Winnipeg |390 on the river (d Condo) | ~81M | 24F | U/C

[1ajs]

Originally Posted by wags_in_the_peg

the Receiver had an ad in the FreeP this weekend looking for a new owner to finish off the building. I wonder if one of the REIT will swoop in and buy it for a bargain.

Separately, i noticed a few floors of windows are in on the East side already!

riet cant touch condos i thought or is that hotels?

[WolselyMan]

Originally Posted by esquire

All of the business-related issues aside, the building is turning out to be a massive breath of fresh air for the extremely stale looking neighbourhood of Bro-Ass. With the nice glass cladding going up, it's really adding something new to the very 1970s streetscape.

Broadway-Assiniboine has such tremendous untapped potential as a downtown neighborhood. With the area all ready somewhat gentrified, it's not just a beautiful neighborhood in and of itself, but it's also a great place to start if you really want to get systematic about downtown revitalization. Just start the renewal process right at the river's edge, and slowly work your way northward from there. You have to think about these things as if you're fighting a war. i.e. capture a part of your enemies territories that they don't have as strong of a hold on. And slowly expand your territory from there. This is basically the same reasoning that they're using with the redevelopment of point douglas by letting the waterfront drive redevelopments slowly creep into the area, which before hand originated in it's proximity to the forks, as well as the east exchange district.

But seriously, those elm lined streets deserve something much more grand than a bunch of 1950s era 2 story apartments that are aging into uglier and uglier forms by the year.

[Wolf13]

Originally Posted by 1ajs

riet cant touch condos i thought or is that hotels?

REIT's can do hotels, and condos are almost impossible. I heard there's a way for them to be involved IN a condo project, not sure how though. Probably in a financing capacity rather than ownership.

[h0twired]

Originally Posted by 1ajs

riet cant touch condos i thought or is that hotels?

REITs stick with properties that will generate regular income.

They don't deal in the development of properties that will be immediately sold off.

A REIT could potentially buy the d-Condo but they would likely buy out those that bought into units and convert the building into a high end rental apartment.

[Wolf13]

Originally Posted by h0twired

REITs stick with properties that will generate regular income.

They don't deal in the development of properties that will be immediately sold off.

A REIT could potentially buy the d-Condo but they would likely buy out those that bought into units and convert the building into a high end rental apartment.

And if anyone is wondering if Artis has an interest in this... I would doubt it.

My guess is that one highrise is enough for them, for now...

[MG922]

[Biff]

Assiniboine Ave should be full of these types of highrises. Hopefully we will see more in the future.

[esquire]

^ I'm really enjoying watching dCondo go up... it's such a stark contrast from the Edwardian homes, 50s walk-ups and 70s highrises that predominate in that area. So far dCondo is shaping up to be one of the better looking buildings to go up downtown in recent years.

When I used to live around there I lamented the fact that Broadway-Assiniboine felt somewhat stuck in time and didn't really have the amenities or the feel of a modern-day urban neighbourhood, but there have certainly been some changes for the better. Between things like the bike lane on Assiniboine, more storefront shops and restaurants and new highrise residential towers, it's at least starting to feel a little more vibrant. It would be nice to see that momentum keep building.

[Urban recluse]

Indeed, this area needs many more new developments akin to D to become vibrant.

[biguc]

What it needs is more retail. I live in Bro-Ass and it's basically an Osborne Village hinterland. Fools and Horses and Oh Doughnuts have been a great boon to the neighborhood and are proof of concept that neighborhood people will come out for the right places. The Don has been a long-standing neighborhood institution too.

One of the problems is that Broadway is full of blank-faced government office buildings which provide little space for retail, while creating a market distortion away from what the neighborhood could use. The extreme demand for lunch with little space to satisfy that demand creates the food truck scene, which doesn't exist in the evening, and ensures that most places on Broadway close at 6. A pub and some casual places to eat would do well, but they're crowded out by all the Debbies of the WCB dumping out on pimped rice.

Filling the parking lots at Donald and Edmonton would help, but my dream is for a major project to go up on Donald. Twin towers on a retail podium, please.

Other than that, the sketchy sea of parking lots between Broadway and Graham needs to go. As long as downtown turns its back on Bro-Ass, Bro-Ass will turn its broey ass right back at it.

[robertocarlos]

Bro-Ass resident also. This place would be a tough sell without Fredette's grocery. We'd still survive with Safeway and maybe what goes in to TNS or Artis but I wouldn't count on a new grocer.

