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

[drew]

Originally Posted by esquire

Whether or not you agree with everything WinCitySparky says, you have to admit that this project is proceeding at an excruciatingly slow pace. Two years in and the structure is barely past the halfway point... and that's with the foundation and footings already in place on day one of the project.

The foundation was in place for the vertical loads, but there was a lot of fairly complicated work to reinforce the existing elevator shaft core to resist the lateral loading from the taller (than originally designed) tower.

I believe the concrete strength of the existing core was less than was expected, so that also was a complicating (i.e. time suck) factor.

All of that work was happening behind the scenes, so it wouldn't necessarily look like a lot was going on from the outside.

Then there was the post tender bankruptcies of the steel and precast concrete suppliers. Suppliers for a 42 storey building. There aren't a lot of these types of suppliers in Winnipeg - in case you were wondering.

Remember, all of this was happening while the steel duty thing was going on with the US, so steel would have needed to be sourced from all over the place to keep the budget intact - but not necessarily somewhere with a quick delivery time.

These are not small issues.

Then covid hit.

Let's all be thankful that owner of this tower has kept this thing going - despite the world seemingly throwing everything it possibly can at it.

[esquire]

^ That is a helpful bit of perspective... thanks.

[roccerfeller]

Originally Posted by 3de14eec6a

Let's all blame roccerfeller for how long it's taking.

[BuildUpWpg]

Originally Posted by drew

The foundation was in place for the vertical loads, but there was a lot of fairly complicated work to reinforce the existing elevator shaft core to resist the lateral loading from the taller (than originally designed) tower.

I believe the concrete strength of the existing core was less than was expected, so that also was a complicating (i.e. time suck) factor.

All of that work was happening behind the scenes, so it wouldn't necessarily look like a lot was going on from the outside.

Then there was the post tender bankruptcies of the steel and precast concrete suppliers. Suppliers for a 42 storey building. There aren't a lot of these types of suppliers in Winnipeg - in case you were wondering.

Remember, all of this was happening while the steel duty thing was going on with the US, so steel would have needed to be sourced from all over the place to keep the budget intact - but not necessarily somewhere with a quick delivery time.

These are not small issues.

Then covid hit.

Let's all be thankful that owner of this tower has kept this thing going - despite the world seemingly throwing everything it possibly can at it.

I'm not sure your explanation explains why it's taking so long just to close in the ground floor. It's going at such a snails pace...the steel framing has been there for almost a year. Any other project and the ground floor would be closed in just in two weeks!

[drew]

Originally Posted by BuildUpWpg

I'm not sure your explanation explains why it's taking so long just to close in the ground floor. It's going at such a snails pace...the steel framing has been there for almost a year. Any other project and the ground floor would be closed in just in two weeks!

I am just telling you what I know.

And that is purely structural (cladding is not really structural).

The rest of the issues (architectural, electrical, mechanical) are above and beyond that.

[BigG]

Thanks drew for the insight.

[Biff]

Next Page

[buzzg]

The cladding and glazing seems to be happening very quickly once they are allowed to work on a section.

[cllew]

On my lunch hour walk I noticed the crane company iron workers were assembling the next set of floor standoff brackets on the ground to be lifted into position.
That should mean the next raising is coming soon?

[buzzg]

Almost all the shops were closed in the mall this morning. The food court is remaining caged up with no seating, take out only but appears closed and there was no one in there. Masks are mandatory and clearly marked, but no one was enforcing it and I saw a few people without them... I say, close the mall and relocate everyone to the street!

Originally Posted by cllew

On my lunch hour walk I noticed the crane company iron workers were assembling the next set of floor standoff brackets on the ground to be lifted into position.
That should mean the next raising is coming soon?

There's 4 crane segments on Fort that have been there about a week, so must be.

[Biff]

Yay, the crane tether is being installed. The building will be going vertical again by the weekend.

[EndoftheBeginning]

Likely doesn't mean too much for the 300 Main project already underway, but Artis REIT is facing a challenge from an activist investor who disagrees with a new retail REIT spin-off they are planning. The activist investor, Sandpiper, is nominating a slate of directors to take over control of the Board.

