Hudsons Bay Building (Winnipeg) Redevelopment

[esquire]

^ Kind of hard to fathom that there's no one there from the province. Remember when they used to be front and centre with these types of downtown developments?

[Jeff]

i guess pallister's first idea of repurposing the bay into a pea protein processing facility was rejected at the offset.

[esquire]

[trueviking]

Originally Posted by esquire

^ Kind of hard to fathom that there's no one there from the province. Remember when they used to be front and centre with these types of downtown developments?

maybe if it was Portage la Prairie instead of Portage Avenue, there would be Provincial representation.

good one about the pea plant. Not far off.

[pspeid]

Article from today's CBC website:

https://www.cbc.ca/news/canada/manit...roup-1.5849653

Usually I am very much in favour of heritage organizations having a voice in Winnipeg developments, but in this case I fear their presence would be "heritage overkill" (if such a thing exists). The building is already protected to a certain degree. It's going to be difficult enough to re-purpose the structure within the limitations of the heritage designation, but having a voice/voices at the table that tries to rule on what is appropriate to have in the building could make the job economically impossible. It's a beautiful building, but it takes up so much space it also needs to serve as an economic driver for the downtown. Basically I fear that voices with no resources ($$) to contribute to the building redevelopment will somehow end up with a veto over how it's developed. Guess we'll just have to wait to find out.

[buzzg]

Agreed. They had input – the building is designated.

[Luisito]

I hope they do something with that parkade in the back of the Bay. That place is a real eye sore. That location deserve something better.

[buzzg]

Likely the only way anything happens to the parkade is if CV is able to overpay for it, take a bit of a loss, and resell it to who/whatever ends up happening with the Bay for a much larger development.

[bomberjet]

Insert: tear that parkade down prior to selling the land.

[pspeid]

From today's CBC website:

https://www.cbc.ca/news/canada/manit...ment-1.5847281

interesting that there has apparently been some private interest already voiced, though the scope and seriousness of the inquiries isn't stated here (possibly just parties "kicking tires" at this point?).I'm glad Spiring came out early and stated the need for the building to continue to be an economic driver for the downtown. I would guess that having some kind of public funding to at least bring the building up to code may be necessary. I hope the redevelopment effort will need some kind of positive news in the next few months.

[esquire]

Given what we've seen over the last 40-odd years, it's fair to say that not a lot of big developments happen downtown without some level of provincial government involvement. And we know that Pallister will not be the driving force behind anything like that.

So realistically I'd imagine that the best that can be done for now is to secure the building and wait until the NDP gets back into office. Then you can have development conversations knowing that the province is willing and able to step in and play a supporting role of some kind.

PS - it was cool to see vike on The National last night, good stuff.

[Wpg_Guy]

Originally Posted by esquire

PS - it was cool to see vike on The National last night, good stuff.

That coat

[robertocarlos]

Originally Posted by Wpg_Guy

That coat

He is well dressed.

I miss the European Pastry shop. There is nothing downtown now.

[Labroco]

The Parkade is assessed at $10,000,000 +/- and at that price, very close to its market value. It is more financially viable than the building. Parkade cash flow justifies its current value and with no designation could easily accommodate a building. Unfortunately as a parkade, the owner views this as its best and highest use. Nothing will happen without a lot of $$$.

[bomberjet]

So if it comes to that, pay the guy for the parkade and be done with it.

[buzzg]

I do think even the current provincial government would put "some" money toward it, even if "lots" or "enough" aren't in the cards.

As it's 2 whole city blocks (including parkade) on the edge of downtown across from the U of W (provincially funded), connected to Portage Place (which the PCs just committed $20m to) and on the same Mall that the province is/has just invested tens of millions into to upgrade WAG, Memorial Park, and the Ledge itself – I do think the province would have some vested interest in a transformative project for that block if the private sector can find a workable solution.

[esquire]

^ Yeah, fair comment. The Tories probably would chip in a few bucks to get a project over the top. However, the NDP would be more likely to move the entire departments of education, finance and labour in there to provide long term anchor tenants for redevelopment

[OTA in Winnipeg]

^Man, if you became an MLA, had you been running of course, and you got that portfolio, which architect here would you call?

[buzzg]

Originally Posted by esquire

^ Yeah, fair comment. The Tories probably would chip in a few bucks to get a project over the top. However, the NDP would be more likely to move the entire departments of education, finance and labour in there to provide long term anchor tenants for redevelopment

Totally. I'm not sure what provincial departments are where right now, but honestly that could make sense – and with the upcoming changes to Portage Place, they may need or want to move out of there when it happens. Not sure how much of that part of the complex will be affected.

[Labroco]

Originally Posted by bomberjet

So if it comes to that, pay the guy for the parkade and be done with it.

Well the owner would need $20,000,000 to end up with $10,000,000 after tax to be in the same cash flow position. That would thrown off 600k at 3%. Half goes to taxes leaving him with 300k. About what he currently gets.

There is no way tax dollars should be paying him out and government offices should not be going into the Bay... Find a new user for the building and stop removing tenants from buildings which pay property taxes! I love the building too but enough of this subsidy business and CV overpaying for obsolete and
dis functional Real Estate.