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

[Biff]

^^^Bomber and I sort of said the same things...I am just slower at hitting the post button.

[esquire]

Originally Posted by bomberjet

I'm not sure that's true.

There's a lot of young professionals downtown. The market is hungry for those people. I worked downtown for almost 6 years pre-pandemic and will be going back to a company downtown this summer (thank goodness). We had a boat load of young professionals. Same with our competitors. Engineering consulting world.

There are young professionals, but not really many along the lines that borkborkbork was getting at. The reality of a law/accounting articling student or junior associate, or someone in finance or banking is much different here as compared to New York, Toronto or even Calgary. The work environment and salaries are much different for the most part at those younger levels... there is a huge difference between someone working as an analyst for Deutsche Bank as compared to a business analyst at MPI. And it is those fairly well heeled young professionals that are no doubt driving a lot of the downtown residential in other cities.

[borkborkbork]

Originally Posted by bomberjet

I'm not sure that's true.

There's a lot of young professionals downtown. The market is hungry for those people. I worked downtown for almost 6 years pre-pandemic and will be going back to a company downtown this summer (thank goodness). We had a boat load of young professionals. Same with our competitors. Engineering consulting world.

when i was in toronto there were always people (including from winnipeg) who had moved to the city for a co-op or internship or some other temporary thing that they wouldn't be staying in toronto long term. they all lived in places they could walk via the PATH system to. we don't have that same demographic.

lots of young professionals, not a lot of young professionals whose primary housing choice consideration will be walkability to a downtown job and for whom rental is the preferred choice.

[thebasketballgeek]

Just going to throw this in here to why people, specifically urbanists would move here. I mean you're getting the best possible service of transit you'll find anywhere in the city with the Graham/Main bus stop. I'm assuming most people that would live here would own a car but an upper-middle class person who hates driving and doesn't want to deal with the additional costs of owning and maintaining a house or automobile can live a car-free lifestyle quite easily. Even the bike lanes are good (as long as you make it to Garry St) Not to mention walking distance from Canada Life Centre, Exchange District, and The Forks. The amount of amenities that are nearby is borderline insane. The thing is this area is only going to receive new development and will be within walking distance to future BRT lines Union Station and Portage & Main. This building won't be fully occupied for a while, but I am almost certain it will fill up as it ages.

God forbid, some people here want to live a more sustainable lifestyle like reducing individual emissions and living in a place like 300 Main almost guarantees that. It is like the ideal urbanist lifestyle. We're about to figure out how many people with high credit scores in this city are urbanists

Also, 300 Main has some quite notable commercial tenants. Goodlife Fitness and Earl's aren't staying there for free that's for sure.

[GreyGarden]

Originally Posted by thebasketballgeek

God forbid, some people here want to live a more sustainable lifestyle like reducing individual emissions and living in a place like 300 Main almost guarantees that. It is like the ideal urbanist lifestyle. We're about to figure out how many people with high credit scores in this city are urbanists

Also, 300 Main has some quite notable commercial tenants. Goodlife Fitness and Earl's aren't staying there for free that's for sure.

Apparently the new Earls is really nice and has been quite busy since it opened. Good news.

I'll standby my previous posts that living in Osborne or West Broadway is actually the best urban experience Winnipeg can currently offer (both have walkable grocery stores, decent transit, walking distance to downtown, less surface parking, etc.). However, you're right, someone who lives in this building may have a car and the transit access to Osborne Safeway is quite frequent. Added residents will certainly help downtown compete with those two neighbourhoods.

For what its worth I can totally see a 1-4th year lawyer/accountant/financial adviser or person in tech who works at P&M or TNS deciding to live here for 2-4 years before they begin to experience that uptick in income that happens after 4 or so years of practice. The market exists. I know someone who fits that demographic perfectly who is moving into the new Smith Lofts this spring. I think the big question is the size of the market post covid. I also know people in that demographic who have begun moving into SFHs.

[esquire]

No question 300 Main is a great location for someone who wants an urban lifestyle. No argument here. The question is whether there will be sufficient numbers of people willing to pay a relatively steep price for that, especially in a city where real estate is still fairly accessible.

[WinCitySparky]

After reading all these great contributions so far my takeaway is that the rent is a glaring barrier when compared to other downtown towers, even for those who want the urban lifestyle and career development, and I’m gathering that they’ll eventually roll it back gradually to fill the building even at unfavourable margins just to get cash flowing and prevent bad marketing. One hopes.

[Jeff]

I drove past Portage and Main around 11pm on Saturday and that did prove the draw of the area for a younger professional with the Pal full, Times Changed buzzing, Across the Board full and Earls busy, etc. Very amazing how quickly the places bounced back after the restrictions were dropped. This also proves how badly the concrete barriers need to go as there is quite a bit of entertainment options clustered around there now and people bouncing from spot to spot.. just wait for festival season!

[Coldrsx]

Originally Posted by esquire

No question 300 Main is a great location for someone who wants an urban lifestyle. No argument here. The question is whether there will be sufficient numbers of people willing to pay a relatively steep price for that, especially in a city where real estate is still fairly accessible.

Bingo.