Some info below. There was an article in the Globe and Mail too, but is subscriber only.

https://www.newswire.ca/news-releases/sa...opposes-proposed-spin-off-805616702.html

[blue4life]

Originally Posted by EndoftheBeginning

Likely doesn't mean too much for the 300 Main project already underway, but Artis REIT is facing a challenge from an activist investor who disagrees with a new retail REIT spin-off they are planning. The activist investor, Sandpiper, is nominating a slate of directors to take over control of the Board.

Some info below. There was an article in the Globe and Mail too, but is subscriber only.

https://www.newswire.ca/news-releases/sa...opposes-proposed-spin-off-805616702.html

Wow.. Sandpiper is essentially trying to remove any and all current directors with a direct connection to Manitoba. At least that's how it looks, based on each current BOD and newly suggested BOD profiles. Not a good situation for a Manitoba based company, one would think.

[blue4life]

Originally Posted by blue4life

Wow.. Sandpiper is essentially trying to remove any and all current directors with a direct connection to Manitoba. At least that's how it looks, based on each current BOD and newly suggested BOD profiles. Not a good situation for a Manitoba based company, one would think.

Nevermind; that IS exactly what they're trying to do:

"For the benefit of all unitholders, we have nominated a talented slate of trustees to the Artis Board. Sandpiper's nominees are independent, highly qualified, and well respected individuals with experience in real estate, corporate governance, strategic oversight and capital allocation. Unitholders deserve an aligned Board that will shift the power away from the Winnipeg-dominated incumbent Martens family-centric regime that has overseen a prolonged period of underperformance and poor corporate governance, and towards the interest of all unitholders. It is time to hold management and the Board accountable. That is why we are nominating five NEW independent nominees to the Board with high-performance track records, impeccable credentials, and proven ability to create value"

[WinCitySparky]

Originally Posted by blue4life

nevermind; that is exactly what they're trying to do:

"for the benefit of all unitholders, we have nominated a talented slate of trustees to the artis board. Sandpiper's nominees are independent, highly qualified, and well respected individuals with experience in real estate, corporate governance, strategic oversight and capital allocation. Unitholders deserve an aligned board that will shift the power away from the winnipeg-dominated incumbent martens family-centric regime that has overseen a prolonged period of underperformance and poor corporate governance, and towards the interest of all unitholders. It is time to hold management and the board accountable. That is why we are nominating five new independent nominees to the board with high-performance track records, impeccable credentials, and proven ability to create value"

hah

[EspionNoir]

I like it. Can’t always let old people get away with outdated and close-minded mindsets.

“Unit-holders deserve an aligned Board that will shift the power away from the Winnipeg-dominated incumbent Martens family-centric regime that has overseen a prolonged period of underperformance and poor corporate governance”

Love this part. Time to set ARTIS for a bigger stage and bigger vision!

I think 300 Main actually contributes to a better future for them.

[robertocarlos]

Originally Posted by EspionNoir

I like it. Can’t always let old people get away with outdated and close-minded mindsets.

“Unit-holders deserve an aligned Board that will shift the power away from the Winnipeg-dominated incumbent Martens family-centric regime that has overseen a prolonged period of underperformance and poor corporate governance”

Love this part. Time to set ARTIS for a bigger stage and bigger vision!

I think 300 Main actually contributes to a better future for them.

You know 300 Main is for sale, right?

[EspionNoir]

Originally Posted by robertocarlos

You know 300 Main is for sale, right?

I personally kind of hope maybe the decision will be reversed. Still it will be a lot of money for ARTIS. Whoever is going to own it will be very benefited lol.

[robertocarlos]

I think Artis will prevail and tell Sandpiper to stick to old folks' homes.

[robertocarlos]

Originally Posted by EspionNoir

I personally kind of hope maybe the decision will be reversed. Still it will be a lot of money for ARTIS. Whoever is going to own it will be very benefited lol.

Especially if they own the parking garage. That's a gold mine.