Winnipeg | 433 Main St | Tower Residential Conversion - Page 2

buzzg · #21 Posted **Jun 25, 2020, 3:02 AM**

Quote:

Originally Posted by eman

Not true.

The smallest units are 03 and 04 on floors 8 to 17 and they have not sold out, all under 400. The building is only about 20% sold. You can look up the floor plans that are still available on the website www.390ontheriver.com

03 and 04 are right around 700sf,, looks like over 10 still unsold, all under 400.

06 is about 800sf and looks like only one left, so that will probably sell out before the smaller ones.

Is it possible they’re just not updating the website? He went to look as the starting was 350 and they told him they had nothing left under 400 ¯\_(ツ)_/¯

trueviking · #22 Posted **Jun 25, 2020, 6:44 AM**

Man. The developer must be taking a bath on that building. To be only 20% sold a couple years after completion is amazing. Most condos don’t even start construction until three times that many are sold.

I guess that’s why nobody does condo anymore.

plrh · #23 Posted **Jun 25, 2020, 2:29 PM**

Quote:

Originally Posted by trueviking

Man. The developer must be taking a bath on that building. To be only 20% sold a couple years after completion is amazing. Most condos don’t even start construction until three times that many are sold.

I guess that’s why nobody does condo anymore.

Why wouldn't they rent out half of what's left and get something back?

It reminds me of my neighbour's house. A slumlord bought it 6 years ago off of an old lady. He then rented it out for a year. After that year he started gutting it and it has been vacant, but in a constant state of renovation ever since. I don't understand how he can forgo that much rent in the hope of a value increase from the renos.

I don't see how the owner of the Assiniboine building can think that they are going to sell a significant number of units within a one year lease term. Oh well, it's not my money.

oftheMoon · #24 Posted **Jun 25, 2020, 2:53 PM**

Quote:

Originally Posted by eman

Not true.

The smallest units are 03 and 04 on floors 8 to 17 and they have not sold out, all under 400. The building is only about 20% sold. You can look up the floor plans that are still available on the website www.390ontheriver.com

03 and 04 are right around 700sf,, looks like over 10 still unsold, all under 400.

06 is about 800sf and looks like only one left, so that will probably sell out before the smaller ones.

The marketing realtor for 390 posted on her IG yesterday that it has been a busy month, "4 Sold condos and 3 pending". @viktoriarealestate

bomberjet · #25 Posted **Jun 25, 2020, 4:02 PM**

That's good news. I also love how instantly this thread is taken over by another project.

kattiff · #26 Posted **Jun 25, 2020, 4:07 PM**

Do you know if the passport office is staying or moving somewhere new? If new where too?

Wpg_Guy · #27 Posted **Jun 25, 2020, 4:30 PM**

Quote:

Originally Posted by plrh

Why wouldn't they rent out half of what's left and get something back?

It reminds me of my neighbour's house. A slumlord bought it 6 years ago off of an old lady. He then rented it out for a year. After that year he started gutting it and it has been vacant, but in a constant state of renovation ever since. I don't understand how he can forgo that much rent in the hope of a value increase from the renos.

I don't see how the owner of the Assiniboine building can think that they are going to sell a significant number of units within a one year lease term. Oh well, it's not my money.

The building is owned by the bank due to the bankruptcy of the developer. Banks are into the rental Realestate business they want to sell these units and rid this liability.

Wpg_Guy · #28 Posted **Jun 25, 2020, 4:33 PM**

Quote:

Originally Posted by kattiff

Do you know if the passport office is staying or moving somewhere new? If new where too?

As far as we know, it’s staying. Floors 1-4 will remain commercial/office space. The federal government is a solid tenant if I were a developer I wouldn’t send them packing.

buzzg · #29 Posted **Jun 25, 2020, 5:06 PM**

Quote:

Originally Posted by trueviking

Man. The developer must be taking a bath on that building. To be only 20% sold a couple years after completion is amazing. Most condos don’t even start construction until three times that many are sold.

I guess that’s why nobody does condo anymore.

SCU owns it. They’re comfortable sitting on it longer as they don’t pay interest to themselves.

Quote:

Originally Posted by Wpg_Guy

As far as we know, it’s staying. Floors 1-4 will remain commercial/office space. The federal government is a solid tenant if I were a developer I wouldn’t send them packing.

Correct. Passport office is on 400 so it’s not planning on moving. Separately though the feds have been shuffling all their office space here recently so maybe down the road they try to consolidate more services in their own buildings, but this project isn’t pushing them out.

The Jabroni · #30 Posted **Jun 26, 2020, 12:04 AM**

That is great news!

Now, we need to get that ever so elusive grocer to set up shop in downtown. I think the more residential rental units go up, the higher the demand for one will be.

buzzg · #31 Posted **Jun 26, 2020, 12:52 AM**

Heard some interesting stats on the Exchange today. In 2006 census there were 300 residents, in 2016 there were 2,500. Estimated at 3,000 today. That's a 10x increase in 14 years. Apparently the "tipping point" # number for an area the size of the Exchange is 5,000 residents to be able to support basic services such as a small grocer. Not too far away....

trueviking · #32 Posted **Jun 26, 2020, 1:27 AM**

ah, sorry. I was getting my Assiniboine buildings mixed up.

I hope SCU loses lots of money.

post_man · #33 Posted **Jun 26, 2020, 5:18 AM**

The West Exchange area has had grocery stores for decades.

Biff · #34 Posted **Jun 26, 2020, 1:38 PM**

Quote:

Originally Posted by trueviking

I hope SCU loses lots of money.

I detect a wee bit of bitterness....I assume it is regarding a certain building in the general area of McGillivray and Kenaston? Your first love maybe.

drew · #35 Posted **Jun 26, 2020, 4:43 PM**

Quote:

Originally Posted by Biff

I detect a wee bit of bitterness....I assume it is regarding a certain building in the general area of McGillivray and Kenaston? Your first love maybe.

Possibly SCU's choice of local prime consultant for their more recent branches that have been built..?

trueviking · #36 Posted **Jun 26, 2020, 9:52 PM**

mostly the first one....

Bdog · #37 Posted **Jun 26, 2020, 11:06 PM**

Quote:

Originally Posted by trueviking

I hope SCU loses lots of money.

I hope they don't. If they do, it might be a long, long time before someone decides to build a major downtown residential project again.

trueviking · #38 Posted **Jun 26, 2020, 11:29 PM**

Nah. There’s lots coming.

buzzg · #39 Posted **Jul 3, 2020, 3:31 PM**

Protective scaffolding is up all around the podium.

Spocket · #40 Posted **Jul 3, 2020, 5:37 PM**

Quote:

Originally Posted by trueviking

Nah. There’s lots coming.

Do you say that because you know the market or do you say that because you're privy to at least some percentage of the plans? Can you give even the vaguest of hints otherwise? Tall/short/conversions/new/earth shattering design like what you did Richardson or commie block-here's-your-beet stuff?