We have seen similar challenges here with buildings in the $2.50/sqft and up. Most in our fair cities would rather get a house/investment property and unlike Van, MTL, Tor or even Cal to a certain extent, don't view 'this urban experience' as worthwhile enough and we certainly struggle with critical mass of the 18-35s.

It's great to see this project nearly complete and will help redefine 'Downtown Living', but Osborne or West Broad really is a better choice for less money... similar to 124st or Whyte here in Edmonton.

[WhipperSnapper]

Originally Posted by esquire

There are young professionals, but not really many along the lines that borkborkbork was getting at. The reality of a law/accounting articling student or junior associate, or someone in finance or banking is much different here as compared to New York, Toronto or even Calgary. The work environment and salaries are much different for the most part at those younger levels... there is a huge difference between someone working as an analyst for Deutsche Bank as compared to a business analyst at MPI. And it is those fairly well heeled young professionals that are no doubt driving a lot of the downtown residential in other cities.

A bank analyst in Calgary is still paid a helluva lot more than its counterpart in Toronto. The name of the company matters less than the place of operation dictated by worker supply and how much that supply will settle on for employment.

UofT , Ryerson and York University (for North York Centre) remain the foremost driving force for apartment towers in Toronto. Also, Dense stacked townhouses, midrises rising up to a pair of 25 storey, 450 unit towers are rising in farmer fields in the northernmost fringes of Oshawa as that is where they built the university.

--------

The oil bust hurt Artis immense Calgary portfolio and they have been selling off entire blocks of properties to make up for it. Diversifying their portfolio with residential was another means. I don't see a miscalculation here as a simple write down.

[borkborkbork]

Originally Posted by WhipperSnapper

UofT , Ryerson and York University (for North York Centre) remain the foremost driving force for apartment towers in Toronto. Also, Dense stacked townhouses, midrises rising up to a pair of 25 storey, 450 unit towers are rising in farmer fields in the northernmost fringes of Oshawa as that is where they built the university.

Imagine how different downtown/Broadway would have been if the University of Manitoba had built up around its previous location on Osborne North near the Leg instead of moving to the experimental farm land in the south end...

[trueviking]

^ most detrimental thing that ever happened to downtown Winnipeg.

This whole discussion about costs is why the much maligned six storey wood frame building is the driver of residential development today....2/3 (or less) the cost of a high rise.

300 main did get a TIF. Not a True North level TIF but it did get one.

[T'Cona]

Originally Posted by borkborkbork

Imagine how different downtown/Broadway would have been if the University of Manitoba had built up around its previous location on Osborne North near the Leg instead of moving to the experimental farm land in the south end...

I think about this a lot actually.

[BlackDog204]

Originally Posted by thebasketballgeek

Just going to throw this in here to why people, specifically urbanists would move here. I mean you're getting the best possible service of transit you'll find anywhere in the city with the Graham/Main bus stop. I'm assuming most people that would live here would own a car but an upper-middle class person who hates driving and doesn't want to deal with the additional costs of owning and maintaining a house or automobile can live a car-free lifestyle quite easily. Even the bike lanes are good (as long as you make it to Garry St) Not to mention walking distance from Canada Life Centre, Exchange District, and The Forks. The amount of amenities that are nearby is borderline insane. The thing is this area is only going to receive new development and will be within walking distance to future BRT lines Union Station and Portage & Main. This building won't be fully occupied for a while, but I am almost certain it will fill up as it ages.

God forbid, some people here want to live a more sustainable lifestyle like reducing individual emissions and living in a place like 300 Main almost guarantees that. It is like the ideal urbanist lifestyle. We're about to figure out how many people with high credit scores in this city are urbanists

Also, 300 Main has some quite notable commercial tenants. Goodlife Fitness and Earl's aren't staying there for free that's for sure.

It's a shame the building is already doomed to fail.

[BlackDog204]

Originally Posted by borkborkbork

Imagine how different downtown/Broadway would have been if the University of Manitoba had built up around its previous location on Osborne North near the Leg instead of moving to the experimental farm land in the south end...

That was never going to happen (staying at that location).

It should have been built in Tuxedo. It was the better location.

[wags_in_the_peg]

1 - shops of wpg square / concourse has a large multimedia display (5-6 monitors) showing / advertising 300 Main, fairly impressive

2 - are they re-cladding the 360 Main brown section? Today i noticed activity on the West side that made it look like they were.

[Wpg_Guy]

Originally Posted by wags_in_the_peg

1 - shops of wpg square / concourse has a large multimedia display (5-6 monitors) showing / advertising 300 Main, fairly impressive

2 - are they re-cladding the 360 Main brown section? Today i noticed activity on the West side that made it look like they were.

#2 the reclad should be done by later this year.

[OTA in Winnipeg]

On my way home from work last night I noticed that there are now people living at 300 Main. Nice to see it starting to light up.

[WinCitySparky]

Originally Posted by OTA in Winnipeg

On my way home from work last night I noticed that there are now people living at 300 Main. Nice to see it starting to light up.

Never thought I’d see the day.

[Jeff]

with how the other new builds and retrofits are renting downtown, i dare say this building may fill up with residents faster than expected. like who would have ever thought the medical arts building would get to 100% occupancy so quickly? and 300 main has way more amenities.