Winnipeg | 138 Portage Ave | East Block Lofts

[Wpg_Guy]

Originally Posted by WinCitySparky

Does that spot seem a weird place to land a hotel or is it just me? Am excited for it regardless but it seems so out in the sticks as far as downtown and walkability. I realize it’s close to P&M but it just seems like such a cold unappealing little stretch in Portage N

The hotel proposal fell through, this will be residential lofts, a request to the Mods has been submitted to change the title of the thread.

[Kris22]

Originally Posted by WinCitySparky

Does that spot seem a weird place to land a hotel or is it just me? Am excited for it regardless but it seems so out in the sticks as far as downtown and walkability. I realize it’s close to P&M but it just seems like such a cold unappealing little stretch in Portage N

Ya, it's pretty much the definition of a "no man's land". Not quite part of any surrounding neighbourhood, on a busy thoroughfare, some cold neighbouring buildings, back of the ball park, train line...But location aside, it's a really nice development and the addition fits in well aesthetically. I like the inset balconies to break up the front facade a bit. It will also be so nice to have some more life on that street at night.

[esquire]

^ The location isn't bad... it's practically across the street from The Fairmont, and no one says that hotel is in a nonsensical location. It's barely 100m from Portage and Main, that alone right there is a solid location. Factor in proximity to The Forks, The Exchange and the ballpark and I'd say it's pretty good. It just needs something to go up across the street so it isn't all by itself.

Nice to see the project moving ahead, although too bad it won't be a hotel.

[Biff]

146 units

[trueviking]

Originally Posted by Wpg_Guy

.

good enough....build it.

this is the only new development that applied for the downtown TIF....in the past it has been oversubscribed quickly...the last TIF there were five or six good projects rejected because all the money was gone....today the money can't be given away.

[Malcsta]

I always had high hopes for this spot (maybe too high) and thought it would be a great spot for a tower (20+ storeys) but this is exciting none the less

[pegster]

I like it. The things that area, between P&M and rails, need to feel more like a neighbourhood are more people and fewer surface lots. This goes some way towards both.

[zalf]

Originally Posted by Wpg_Guy

RIP Nutty Club murals. Otherwise, looks great! Will be happy to see this get going.

[bomberjet]

I'm still of the opinion this area is prime to be actual, dense TOD. It's mostly parking lots right at P&M.

[WinCitySparky]

Hope it’s the beginning of the near area moving on up!

[GreyGarden]

If Railside ever happens, and the Exchange continues to build up, I think this cluster of surface lots actually has the potential to be quite desirable. Close to P&M, the Forks, and the Exchange.

Very concerning to read Vike’s post, though given how few proposals we’re seeing, I’m not surprised. Has demand for inner city living in this city been met by the current supply and what is coming to market?

[drew]

Originally Posted by GreyGarden

If Railside ever happens, and the Exchange continues to build up, I think this cluster of surface lots actually has the potential to be quite desirable. Close to P&M, the Forks, and the Exchange.

Very concerning to read Vike’s post, though given how few proposals we’re seeing, I’m not surprised. Has demand for inner city living in this city been met by the current supply and what is coming to market?

Is the slow uptake on the TIFs relatively recent? If so, it's likely the increased interest rates and other construction related costs that are cooling off demand.

A lot of private developers have been putting a pause on things recently while the industry tries to get a better handle on costs.

Also related to the Exchange and downtown, repurposing existing heritage buildings into residential was not a simple or easy process to begin even when borrowing money was basically free.

[sleepyeyed]

The city doesn't make it easy for inner city developers when it comes to timing in neighborhood upgrades with things like a downtown TIF. Like what has the city done to.amke the downtown more liveable? Barely any parks, very little new infrastructure besides massive road projects that do nothing to make it more liveable, no penalties for negligent landowners, etc. Why would you jnvedt downtown when the city will build brand new roads, schools, rec centr3s, etc in the suburbs again?

People should look at how much Calgary and Edmonton have invested in their urban neighborhoods to.make them more liveable (especially beltline and oliver). The city admin is the enemy of everyone in this town except for like jd Penner (convoy supporter and springs church high ranker) or trucking companies.

[sleepyeyed]

The city doesn't make it easy for inner city developers when it comes to investing in neighborhood upgrades with things like a downtown TIF. Like what has the city done to make the downtown more liveable? Barely any parks, very little new infrastructure besides massive road projects that do nothing to make it more liveable, no penalties for negligent landowners, etc. Why would you jnvedt downtown when the city will build brand new roads, schools, rec centr3s, etc in the suburbs again?

People should look at how much Calgary and Edmonton have invested in their urban neighborhoods to.make them more liveable (especially beltline and oliver). The city admin is the enemy of everyone in this town except for like jd Penner (convoy supporter and springs church high ranker) or trucking companies.

[BAKGUY]

In reality, this helps make that area livelier. With 146 units, that would be about 225 + residents.I sure hope some CRU's are in that plan, especially a cafe.
In time, that empty lot across will be developed.
Also, living here, you can grab a brekkie or Lunch @ Sal's on Lombard, or go to the many options now @ Winnipeg Square, plus a couple dozen places in The Exchange and more downtown like 529 Opening soon, Hy's, Bailey's Ichi Ban, E India Company etc...Also close to the Theatre district. That stretch of street is probably safer than farther west.

[trueviking]

Originally Posted by drew

Is the slow uptake on the TIFs relatively recent? If so, it's likely the increased interest rates and other construction related costs that are cooling off demand.

A lot of private developers have been putting a pause on things recently while the industry tries to get a better handle on costs.

Also related to the Exchange and downtown, repurposing existing heritage buildings into residential was not a simple or easy process to begin even when borrowing money was basically free.

TIF opened six months ago.

No question, costs are wild right now, but there's still lots of multi-family construction happening outside of downtown, even in nearby urban areas like Osborne.

There has been a strong push away from downtown by developers since the pandemic. It's a tough pill, but there is too much risk with the social challenges it is currently facing.

Even CMHC will no longer provide financing for market housing downtown because they see it as a risky market. This should be big news. Most infill projects are financed by CMHC.

[esquire]

^ That is tough news, but can you blame them?

I know I sound like I have been negging on downtown Winnipeg a lot over the last couple of years, but that's partly because I can't believe what's happened to the place. It certainly doesn't strike me as the most prudent place to invest in, not compared to the many alternatives within the same city.

[drew]

Originally Posted by trueviking

TIF opened six months ago.

No question, costs are wild right now, but there's still lots of multi-family construction happening outside of downtown, even in nearby urban areas like Osborne.

There has been a strong push away from downtown by developers since the pandemic. It's a tough pill, but there is too much risk with the social challenges it is currently facing.

Even CMHC will no longer provide financing for market housing downtown because they see it as a risky market. This should be big news. Most infill projects are financed by CMHC.

Is there much new multi-family in the pipeline anywhere tho? It seems to me that most of the stuff going up now was in process before the latest interest rate hikes and other cost uncertainties.

A lot of the developers we work with (who do exclusively suburban 5 and 6 floor residential) are all hitting pause on new projects right now.

[Biff]

^^^ 60 to 70 projects in the pipeline right now but like you said, I'm not sure how many have hit the pause button in regards to interest rates.

[zalf]

What's the solution, then? More generous TIFs? Social problems scare away residential development, but lack of residential development breeds social problems. Something has to break the chicken-and-egg cycle.