Winnipeg | 300 Main St.- Phase II / 360 Main St. | ~142M | 465 Ft | 42F | U/C

[oftheMoon]

Originally Posted by bomberjet

Curious if anyone knows. What is vacancy rate at 300 Assiniboine? Has it filled up yet? Would be a decent comparison to 300 Main rentals. We'll also have TNS rentals coming to market right away. The Market Ave apartment building too. Lots of new apartments downtown to fill up.

Also the Pumphouse apartments - lots of new rental space downtown.

[WoodlandCritter]

Originally Posted by Biff

I posted this a while back, but I would sure love to see something like this built here. I really like this new proposal for downtown Minneapolis, the render looks white but it is actually a sandstone colour. I have always likes this style, much like the Wells Fargo Tower. It seems like it could be the right size for a tall building in Winnipeg at 43 floors, 550 ft and 101 units. Would look great IMHO to replace the failed Skycity project - half hotel (18) and half residence (25).

Basically what Vancouver is doing with their 1444 Alberni Street East project. But there are two towers there.

http://forum.skyscraperpage.com/showthread.php?t=230141

[robertocarlos]

Originally Posted by bomberjet

Curious if anyone knows. What is vacancy rate at 300 Assiniboine? Has it filled up yet? Would be a decent comparison to 300 Main rentals. We'll also have TNS rentals coming to market right away. The Market Ave apartment building too. Lots of new apartments downtown to fill up.

I went there and asked to look at an apartment for myself and for my family.
As I didn't have an appointment I was directed to make one. They said the building was half full. It is expensive, especially parking, but a couple who were living at Broadview Manor for 10-15 years moved there and they love it.

I think 300 will not be a money maker for a long time. And they certainly don't need a bigger 330.

[esquire]

Originally Posted by robertocarlos

I think 300 will not be a money maker for a long time.

Not entirely surprising, I don't think you build highrise apartment blocks expecting to turn over a quick buck.

[1ajs]

Originally Posted by esquire

Not entirely surprising, I don't think you build highrise apartment blocks expecting to turn over a quick buck.

large apartment blocks are about revenue streams no?

[Urban recluse]

Unlike condos, ROI is not immediate.

[Wpg_Guy]

unrememberedvoice
https://www.reddit.com/r/Winnipeg/co...g56/?context=3

[cllew]

Originally Posted by 1ajs

large apartment blocks are about revenue streams no?

If the streams meet the projections when you start building you do OK. I lost a chunk of $$$ in a apartment project in Calgary that I was an investor in when the economy dropped and we had to cut rents to try and get people in the building.

It got to the point it went to auction as some of the other investors could not meet their cash calls, and Great West Life Reality bought it for less than the existing mortgage was.

[Biff]

I believe it might have been mentioned on here before but the "slowness" of the core to rise is that they are having some issues in aligning the new elevator shafts with the 40 year old core. I am no engineer so to me it seems like this would be a simple task but in reality it is obviously a major issue.

[Bluenote]

Originally Posted by Biff

I believe it might have been mentioned on here before but the "slowness" of the core to rise is that they are having some issues in aligning the new elevator shafts with the 40 year old core. I am no engineer so to me it seems like this would be a simple task but in reality it is obviously a major issue.

You’d think this would have been all figured out in the last two years of playing underground lol. Never heard of a professional company like this not seeing this ahead of time. They only had 40 years hahaha.

My guess is the shitty weather of rain and snow and cold is slowing things. And onnce it warms up this week we will see it go faster. Then once they start halling in all the prefab. It should go very fast. They still are working a lot on other areas.

[Bluenote]

Originally Posted by cllew

If the streams meet the projections when you start building you do OK. I lost a chunk of $$$ in a apartment project in Calgary that I was an investor in when the economy dropped and we had to cut rents to try and get people in the building.

It got to the point it went to auction as some of the other investors could not meet their cash calls, and Great West Life Reality bought it for less than the existing mortgage was.

Agreed. But this isn’t Calgary. We have a shortage of apartments. Extreme shortage. So we could probably build 4 more of these and still need more. We went condo crazy for the last 10 years and forgot about apartments.
So Artis might be on to something here if they start building ahead of anyone else. Fill the area up with rentals apartments and when the day comes they could always convert to condos if needed. I don’t see them losing money here.

That sky city lot should.be forfitted amd sold back to the city for half its value and put up for sale ONLY to a serious investor like Artis etc.

[Wolf13]

Originally Posted by Biff

...apparently they have also purchased a parkade in the immediate vicinity. I can only assume the Garry St Parkade. Yes they need more parking. They will likely build a sizable parkade as part of whatever they develop on the lot across from Cargill.

Still lots of assumptions here.

Parking will be there for sure, but that's a smaller money maker than apartments so I'd imagine it would come with more.

Originally Posted by bomberjet

ARTIS as a REIT should have a strict mandate on what they can and can't do. Like no condos, but rentals allowed. Things that would make money in perpetuity, such as parkades. Or is it not that black and white. Maybe their website has more info.

