May 23, 2015


Business

New downtown tower could be 42 storeys tall: developers

Two Ontario developers shed more light on an ambitious new high-rise development they want to build in downtown Winnipeg, including the possibility the main tower could be an eye-popping 42 storeys high.

Toronto-based Fortress Real Developments Inc. and Markham-based Mady Development Corp., told a crowd of 80 to 100 guests and dignitaries attending a noon-hour news conference on the Graham Avenue site of their proposed office/retail/condominium development that they want the new tower to be the highest free-standing structure between Toronto and Calgary.

The parking lot which is the proposed site of the Fortress Development Project north of Graham Avenue between Smith Street and Garry Street. Ontario developers are to unveil plans for a big, bold 'vertical village' for the site today.

MIKE DEAL / WINNIPEG FREE PRESS

The parking lot which is the proposed site of the Fortress Development Project north of Graham Avenue between Smith Street and Garry Street. Ontario developers are to unveil plans for a big, bold 'vertical village' for the site today. Photo Store

Fortress president and Jawad Rathore said in an interview they’ve seen an artist’s rendering of a 42-storey tower, "and it looked fantastic."

Rathore and Mady CEO Charles Mady said market demand will determine the height of the tower. The more commercial space they lease and the more condos they sell, the bigger it will be.

"But I can’t see a single tower being any shorter than 30 storeys," Rathore said, adding the bigger the better as far as they’re concerned.

The $150-million-to-$200-million project, details of which were reported in today’s Free Press, is expected to include a multi-level underground parkade, up to 70,000 square feet of retail, 40,000 and 100,000 square feet of office space, and between 300 and 400 condominiums.

They said they hope to finalize the design plans and begin pre-selling the condos and pre-leasing the commercial space by the end of this year or early next year. They said the tower is expected to take 24 to 30 months to build, and to be completed sometime in 2017.

They also reiterated that their goal is to attract a large grocery store — possibly one up to 25,000-square-feet in size — for the main floor of the tower. They said talks are underway with a number of parties.

Rathore said the condominiums will be designed to appeal to a broad cross-section of buyers, and will range from smaller units priced at "well under $200,000" to spacious penthouse units that can be built to whatever size buyers want.

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective January 2015.

Winnipeg Free Press | @WinnipegNews

May 22 10:40 pm

WFP reporter wins national award wfp.to/RTT

Winnipeg Free Press | @WinnipegNews

May 22 8:34 pm

Pork prices still soaring wfp.to/RT8

Winnipeg Free Press | @WinnipegNews

May 22 8:02 pm

Bodybuilders beware: supplements a 'Wild West' wfp.to/RTv

Winnipeg Free Press | @WinnipegNews

May 22 7:12 pm

Blue Bombers beef up D-line, add Kheeston Randall wfp.to/RTL

Ed Tait | @WFPEdTait

May 22 6:58 pm

#Bombers add import DL Kheeston Randall (6-5, 310 Texas). Drafted in 7th rd in 2012 by Miami. Appeared in 12G. Had stints w Minn/Cinn

Scroll down to load more

Top