Winnipeg Construction X

[1ajs]

couple 100mil + to rehab the bay building proper to make it work so some sorta p3 model?

[pspeid]

Originally Posted by CoryB

I wonder if UWCRC is prepared to take on the mother of all downtown megaprojects -- redevelopment of the Hudsons Bay building.

I wonder if all the new residential building almost right across the street will inspire some developers to take on The Bay as a residential conversion?

[optimusREIM]

If the PP development goes ahead and someone with deep enough pockets were to take on the bay, we could really see some of that critical residential mass being created. Look at all the projects that have taken place in the last 5-10 years. It could start a bit of a snowball effect and really start to boost property value to the point of being worth it to develop a lot of the parking lots.

Who knows? Maybe that's all fantasy/wishful thinking but I'd like to think that there is at least something to it.

[bomberjet]

Anybody know what kind of debt the U of W is carrying these days. I seem to remember they were tapped out after all the recent projects. The reno, the field house. Whatever involvement they've had in the buildings at Colony.

[CoryB]

Taking on non-campus projects is partly why UWinnipeg created the arms length UWCRC (Community Renewal Corp).

[davequanbury]

Originally Posted by CoryB

Taking on non-campus projects is partly why UWinnipeg created the arms length UWCRC (Community Renewal Corp).

Aren't they (UWCRC) the ones who undertook West Broadway Commons?

[Authentic_City]

Originally Posted by davequanbury

Aren't they (UWCRC) the ones who undertook West Broadway Commons?

That’s UWCRC 2.0. Why on earth a small liberal arts university needs to spin off two arms length development corporations is beyond me.

http://uwcrc.ca/uwcrc-2-0-projects-2/uwcrc-2-0

Originally Posted by bomberjet

Anybody know what kind of debt the U of W is carrying these days. I seem to remember they were tapped out after all the recent projects. The reno, the field house. Whatever involvement they've had in the buildings at Colony.

UW financial statements are here (pp 17-19)
Looks to be 158 million in long term debt. Interest payments in 2020 were over 7.4 million. UW has a razor thin budget, so I doubt they could service any more debt.

https://www.uwinnipeg.ca/financial-services/docs/uw-consolidated-financial-statements-2020-web.pdf

[buzzg]

UWCRC 1.0 was the actual development arm of UW, where 2.0 is there to help community/non-UW projects happen, and takes profits. They also benefit intangibly by improving the campus and surrounding area. It's really a win-win all around and so far the model has been working.

[Authentic_City]

^yes, I know the story. But why does a small liberal arts uni need a development arm in the first place? I guess because Axworthy wanted to tinker in downtown renewal again?
Plus, it’s a very strange and opaque financial relationship between the University and the 2 corporations. In addition to its ~158 million in long term debt, UW guarantees a condition of a loan on 491 Portage Ave (Rice Building) for UWCRC (who owns a 25% stake in the bldg). If occupancy rates fall below a certain threshold, UW is on the hook to rent the space (this has happened with the loss of several tenants recently). UWCRC in turn guarantees debts of UWCRC2 - about 29 million according to the audited statements. So it’s not clear how much debt could land on the university as a result of its entanglement with these 2 corporations. To be fair, they are building some buildings near UW, which is nice, but not sure if it’s wise for UW to get too deep into these ventures that seem well beyond the main purpose of the institution and carry significant financial risk.

[buzzg]

U of W needed more space so the leases weren't renewed for the tenants in Rice building, not the other way around.

[CoryB]

UWinnipeg lacked on-campus and near-campus housing choices for students. They also wanted to expand athletic facilities for their students and expand class space as the scope of their programming had grown. That all sort of occurred as part of the first development arm. Then seeing that the housing projects were benefiting the community outside the school they saw potential to continue it further but moving beyond the campus focus so they spun it off to be a separate operating group.

[esquire]

Originally Posted by buzzg

U of W needed more space so the leases weren't renewed for the tenants in Rice building, not the other way around.

