Downtown Winnipeg | Developments & Discussions

[thebasketballgeek]

It boggles my mind that Winnipeg is growing by 25k a year, only building 6k housing units per year, and yet still can’t seem to generate momentum on crucial surface parking lots within the inner city. Population growth ain’t gonna slow down one bit so somethings gotta give sooner rather then later.

[FactaNV]

Originally Posted by thebasketballgeek

It boggles my mind that Winnipeg is growing by 25k a year, only building 6k housing units per year, and yet still can’t seem to generate momentum on crucial surface parking lots within the inner city. Population growth ain’t gonna slow down one bit so somethings gotta give sooner rather then later.

It's almost as if the developers have zero incentive to build when supply could be restricted and rent can increase to the moon!

[Biff]

There is a ton of 4-6 floor, wood frame multi-family being built in the city. It just hasn't resulted in high-rise development downtown. I am not sure that we have the deep pocketed developers locally that can build expensive towers in this economic climate. You really need the big boy developers for that.

[FactaNV]

Originally Posted by Biff

There is a ton of 4-6 floor, wood frame multi-family being built in the city. It just hasn't resulted in high-rise development downtown. I am not sure that we have the deep pocketed developers locally that can build expensive towers in this economic climate. You really need the big boy developers for that.

What's going on with the big players? Say P3 or people along those lines. Are they completely halted with interest rates?

[Labroco]

Originally Posted by FactaNV

It's almost as if the developers have zero incentive to build when supply could be restricted and rent can increase to the moon!

A few point I have mentioned previously on this issue…

Our population increase is very welcomed but will not be directed towards DT parking lots. The migration to “safer” suburban or hinterland areas of the city where the 4 to 6 storey new builds are occurring and inner city impoverished areas with substandard homes and fragmented communities are the pressure points.

The huge construction costs associated with Winnipeg concrete high rise and inability to obtain rental rates require to service these costs along with the spectacular failures seen in the last few attempts leads to pause in the capital required. Capital can be directed anywhere and it will not be pushed onto our DT parking lots.

Winnipeg has been blessed by largeness of the Thompson family whom have allocated capital towards Winnipeg’s core through the Arena and True North Developments. The depth of their resources and construction expertise can ensure the successful development of North Portage and even The Hudson Bay site. While these projects do need to be profitable or self sustaining in their own right, the proponent can utilize potential losses against other investments across the country. There are less than a handful of individuals in this country with resources to single-handedly create development and change on this scale. I for one am humbled and grateful for their interest and participation in the core of our City.

I will also mention parking lots are not the issue but rather tens of thousands of sq/ft of empty space in our A B and C class buildings down town. This space must be absorbed before the lots are going anywhere:

[Biff]

Originally Posted by FactaNV

What's going on with the big players? Say P3 or people along those lines. Are they completely halted with interest rates?

P3 is a good developer, and they do do larger projects, but they really do one at a time. They likely won’t proceed to the Portage project until the Osborne project is near complete.

[Atrial78]

Many of the surrounding neighborhoods to downtown (ie. West Broadway, The Exchange, Osborne Village, and St. Boniface) have ongoing development. Hopefully, the Portage Place and HBC Building redevelopments will push more development downtown.

My understanding is that 300 Main is doing well too. 2024 may not be a big year for new development given interest rates, but 2025 could be a good year if we keep growing and interest rates come down.

[zalf]

https://winnipeg.ctvnews.ca/city-mul...airs-1.6709950

Someone explain the economics of this:

• Millennium Parkade working at capacity
• Parkade earns a profit of approximately $1M per year for the City
• Proposed repairs total $30M
• Repairs will extend life by 25 years
• Therefore, this is a worthwhile expenditure for a city that is broke

The conclusion doesn't seem to follow from the premises. It looks instead like a money-losing proposition. Am I overlooking something? And for anyone about to say there isn't enough parking, I can right now see four distinct downtown parkades that are all well less than 100% full.

[bomberjet]

Basically the City providing a service to the people who drive cars. Fees would/should surely increase to park there. I always hate Jets, Jets, Jets. Such a tired argument. We need it for Jets fans to park. Like come on already.

I'm lucky enough to have private parking 1 block from the arena. So If I drive to Jets games, I park for free. Otherwise I bus. I've never actually been in this parkade, City Place, or most of the other parkades nearby.

[drew]

Originally Posted by zalf

https://winnipeg.ctvnews.ca/city-mul...airs-1.6709950

Someone explain the economics of this:

• Millennium Parkade working at capacity
• Parkade earns a profit of approximately $1M per year for the City
• Proposed repairs total $30M
• Repairs will extend life by 25 years
• Therefore, this is a worthwhile expenditure for a city that is broke

The conclusion doesn't seem to follow from the premises. It looks instead like a money-losing proposition. Am I overlooking something? And for anyone about to say there isn't enough parking, I can right now see four distinct downtown parkades that are all well less than 100% full.

Yeah that's some strange math. It's a money losing proposition. 30M for repairs for 25 years of life extension - at 1M per year profit...

So spend 30M to make 25M.

[Biff]

I think the thing was that it would cost $25m to demolish it and you end up with no asset. To demolish and build new adjacent to the library would cost even more.

[ColdRain&Snow]

The draft version of CentrePlan 2050 is now available. The Property and Development Committee will vote on adopting the plan on July 4.

The Plan (Click on Appendix A):
https://clkapps.winnipeg.ca/DMIS/Vie...34048&InitUrl=

More Info:
https://engage.winnipeg.ca/centreplan2050

[pspeid]

Winnipeg proposal to eliminate some building fees to stimulate downtown housing construction:

https://www.cbc.ca/news/canada/manit...2050-1.7228154

Will it help?

[borkborkbork]

Originally Posted by drew

Yeah that's some strange math. It's a money losing proposition. 30M for repairs for 25 years of life extension - at 1M per year profit...

So spend 30M to make 25M.

Spend 30M to make $15.6M in present value, if your payback period is 25 years at $1M/year.

[pspeid]

Apparently there's a push for an updated "Core Area initiative" for the downtown. The Free Press article makes it sound like there's quite a bit of support for the plan already, which includes ideas for housing, safety, addictions treatment, the whole ball of wax. Of course finding the funding is always the issue, but apparently old Axworthy feels the time is right to go for it.

[FactaNV]

Originally Posted by pspeid

Apparently there's a push for an updated "Core Area initiative" for the downtown. The Free Press article makes it sound like there's quite a bit of support for the plan already, which includes ideas for housing, safety, addictions treatment, the whole ball of wax. Of course finding the funding is always the issue, but apparently old Axworthy feels the time is right to go for it.

Well if ole Lloyd says jump, the Liberals traditionally say how high haha. Maybe something can come from this.

[pegster]

Originally Posted by pspeid

Apparently there's a push for an updated "Core Area initiative" for the downtown. The Free Press article makes it sound like there's quite a bit of support for the plan already, which includes ideas for housing, safety, addictions treatment, the whole ball of wax. Of course finding the funding is always the issue, but apparently old Axworthy feels the time is right to go for it.

Isn't this just CentrePlan2050 they are talking about?

[pspeid]

Originally Posted by pegster

Isn't this just CentrePlan2050 they are talking about?

I believe so, but I think they're looking at how to fund it.

[dam_well]

Have we seen the rendering on page 55 of the plan before? At York and Hargrave?

Looks like a solid project, if a little on the short side.

[WinCitySparky]

Beauty