Winnipeg Free Press - ONLINE EDITION
Posted: 05/10/2013 6:35 AM | Comments: 0
IF you live in a glass condo, you probably shouldn’t throw stones.
Not only could you break one of your floor-to-ceiling windows, you might hit one of downtown Winnipeg’s newest residents (in a few years, anyway).
Potential owners and curious onlookers got a first-hand feel of what a $55-million condominium complex to be built between Donald and Hargrave streets just off Portage Avenue will look like when a full-scale display unit was unveiled at cityplace mall Wednesday afternoon.
Construction on the 195-unit Glasshouse Skylofts, a development being widely touted as one of the most crucial elements of downtown’s Sports Hospitality and Entertainment District, is expected to begin early next year with occupancy starting in early 2016.
Local developer Longboat Development Corp. and Toronto-based condo developer Urban Capital are partnering on the project.
"It’s about confidence," said Ross McGowan, president and CEO of CentreVenture Development Corp. "You have a major urban development company from another city saying ‘I think this can work here.’ " Speaking of confidence, McGowan was quick to note the $130-million price tag of the entire Centrepoint project, which also includes a five-storey mixed-use tower and a 15-storey Alt Hotel, is being paid for almost entirely with private money.
David Wex, a partner with Urban, said 1,000 Winnipeggers signed up to tour through the display condo this weekend but he can only squeeze in 400 of them.
"We’re open for pre-sales," he said.
The condos will range in size from 435 square feet up to 1,000 square feet. Most will be priced between $169,900 and $250,000, with a few going for as much as $315,000.
Wex said he was attracted to invest in Winnipeg because of the palpable buzz in the city.
"This city has amazing bones. The architecture here is incredible. Your city has such amazing potential to have a beautiful downtown," he said.
Jeoff Chipman, president and CEO of The Stevenson Group, which includes Longboat Development Corp., said downtown Winnipeg is enjoying some good momentum but the SHED — a more than $600-million project designed to revitalize 11 blocks of downtown Winnipeg that include the Winnipeg Convention Centre and the Metropolitan and Burton Cummings theatres — has to be completed.
"I think it’s a critical part of redeveloping downtown. The best way to bring about urban development is people. When people are around, they feel safe and they are safe," he said.
Chipman said the condos could also spur a previously undeveloped market in Winnipeg — buying condos for investment purposes.
McGowan said he hopes the entire SHED could be completed in four or five years.
Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.
Having problems with the form?Contact Us Directly
Ohio sues BP for more than $33M in cleanup of storage tanks
Watchdog: Air traffic control system is a hacking risk
TransForce reports higher Q4 profits
Google, Facebook update contrasting plans to connect world
Weekly US Treasury bill auction produces mixed results
Silver Wheaton buys bigger stake in Vale mine
WIRELESS SHOW HIGHLIGHTS: New phones, new ways to connect
Bell appeals CRTC decision on Super Bowl ads
Most actively traded companies on the TSX
Lumber Liquidators and Endo are big market movers
Quebecor gets green light for magazine buy
City University of NY refunds tuition to some immigrants
How the Dow Jones industrial average fared on Monday
Boston commuter rail system operator fined over snow delays
Beyond big-box: Transition away from mega-stores bodes well for urban landscape
Coroner: Truck kills paramedic helping others on icy road
SUV driven by elderly woman is hit by train at NY crossing
Nasdaq closes above 5,000 for first time in 15 years
'Spocking' Laurier on fiver not illegal: BoC
GOP: Our plan would help people losing health subsidies
Curt Schilling fires back after offensive Twitter posts
Injunction blocks resource management changes
Landlords make an offer for Target locations
Terror bigger risk than derailments: Harrison
Jordan, other NBA owners join Forbes' billionaire list
Lumber Liquidators stands behind products as stock plunges
Ikea launches furniture with inbuilt wireless chargers
RCMP white collar unit moving in with OSC
Eldorado loses approval for Skouries project
Monaco latest to ink accord with Italy to end bank secrecy
Morgan Stanley expects lawsuit from NY Attorney General
Google to offer own cellular network plan
University president tapped to head Philadelphia Fed
Forbes List: 10 richest people in the world
New FDA official inherits raft of projects, challenges
Spain reveals 3rd Greek bailout, then says it's hypothetical
US stocks head higher; Nasdaq touches 5,000 points
Bill Gates repeats at top of Forbes' list of billionaires