Winnipeg | 300 Main St.- Phase II 360 Main St. | 465 Ft | 42F | Completed

[bomberjet]

Earls is going in the corner at Graham I thought.

[roccerfeller]

Originally Posted by esquire

Had SkyCity taken the form of a 30 storey condo tower by a legitimate developer, it probably would have been built by now...

Never mind 30 stories, if SkyCity was as intended at 175m and done by a legit developer it would have been u/c by now

Some people who would know these things have mentioned to me many times that at 50% sales, that should have been fine for green lighting the development. Once u/c I'm sure more people would have continued to invest. What the issue was, was not the market response but who was behind the proposal.

[rrskylar]

Originally Posted by roccerfeller

Never mind 30 stories, if SkyCity was as intended at 175m and done by a legit developer it would have been u/c by now

Some people who would know these things have mentioned to me many times that at 50% sales, that should have been fine for green lighting the development. Once u/c I'm sure more people would have continued to invest. What the issue was, was not the market response but who was behind the proposal.

Sincerely doubt it was 50% in sales. Nothing from that ponzi company was believable!

[Wpg_Guy]

New page

[Glenn99]

Originally Posted by bomberjet

What exactly will be going in the in-between area? A grocery store was proposed, but I don't remember hearing anything more.

I've heard Goodlife Fitness is relocating from 201 Portage.

[roccerfeller]

Originally Posted by Biff

Another quick and dirty.

This is amazing Biff, thanks. This one tower alone is really going to change the "feel" of Winnipeg's downtown, tall buildings have that effect! That subtle "oh wow" response. It might be to Winnipeg's benefit there aren't a ton of tall towers because when these tall ones do go up, they are that much more impressive and impactful as a result

Originally Posted by rrskylar

Sincerely doubt it was 50% in sales. Nothing from that ponzi company was believable!

Yep, exactly. I know of condo towers securing financing with less than 50% sales and move forward with construction. This was definitely a case of who was behind it, in the end. Despite being warned many of us wanted to believe it would still move through (myself included). Oh well! 300 main will be exciting to watch go up. Those cranes will look nice in Winnipeg's skyline when they get high up

[Wolf13]

Originally Posted by Spocket

I feel it needs to be stated that SkyCity doesn't make for any sort of thermometer on the state of condo desirability in Winnipeg. It stalled around %50 but that's after it became apparent that the company wasn't particularly above-board. Other condos have sold and they tell us much more about the viability of such projects in Winnipeg.

Yes and no. Condos were still considered overbuilt... the success of a 100 unit condo project is hundreds % less risky than a 450 unit project.

Originally Posted by dmacc

^^^ Yup, who's to say that 50% is accurate, nothing that developer did was above board. I have no idea how well the other condo towers built downtown recently sold. I would consider buying one if it were connected to the sky walk... or not. I would be a bit nervous because there are a lot of apartments going up and renting out a condo in a saturated market could be tough.

Well of course it wasn't accurate.

50% triggers construction financing, meaning they would have started building.

Apartments are still a safe market so by buying a unit and renting it you've theoretically undregone less risk than a condo builder (unit for unit).

Originally Posted by esquire

Had SkyCity taken the form of a 30 storey condo tower by a legitimate developer, it probably would have been built by now...

It wouldn't have been built. Land was too expensive.

You need to build more units to make back the extra millions you paid for the land

Furthermore, appropriately for our market, they priced the units low. In addition to needing more units to break even/profit, you now need more units to benefit from economies of scale.

Originally Posted by Glenn99

I've heard Goodlife Fitness is relocating from 201 Portage.

Yes. There is a huge banner spanning the height of the 360 main lobby with Goodlife signage all over the renderings.

[DowntownBooster]

Originally Posted by Biff

I think that SkyCity has hurt both D-Condo and Glasshouse. Glasshouse was first to market and likely had some trepidation from new condo buyers to highrise living in a busy part of downtown. Then came D-Condo which had issues of it's own that hurt it's sales. SkyCity came on the scene and I think really wowed everyone and likely drew some potential buyers from both D and Glasshouse.