[Urban recluse]

Originally Posted by biguc

What it needs is more retail. I live in Bro-Ass and it's basically an Osborne Village hinterland. Fools and Horses and Oh Doughnuts have been a great boon to the neighborhood and are proof of concept that neighborhood people will come out for the right places. The Don has been a long-standing neighborhood institution too.

One of the problems is that Broadway is full of blank-faced government office buildings which provide little space for retail, while creating a market distortion away from what the neighborhood could use. The extreme demand for lunch with little space to satisfy that demand creates the food truck scene, which doesn't exist in the evening, and ensures that most places on Broadway close at 6. A pub and some casual places to eat would do well, but they're crowded out by all the Debbies of the WCB dumping out on pimped rice.

Filling the parking lots at Donald and Edmonton would help, but my dream is for a major project to go up on Donald. Twin towers on a retail podium, please.

Other than that, the sketchy sea of parking lots between Broadway and Graham needs to go. As long as downtown turns its back on Bro-Ass, Bro-Ass will turn its broey ass right back at it.

I guess my question is why has there been a lack of investment in the area, in terms of new retail and F&B? Surely Murray McNeil would have written a piece by now if there was great demand but no supply

We all know what the area needs, but we see next to nothing happening. Why?

The surface lots which punctuate the area are disgusting.

[robertocarlos]

The rent is too high for what you get so a few shops moved to the area around Main and Bannatyne. Or just closed.

[biguc]

Originally Posted by Urban recluse

I guess my question is why has there been a lack of investment in the area, in terms of new retail and F&B? Surely Murray McNeil would have written a piece by now if there was great demand but no supply

We all know what the area needs, but we see next to nothing happening. Why?

The surface lots which punctuate the area are disgusting.

Because those surface lots make money and cost nothing to keep. And everyone feels entitled to a lottery win should they ever part with their dusty, trash strewn golden goose. If property taxes were assessed on the value of land, people would be more willing to part with or develop their surface lots.

As it stands, the Broadway offices are the cause of Bro-Ass's stagnation. Retail spaces in the neighbourhood are mostly leased out, not counting Fort Garry Place's awful mall. Most retail, though, targets the lunch crowd and ignores the thousands of people who live nearby. Building new retail is a non-starter since Broadway's office workers have never heard of the bus, and keep forking their money over to surface parking.

The provincial government is a player in this too (because this is Manitoba and nothing happens without a subsidy--even shitty things). Not only do they have the WCB, which refuses to part with its massive parking lot, they directly own 2 or 3 large surface lots between Kennedy and Edmonton, in Bro-Ass itself. They could easily sell this prime real-estate and build themselves an underground parking garage, but fuck us for wanting our neighbourhood and city to be better.

So, long story short, everything is trapped in this distorted stasis, where the neighbourhood doesn't get what it needs, and nobody gets to make lots of money providing what it needs.

[optimusREIM]

^ the city needs to get tough with people sitting on their parking lots. It should become illegal to operate one beyond a certain amount of years. The land would still belong to the owner but they wouldn't be allowed to use it for parking and they'd still have to pay taxes in it.

[Urban recluse]

Totally agree.

[WolselyMan]

But, but...Demanding that private businesses develop their empty land property is socialism!!!

Parking lots are essential for the protection of our liberty and freedum!

[biguc]

I only ask that the city price parking lots according to the market. A parking lot that can sell for 5 million is worth 5million, not the price of the asphalt and 2x6 railing that sit on it.

[buzzg]

Originally Posted by biguc

I only ask that the city price parking lots according to the market. A parking lot that can sell for 5 million is worth 5million, not the price of the asphalt and 2x6 railing that sit on it.

This is the key.

[Wolf13]

Originally Posted by biguc

I only ask that the city price parking lots according to the market. A parking lot that can sell for 5 million is worth 5million, not the price of the asphalt and 2x6 railing that sit on it.

That's the other problem... * broken record incoming * our costs to build are so high that nobody is developing these lots, despite the low initial purchase price.

If you can get a downtown lot for under 500k and can't/won't develop it, would you buy it for 5M and develop it?

I'm absolutely in favour of market pricing, but if it hikes up our land costs, we may not have much more opportunity. If prices stay low but the city implements a usage policy or progressive taxation policy based on future use, maybe it can spur on developers.

But we're not sure what to put in these lots. Our office market isn't saturated. retail is thin between portage and Broadway without the residential density to support its growth. More apartments? Perhaps... but can they compete with the new mega-offerings or options in the exchange?