How much space does the U of W occupy in the Rice Building, roughly? Is it just a small part or is it the majority now?

I remember as far back as the late 80s participating in U of W programming for elementary school aged kids in the Rice Building, so they've had a presence in there for quite some time.

[bomberjet]

In my perusing of MERX today. There's an RFP our for restoration of the Legislative building.

https://www.merx.com/mbgov/solicitations...-Exterior-Restoration-Project/0000186877

Description
The purpose of this RFP is to solicit Proposals from qualified Proponents to provide construction
management services for this Project, as further described in this RFP, and for the Owner to enter into a Contract with the Proponent whose Proposal is judged to best serve the interests of the Owner when
evaluated in accordance with the stated evaluation criteria provided under section 6.0 of this RFP.

PROJECT OVERVIEW

This Project includes
• Exterior conservation and structural stabilization of all aspects of the North, South, East and West
facades of the Manitoba Legislative Building (MLB) including traditional masonry conservation
and masonry cleaning work, roofing, waterproofing and metal flashings, stair/balcony/ portico
stabilization and conservation restoration and related works.
• Foundations and footing stabilization to the east and west balustrades and localized repairs to the
east and west porticos.
• Hard and soft landscaping including restoration of the stairs to the north of the MLB and other
limestone features in the landscape.
• Localized mechanical and electrical works
• Refer to Appendix K – Taylor Hazell Architects Drawings / Diagrams for detailed project requirements.

[esquire]

^ Air conditioning or

[Wpg_Guy]

Originally Posted by bomberjet

In my perusing of MERX today. There's an RFP our for restoration of the Legislative building.

https://www.merx.com/mbgov/solicitations...-Exterior-Restoration-Project/0000186877

Description
The purpose of this RFP is to solicit Proposals from qualified Proponents to provide construction
management services for this Project, as further described in this RFP, and for the Owner to enter into a Contract with the Proponent whose Proposal is judged to best serve the interests of the Owner when
evaluated in accordance with the stated evaluation criteria provided under section 6.0 of this RFP.

PROJECT OVERVIEW

This Project includes
• Exterior conservation and structural stabilization of all aspects of the North, South, East and West
facades of the Manitoba Legislative Building (MLB) including traditional masonry conservation
and masonry cleaning work, roofing, waterproofing and metal flashings, stair/balcony/ portico
stabilization and conservation restoration and related works.
• Foundations and footing stabilization to the east and west balustrades and localized repairs to the
east and west porticos.
• Hard and soft landscaping including restoration of the stairs to the north of the MLB and other
limestone features in the landscape.
• Localized mechanical and electrical works
• Refer to Appendix K – Taylor Hazell Architects Drawings / Diagrams for detailed project requirements.

Part of the $150M restoration that dedicates $10M annually for the next 15 years.

They started some of the masonry work this summer on the north side of building.

[bomberjet]

^ Oh nice. I wasn't sure what the program is.

I guess 15 years is better than nothing.

[optimusREIM]

Originally Posted by bomberjet

^ Oh nice. I wasn't sure what the program is.

I guess 15 years is better than nothing.

I mean, the renovations of the parliament centre block are taking place over 10 years or whatever it is. Granted, the whole project is a little bigger, but the protracted timeline doesnt surprise me one bit.

[bomberjet]

Centre block is getting a complete gut and overhaul. Those types of projects take a long time to get done right.

Don't get me wrong. I'm 100% happy the Leg. is getting fixed up.

[buzzg]

Originally Posted by esquire

How much space does the U of W occupy in the Rice Building, roughly? Is it just a small part or is it the majority now?

I remember as far back as the late 80s participating in U of W programming for elementary school aged kids in the Rice Building, so they've had a presence in there for quite some time.

It’s mostly just the main floor (excluding Portage CRUs) and basement I believe. I don’t think they have much if anything in the tower.

[Wpg_Guy]

I notice 546 architecture signs in the windows of the Boyd building.