Winnipeg Construction IX - Page 390

Wpg_Guy · #**7781** Posted **Aug 17, 2018, 7:37 PM**

Quote:

Originally Posted by trueviking

Saw an image of the development happening on Princess next to Fairchild Lofts. It is awesome. Will be a very unique addition to the Exchange. Very cool to see the City allowing modern infill.

Residential?

Jeff · #**7782** Posted **Aug 17, 2018, 7:46 PM**

so despite no residential subsidy program continuing downtown, there seems to be a mini boom of activity happening to keep things fun to watch! cranes at: 300 main, Sherbrook, art gallery, stradbrook, and soon to be RRC innovation centre + Sutton place + u of w residential. along with ongoing progress at the fortune block and the hyatt, Newport centre, etc. lots to keep tabs on

buzzg · #**7783** Posted **Aug 17, 2018, 8:21 PM**

Don’t forget about the massive Waterfont property that was just sold, Marketlands, and Railside.

It’s almost like the years of “waste-of-tax-dollars” subsidies are paying off.

Wpg_Guy · #**7784** Posted **Aug 17, 2018, 8:27 PM**

How successful will railside be with the same kind of model as portage place where the forks owns the land and developers lease it from the Forks. Are there any other developments like this in Manitoba?

trueviking · #**7785** Posted **Aug 17, 2018, 10:29 PM**

Quote:

Originally Posted by Jeff

so despite no residential subsidy program continuing downtown, there seems to be a mini boom of activity happening to keep things fun to watch! cranes at: 300 main, Sherbrook, art gallery, stradbrook, and soon to be RRC innovation centre + Sutton place + u of w residential. along with ongoing progress at the fortune block and the hyatt, Newport centre, etc. lots to keep tabs on

its true....residential has definitely slowed (300 main had the TIF) but other things are picking up....awesome to see. Two hotels is really a great thing. There are other developments on the way too. The residential market seems like it can work with certain developers willing to take long term payback on rentals...Not as prolific as with the TIF but there will be some more residential slowly coming along....There are also a couple bigger conversions happening.

I wonder what happened to the one across from the pumping station that squeaked in under the TIF....wasn't it 10 stories or something?

1ajs · #**7786** Posted **Aug 18, 2018, 12:27 AM**

Quote:

Originally Posted by trueviking

Saw an image of the development happening on Princess next to Fairchild Lofts. It is awesome. Will be a very unique addition to the Exchange. Very cool to see the City allowing modern infill.

this?

https://legatumdevelopment.co/

Wpg_Guy · #**7787** Posted **Aug 18, 2018, 12:49 AM**

Oh wow i hope so, that is awesome! I love the look it's a great example of how modern infill can fit into a historic district seamlessly, we don't need faux heritage to blend in.

Urban recluse · #**7788** Posted **Aug 18, 2018, 4:14 AM**

Cool!

Jeff · #**7789** Posted **Aug 18, 2018, 5:33 AM**

Quote:

Originally Posted by trueviking

its true....residential has definitely slowed (300 main had the TIF) but other things are picking up....awesome to see. Two hotels is really a great thing. There are other developments on the way too. The residential market seems like it can work with certain developers willing to take long term payback on rentals...Not as prolific as with the TIF but there will be some more residential slowly coming along....There are also a couple bigger conversions happening.

I wonder what happened to the one across from the pumping station that squeaked in under the TIF....wasn't it 10 stories or something?

when you consider the amount of heritage stock that has been converted to residential in the last 10-15 years, this city should be very proud as well! only makes sense now that so much has been repurposed that we start to see so much new construction finally I guess.

Jeff · #**7790** Posted **Aug 18, 2018, 5:35 AM**

that princess proposal will really give that whole corner a vibrant jolt! love it!!!

buzzg · #**7791** Posted **Aug 18, 2018, 3:46 PM**

That proposal for Princess is STUNNING. Really reminds me of older European cities where you have modern design nicely integrated on a 300 year old street. Love it.

