Hey there, time traveller!
This article was published 30/10/2020 (361 days ago), so information in it may no longer be current.
Despite the pandemic, developers are making headway in the Rural Municipality of Rosser.
Construction began late October on a $46 million business park at CentrePort Canada, an inland port that connects to national and international trade gateways.
Steele Business Park will consist of three approximately 80,000-square-foot buildings across 17 acres of land. The first building should be done by the end of next summer, according to developer MMI Asset Management.
The new sites will have 28 foot ceilings and flexible space — one building may hold one business, while another might have 10. It depends on how much room the renters need.
The COVID-19 pandemic has not stopped the demand for real estate, said Diane Gray, the president and CEO of CentrePort Canada.
"What we’ve seen so far is that after a slight blip in late March (to) early April, the industrial marketplace in Manitoba recovered very quickly," Gray said.
CentrePort Canada announced another industrial park last spring. Phase 2 almost sold out over the summertime. The entire project spans 160 acres.
"I think the fact that our developers … are continuing to move full steam ahead tells you that there is definite private sector business interest in the real estate products they’re putting on the marketplace," Gray said.
MMI Asset Management is part of Cushman & Wakefield, a real estate giant. Thus, the developer is well-positioned to know how the market is doing, Gray said.
"We’re obviously very confident, otherwise we would’ve delayed the project," said Martin McGarry, the president and CEO of MMI Asset Management.
Retail real estate has been affected more than industrial, he said.
The developer chose the RM of Rosser because of its land availability and bustling activity at CentrePort Canada.
Furthermore, the municipality’s council has been easy to get along with and fast with giving approvals, McGarry said.
The new industrial park is an asset for Rosser, according to Frances Smee, the municipality’s reeve.
"There has been a significant demand for industrial space in the Rosser CentrePort lands and we only see that as increasing in the future," she wrote in an email. "We have all spent the past several months navigating the global pandemic and all the considerable impacts that has brought. This is a good news story that we can all appreciate."
Developers haven’t begun marketing Steele Business Park; they’ll do so closer to the completion of the first building.
Gabby is a big fan of people, writing and learning. She graduated from Red River College’s Creative Communications program in the spring of 2020.