Construction of SkyCity tower set to begin next year

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This article was published 17/05/2016 (3588 days ago), so information in it may no longer be current.

Construction of the what’s being touted as the city’s tallest building — the proposed 47-storey SkyCity Centre condo tower on Graham Avenue — will hopefully get underway sometime next year, a spokesman for the developer said Tuesday.

Ben Myers, senior vice-president of market research and analytics for Toronto’s Fortress Real Developments, told delegates attending the 2016 Winnipeg Real Estate Forum that 150 of the project’s 385 condos have been presold, and the presale target is 200 units.

“That’s the next step — to get to 200 sales. After that we’ll secure (construction) financing,” he said in a later interview.

Myers wouldn’t say how long he thinks it might take to sell the other 50 units, although he admitted it would be nice if it happens by sometime this fall. He also wouldn’t say when in 2017 the company hopes to begin building the $200-million tower, which will also include about 60,000 square feet of office space and 20,000 to 25,000 square feet of ground-level retail space.

“(That) will depend on how quickly we can move these next 50 units and how quickly we can get financing. It ($200 million) is a big construction number, so we’ll probably need several lenders to syndicate that loan.”

He said “lots of people” have expressed an interest in participating in a syndicated loan arrangement. Potential lenders could include banks, credit unions and pension funds.

Myers was one of the participants in a panel discussion on development trends in downtown Winnipeg. He said if this project goes well, Fortress would like to do another condo development in Winnipeg.

“Obviously the market conditions here are still very strong,” he said later. “I don’t think it will be another 47-storey tower. But we would be interested in a low-rise (tower) or maybe something a little more boutique if the right partner comes along and presents us with the right opportunity.”

Myers added it could be either residential or commercial condos, and could be in the downtown or in the suburbs.

murray.mcneill@freepress.mb.ca