REITS can't do condos.

Well, not easily... there are ways to shimmy and slide into a condo project, but by and large, REITS are holders so that mandate is set considering our healthy apartment market.

Originally Posted by bomberjet

Curious if anyone knows. What is vacancy rate at 300 Assiniboine? Has it filled up yet? Would be a decent comparison to 300 Main rentals. We'll also have TNS rentals coming to market right away. The Market Ave apartment building too. Lots of new apartments downtown to fill up.

No idea on the vacancy, but I'm not sure they're comparable. 300 is certainly more "beige", literally and figuratively, than 300 Main. While some of those other projects will be trendier than 300 Ass, they won't have the connectivity and amenities of 300 Main, so I'm guessing the pricing might reflect that a little.

Originally Posted by Bluenote

You’d think this would have been all figured out in the last two years of playing underground lol. Never heard of a professional company like this not seeing this ahead of time. They only had 40 years hahaha.

My guess is the shitty weather of rain and snow and cold is slowing things. And once it warms up this week we will see it go faster. Then once they start halling in all the prefab. It should go very fast. They still are working a lot on other areas.

That's a lot easier said than done. They've been underground for a while but some things you truly don't know until it's time to uncover everything at grade. Correcting a core is going to be super technical work, and below grade doesn't always tell the story.

[robertocarlos]

Originally Posted by Biff

I believe it might have been mentioned on here before but the "slowness" of the core to rise is that they are having some issues in aligning the new elevator shafts with the 40 year old core. I am no engineer so to me it seems like this would be a simple task but in reality it is obviously a major issue.

It's like the post office to police headquarters. They should have built new from scratch across the street.

[robertocarlos]

Three Hundred Assiniboine is half full. If you can walk 15 minutes it's a much better choice than 300 Main. It's super quiet.

[BuildUpWpg]

Originally Posted by robertocarlos

Three Hundred Assiniboine is half full. If you can walk 15 minutes it's a much better choice than 300 Main. It's super quiet.

Doesn't sound like there's a huge demand for rentals downtown if this place is only half full. It's a nice location along the river.

[bomberjet]

Well there's 2 of the largest apartment buildings in the City coming to market shortly. I would put another apartment building for ARTIS very low on the list.

How's vacancy at 360 Main? Maybe they're planning for the next office tower? I know, I know. Office building and downtown Winnipeg..

[Wolf13]

Originally Posted by robertocarlos

Three Hundred Assiniboine is half full. If you can walk 15 minutes it's a much better choice than 300 Main. It's super quiet.

?

I wouldn't say it comes even close... I mean the spot is nice, but the good stuff about downtown ie exchange, restaurants, SHED, the highest professional density and year round connectivity, and infinitely better amenities in the area and within the projects themselves make TNS and 300 Main light years better, IMO. Quiet is alright but certainly not the biggest draw to downtown.

I've toured 300 Assiniboine, and it's a perfectly fine place, but it clearly was built with the lowest cost in mind. 300 Main and TNS are about providing the most they can for the market.

Originally Posted by BuildUpWpg

Doesn't sound like there's a huge demand for rentals downtown if this place is only half full. It's a nice location along the river.

The location might be the problem... the other downtown offerings, whether the shiny tall ones or places in the exchange, are much more connected to the other building blocks of urban life.

I've long assumed that 300 Assiniboine is geared towards the older renter, so it naturally would take more time to fill than something more contemporary, but the lack of top-notch amenities nearby hurts it.

Originally Posted by bomberjet

Well there's 2 of the largest apartment buildings in the City coming to market shortly. I would put another apartment building for ARTIS very low on the list.

How's vacancy at 360 Main? Maybe they're planning for the next office tower? I know, I know. Office building and downtown Winnipeg..

Apartments would still be a better bet than office based on market figures alone... that market is strong and growing. The office market is decent but I'm not sure about it's growth potential. Unless a big ticket commercial tenant is expected to come along and take an entire block.

360 Main has a ton of work going on... I think 5 whole floors or so are all being completely cleared and redone, but it's already committed space... I'd put my guess at over 90% full (technically).

[Wolf13]

Originally Posted by robertocarlos

It's like the post office to police headquarters. They should have built new from scratch across the street.

Would have been much more expensive.

[PhongNguyen]

Originally Posted by BuildUpWpg

Doesn't sound like there's a huge demand for rentals downtown if this place is only half full. It's a nice location along the river.

I think 300 Assiniboine is half full not because of the rental demand but its price. Not much people in this city can afford $1500+ for one bedroom apt which is not including heat, hydro and water.

[rrskylar]

Originally Posted by Wolf13

Would have been much more expensive.

Right because retrofitting a sub par 60 year old building for $214 M that still needs $ tens of millions in repairs and no employee parking made perfect sense! (to those with the most to benefit from)