Artis REIT plans to spend $165 million to build a new rental-apartment tower above Winnipeg Square and install a new facade on its existing office tower at 360 Main St.

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This article was published 4/4/2016 (1999 days ago), so information in it may no longer be current.

Artis REIT plans to spend $165 million to build a new rental-apartment tower above Winnipeg Square and install a new facade on its existing office tower at 360 Main St.

Last week, sources pegged the value of the development planned for the property southwest of Portage & Main at $140 million. In an invitation to a press conference slated for Thursday, Artis said it will invest $25 million more on the development, which it describes as "a complete renewal of the existing curtain wall and environmental barrier at 360 Main" as well as "a significant new development on the same site at 300 Main."

JOHN WOODS / WINNIPEG FREE PRESS</p><p>A highrise residential building project at Portage and Main is expected to be announced later this week.</p>

JOHN WOODS / WINNIPEG FREE PRESS

A highrise residential building project at Portage and Main is expected to be announced later this week.

In the statement, the Winnipeg-based real estate investment trust all but confirms the residential nature of the second tower planned for the Winnipeg Square property.

"Artis’ vision for this project supports the existing business community and encourages new and exciting opportunities for people to live, work, and enjoy themselves in downtown Winnipeg," Artis said in its invitation. "Artis is pleased to be a part of the revitalization of downtown and to show its ongoing commitment to the city."