With both existing RRC buildings, the new Innovation Centre coming, this gem... the Northwest Exchange is kind of becoming this little hub of blending old and new. More please.

buzzg · #**7792** Posted **Aug 18, 2018, 6:39 PM**

Can confirm Newport Centre is being painted white, as it’s happening right now. Rogers sign is down on the Portage side and looks like that side will be done today.

Labroco · #**7793** Posted **Aug 18, 2018, 8:15 PM**

Quote:

Originally Posted by 1ajs

this?

https://legatumdevelopment.co/

Great looking and clever project! No parking ...

Love to see the floor plans and scemadics.

buzzg · #**7794** Posted **Aug 18, 2018, 9:12 PM**

Quote:

Originally Posted by Labroco

Great looking and clever project! No parking ...

Love to see the floor plans and scemadics.

The building purchase came with 44 stalls behind the building. It’ll likely be Fairchild tenants that have to find an alternative now.

esquire · #**7795** Posted **Aug 18, 2018, 9:49 PM**

Quote:

Originally Posted by CoryB

So if I read that correctly, Forks North Portage has rightfully used their funding to improve their properties, aka The Forks. But as Portage Place lacks access to similar funds it lacks the means to do similar improvement projects.

The answer seems pretty clear, it is time to break the link between Portage Place and The Forks.

Cash's article really clearly framed how Portage Place is being used to subsidize The Forks. That element has been missing from news articles about the dire state of Portage Place.

Most people consider PP to be an unmitigated failure while The Forks is seen as a smashing success. However, if The Forks didn't have a pipeline of PP money running into it, it would probably be in much worse shape. And by the same token, PP would probably be in better shape if it wasn't bleeding off money to The Forks.

I can understand why the arrangement was considered necessary at the time, but I hope the goal is for The Forks to eventually stand on its own so that PP can be sold to a developer with land leases, parking and the whole nine yards so as to maximize the chances that Portage Place can at least come close to realizing its potential. It's absurd that downtown has improved so much over the last 15 years while PP becomes more and more of an eyesore with every passing year.

Tacheguy · #**7796** Posted **Aug 18, 2018, 10:15 PM**

Fnp could sell their parking component of Portage Place and reinvest the money into a new cash cow. Such as a parkade in the east exchange. This would also be consistent with their mandate to be a leader in downtown renewal. They should be churning those assets creatively.

Wigglez · #**7797** Posted **Aug 18, 2018, 10:25 PM**

Do they plan on gutting the existing building?

I only ask because in the 2nd image if you look at the back of the building the new style columns appear there as well. Though that could just be a lil addition for design purposes.

robertocarlos · #**7798** Posted **Aug 19, 2018, 2:37 PM**

PP is doomed. I don't believe Fnp will ever sell the cash cow. It brings in too much cash.

Jeff · #**7799** Posted **Aug 19, 2018, 4:50 PM**

their mandate is to improve the assets of which they're in charge of so I'm guessing someone in that organization will hold that true to Portage Place at some time...

buzzg · #**7800** Posted **Aug 19, 2018, 4:57 PM**

TFNP's plan is STILL to sell all their North Portage assets as soon as The Forks becomes economically self-sustainable. Bottom line. They don't want to be their anymore, and admit they're likely holding back further development, but until Railside revenues (and other new streams like The Common) start offsetting that revenue, they will keep it.

Quote:

Originally Posted by Tacheguy

Fnp could sell their parking component of Portage Place and reinvest the money into a new cash cow. Such as a parkade in the east exchange. This would also be consistent with their mandate to be a leader in downtown renewal. They should be churning those assets creatively.

Their mandate is not to be a leader in downtown renewal. It's to renew/redevelop whichever assets they are in charge of/own. It's widely known that the gov's are going to task them with waterfront/riverway renewal once they're out of NP, but they don't have the time resources to really start that until NP is done. They've already been heavily involved in the Tache Loop project, as well as Alexander Docks. They will likely be called The Forks - Riverfront/Waterfront Renewal Corp in ~3 years.