Winnipeg Free Press - PRINT EDITION

Glasshouse fails to break; downtown units selling

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The Glasshouse is half full.

Almost 100 of the 195 units in the proposed Glasshouse Skylofts condo tower have been pre-sold, says David Wex, co-founder and partner of Urban Capital, the Toronto-based developer who is building the 21-storey tower as part of the $130-million 311 Portage Avenue at Centrepoint development in downtown Winnipeg.

"I'm very happy (with how pre-sales have gone)," Wex said in an interview. "People in Winnipeg want to see it (being built before committing to buy), and there was a healthy skepticism it would even happen."

Wex said they're now working on the final working drawings. The aim is to start construction in May or June of this year, and have the lower floors ready for occupancy by late next year and the rest in 2016.

"You usually (occupy) a floor a week, and there are 21 floors," he added.

Because of ongoing renovations to the interior of the Cityplace mall on Donald Street, Wex said Urban Capital is also relocating its pop-up display suite to the underground Winnipeg Square at Portage and Main Street. It will open within the next couple of weeks and will remain there until the rest of the units are sold.

The remaining condos range in size from 435 square feet to 1,000 square feet, and are priced at between $190,000 and $340,000. Wex said buyers also have the option of buying two units and joining them together if they want something bigger.

The Centrepoint project is being developed by two local developers -- Longboat Development Corporation and Artis Real Estate Investment Trust. It includes a five-storey office/retail complex and 15-storey, 154-unit Alt hotel at the corner of Donald and Portage, and the Glasshouse tower and a five-storey, 400-stall parkade on Hargrave Street between Portage and Ellice Avenue.

The office tower, hotel and parkade are already under construction. The goal is to complete the office/retail building this fall, the hotel and parkade by late this year, and the condo tower by late next year.

 

-- Murray McNeill

Republished from the Winnipeg Free Press print edition January 20, 2014 B5

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