Winnipeg Construction X

[DonaldSmith]

Capital Commercial Investment Services (CCIS) is pleased to announce the sale of 175/185 Carlton Street, a six-storey office building located in the Sports Hospitality Entertainment District (SHED) of downtown Winnipeg.

The Offering represented an opportunity to acquire a well-located downtown office property with a total rentable area of 84,105 sq. ft. The institutionally owned pre-cast concrete building is fully connected to the Winnipeg skywalk system and was 67% leased at the waiver of conditions.

The Purchaser will be redeveloping the site into a mixed-use asset. After redevelopment, the building will feature 35 new one and two-bedroom residential rental suites, five floors of office space and retail at the ground and lower levels. Immediate leasing opportunities are available for three floors of office space with 7,300 sq. ft. (+/-) per floor and two ground-level retail units totalling 3,499 sq. ft. The 35 residential rental units will be available for occupancy in Summer 2023.

Congratulations to the Purchaser, Alston Properties, for its continued commitment to finding creative solutions to maximize value in the office market in Downtown Winnipeg. Thank you to the Vendor and their asset management team of Don White, Ron Suchy, Kevin Prins and the P3 team for their diligent efforts throughout this process.

[trueviking]

Nice! Doing the same thing he did at Main and Bannatyne. That's the way of the future.

This is the building with Thomas Hinds and Shannon's

[thebasketballgeek]

Huge fan of these office to residential conversions it just makes sense.

Pretty convenient location too being next to the Convention Centre. Walk score gave this location a 99 walking rating and 92 transit rating. I wouldn’t go that far but either way it’s still a more then welcome redevelopment.

[zalf]

The combined effects of a housing affordability crisis and the pandemic kicking the shit out of downtown offices potentially leading to a livelier and more pleasant downtown in the long-term would not have been the trajectory I guessed.

[esquire]

Wait, so is the developer converting some of the office space to residential, or are they adding a level of residential on top of the office building?

[Jeff]

I'd love if there was a concerted focus on densifying the downtown stretch of Broadway. Biking along Assiniboine the other day, it was marvelous to see how busy it was (pedestrian and cycling-wise) and it's generally been a hands-off kind of neighbourhood in terms of how it has evolved into what it is today. A few big holes need to be filled and it could really bolster the southern end of downtown.

[GreyGarden]

Originally Posted by Jeff

I'd love if there was a concerted focus on densifying the downtown stretch of Broadway. Biking along Assiniboine the other day, it was marvelous to see how busy it was (pedestrian and cycling-wise) and it's generally been a hands-off kind of neighbourhood in terms of how it has evolved into what it is today. A few big holes need to be filled and it could really bolster the southern end of downtown.

Completely agree, south of Broadway feels much more manageable than all of downtown. As it is, the surface parking south of Broadway and in between Kennedy and Donald is much less intrusive than in the downtown proper. I'd love to see the giant on Kennedy be developed - those western views of the Legislative grounds would be amazing. Secondly, the lot at Edmonton and Broadway would be great to fill in.

What I find interesting about this part of downtown, even along Broadway, is how few opportunities for storefronts there are in the immediate area. Its a pretty dense part of Winnipeg but pretty lacking in storefronts and amenities.

[Biff]

Originally Posted by esquire

Wait, so is the developer converting some of the office space to residential, or are they adding a level of residential on top of the office building?

I believe the developer is converting the 6th floor to apartments and the other 5 floors will remain office (that is almost all leased).

[esquire]

Originally Posted by Biff

I believe the developer is converting the 6th floor to apartments and the other 5 floors will remain office (that is almost all leased).

Thanks, Biff.

Originally Posted by Jeff

I'd love if there was a concerted focus on densifying the downtown stretch of Broadway. Biking along Assiniboine the other day, it was marvelous to see how busy it was (pedestrian and cycling-wise) and it's generally been a hands-off kind of neighbourhood in terms of how it has evolved into what it is today. A few big holes need to be filled and it could really bolster the southern end of downtown.

Agreed. 300 Assiniboine and dCondo are nice additions to the Bro-Ass area but it is remarkable that Broadway itself has been so resistant to development. Other than the small Credit Union building that went up around 20-odd years ago, really nothing has been built this century on Broadway between Main and the Ledge. It's a nice strip but it could be even better, especially if some of the holes were filled.

[Kinguni]

Originally Posted by Biff

I believe the developer is converting the 6th floor to apartments and the other 5 floors will remain office (that is almost all leased).

35 1 and 2 bedroom apartments on one floor?

[trueviking]

It says on their web site 175 will be residential and 185 will be office.

[trueviking]

Chatted with the guy fixing up the little building at main and Bannatyne. Said it’s being divided in two units. The back side will be a cafe. The front is still for lease.

[trueviking]

Tropik coffee and tea house is opening in one of the storefronts in the Dreman Building on Portage. May already be open.

[1ajs]

Originally Posted by trueviking

Chatted with the guy fixing up the little building at main and Bannatyne. Said it’s being divided in two units. The back side will be a cafe. The front is still for lease.

hopefully having a vision is successfull for the building owner

[trueviking]

Word is the P3 development on the old McNaught site on a portage is still moving along. The reports of its death were greatly exaggerated.

[Jeff]

I wouldn't be surprised if 155 Carlton was eventually flipped to residential especially since BDC moved to TNS.. but I think the former Ceridian building down York is a more suitable candidate to be converted first.

Speaking of Broadway earlier, noticed tonight the brick building that used to house Amici's is under substantial redevelopment along the Hargrave side with a debris chute and the top few floors have their windows boarded up.

[Biff]

Originally Posted by trueviking

Word is the P3 development on the old McNaught site on a portage is still moving along. The reports of its death were greatly exaggerated.

I can confirm this too.

[Winnipegger]

Originally Posted by trueviking

Word is the P3 development on the old McNaught site on a portage is still moving along. The reports of its death were greatly exaggerated.

Makes sense. Rentals are supposedly a great hedge against inflation which will be helpful in the high inflation environment we can expect over the next year or two. That, combined with rising housing costs suggest new rentals in Winnipeg should become more financially feasible in the coming years.

[thebasketballgeek]

Yea around 4,500 of the 6,700 units currently under construction are going to be rentals.

[trueviking]

Interesting. Where did you find that?