I'm very excited for this development. It will take awhile and will ultimately look quite different than the renderings, but the fundamentals are promising.
As other people have pointed out, the plan is to house about 20,000 new residents, not 60,000. The article says 60,000 people will be around the U of M campus everyday, so about 20,000 people living there + 30,000 students + 10,000 staff/SmartPark employees.
For people concerned about traffic, this development will create less traffic than a new development on the edge of the city, such as Waverly West. The 2016 Census says in the census tract of River-Osborne (Eastern part of Osborne Village), only 42% of people commute by car. That number is about 95% in Island Lakes. If a new neighbourhood of 20,000 people were to be built on the edge of the city, then you could expect about double the number of new cars added to the road compared to the proposed development at Southwood Circle.
https://legacy.winnipeg.ca/census/2016/
Lastly, there's many other benefits from infill projects like this such as reduced greenhouse gas emissions (compared to new greenfield development), more tax revenue for the city, more transit ridership (again, more money for the city because people pay to ride the bus but our roads are all toll free), and less farmland being destroyed.