When SkyCity turned out to have shady developers and ultimately fell through i'm sure it has hurt the uptake on the other two. You would think that (if you believe it to be true) - even a portion of the reported 200 pre-sold buyers in SkyCity would have no problem buying a unit in either of the already built condo towers...which would be enough to fill them up.

So not only do we end up with a gravel parking lot...still, I think SkyCity hurt the outlook of the prospective downtown condo buyers market.

I don't think it's necessarily the case that SkyCity and its failure hurt sales at either Glasshouse or dCondo. SkyCity would likely have been a huge success had it been developed by a reputable builder. The location was great as it was close to the Forks, the Exchange district and Bell MTS Place and to top it off it was going to be connected to the skywalk system. As far as a location for a condo downtown it was unbeatable.

As much as I like Glasshouse and dCondo, their locations aren't the best. Sure, dCondo is situated next to the Assiniboine River which offers a nice view and is relatively close to the Forks but it is also a great deal further away from P&M and the amenities nearby to that area if you plan to walk. Glasshouse isn't in a great spot either as the area around it isn't very attractive (especially to the north) and there are so many panhandlers and vagrants frequenting the vicinity that it detracts from any positives that might be gained by living there. It would also feel a little more isolated as it is not connected to the skywalk system.

It's a real shame that it had to be Fortress that was behind the SkyCity project. Having both 300 Main and SkyCity going up at the same time would have been a real boon to downtown and together likely would have spurred on further activity at a more rapid pace.

[esquire]

Originally Posted by Wolf13

It wouldn't have been built. Land was too expensive.

You need to build more units to make back the extra millions you paid for the land

That's where the "legitimate developer" part of my comment comes into play.

[Wolf13]

Originally Posted by esquire

That's where the "legitimate developer" part of my comment comes into play.

touche lol.

However, as far as pricing, I think Ellis Don was the contractor so there wouldn't be too much inaccuracy with pricing.

Land dealings, however, who knows lol.

[pegcityfan]

Source: https://twitter.com/AYWinnipeg/status/1107685008171507714

[BuildUpWpg]

Originally Posted by pegcityfan

Source: https://twitter.com/AYWinnipeg/status/1107685008171507714

That's the latest look of what 330 will look like. Only one level now compared to multiple levels that previous renderings showed.

[Kris22]

^We can now see the updated render for the centre 1 storey portion.

[bomberjet]

Kildonan Crossing shopping centre is for sale if you'd like to get into retail haha.

Also for sale 330 Portage Ave.

[Biff]

Originally Posted by BuildUpWpg

That's the latest look of what 330 will look like. Only one level now compared to multiple levels that previous renderings showed.

Still a huge improvement over what has (or hasn't) presided there for the last 40 years.

[bomberjet]

Originally Posted by bomberjet

It looks like there should be a second story along the Main St side. They placed hollow core in that area, which typically means something will be using that as floor space. Maybe outdoor area? I don't know.

Like I mentioned, seems like something can go above the first story along the Main St side.

[esquire]

Looks a little strip mall like, but as Biff says, still an improvement.

[cllew]

Originally Posted by bomberjet

Kildonan Crossing shopping centre is for sale if you'd like to get into retail haha.

Also for sale 330 Portage Ave.

Your are saying that KingSett Real Estate Growth /CCI Corpfin Capital Acquisition Fund (Newport center) have abandoned their plans to upgrade 330 Portage (Newport Center)? They have only had that property for about 2 years or so.

[Wpg_Guy]

Originally Posted by cllew

Your are saying that KingSett Real Estate Growth /CCI Corpfin Capital Acquisition Fund (Newport center) have abandoned their plans to upgrade 330 Portage (Newport Center)? They have only had that property for about 2 years or so.

bomberjet was mistaken, it's not for sale, they are advertising space for lease.

[michelleb]

"KidThink" at 200 Portage (Scotiabank) does seem to be dead though: "Up to 3 contiguous full floors available"

This listing updated a week ago seems to confirm it: "This flagship building offers incredible **signage opportunities** for key tenants on both the exterior of the building, as well as building lobbies and elevators."