/Vancouver then they should be swarming Winnipeg for our garage sale pricing...

But they're not.

This leads me back to the 3 latter questions I asked. Anyone know the answers to them?

[Urban recluse]

We may see increased interest in these properties due to the growth fee?

[Wolf13]

Originally Posted by Urban recluse

We may see increased interest in these properties due to the growth fee?

Maybe...

The growth fee on new residential would artificially inflate the rental rates and potential property values of existing real estate. This could either slow down interest (i hope not) or aid in covering costs to renovate, making projects more viable.

Considering how behind Winnipeg is for property value, I hope it's the latter, but it might now be.

[1ajs]

318 316 ross project has started foundation pileing for the addition

[Urban recluse]

Originally Posted by Wolf13

Maybe...

The growth fee on new residential would artificially inflate the rental rates and potential property values of existing real estate. This could either slow down interest (i hope not) or aid in covering costs to renovate, making projects more viable.

Considering how behind Winnipeg is for property value, I hope it's the latter, but it might now be.

I think unique spaces (warehouse conversions) are more appealing to people than boring new construction, especially young professionals who are more than willing to jump on the bandwagon to live downtown. Will the growth fee on new rentals outside of downtown prohibit construction, compelling developers to look at downtown? I hope so!

[robertocarlos]

There's so much noise downtown. I want quiet. I don't care if it's new or old construction.
Right now at 7am the guy next door is power washing the building. Good grief.

[esquire]

Originally Posted by robertocarlos

There's so much noise downtown. I want quiet. I don't care if it's new or old construction.
Right now at 7am the guy next door is power washing the building. Good grief.

In suburbia it would be a guy mowing his lawn at that hour on a weekend

[robertocarlos]

Originally Posted by esquire

In suburbia it would be a guy mowing his lawn at that hour on a weekend

I complained and the guy said, "Look Mr. Carlos, do you want us to clean up downtown or not"?

[1ajs]

Originally Posted by robertocarlos

I complained and the guy said, "Look Mr. Carlos, do you want us to clean up downtown or not"?

Did u rebutle him with why at 7am why not 9?

My biggest complaint for noise is 4am garbage pickup every day blah

[oftheMoon]

Originally Posted by 1ajs

Did u rebutle him with why at 7am why not 9?

My biggest complaint for noise is 4am garbage pickup every day blah

Haha yeah, the 4am crashing of bottles and cans being dumped out of BFI bins into trucks shocks me every single Monday morning.

[robertocarlos]

Originally Posted by 1ajs

Did u rebutle him with why at 7am why not 9?

My biggest complaint for noise is 4am garbage pickup every day blah

I didn't talk to him, I made it up because of my other comments about downtown being a mess.

And they were just setting up at 7am with the beep beep beep of machines and a bit of water spraying. Work went on full force later and it was drowned out by the sound of jack hammers on concrete for garage repairs.

I am used to the 4am garbage so I never wake up to it. Downtown is nice and quiet most weekends.