The Downtown thread was getting long and dragged out.
Sometimes things are announced and you don't hear about them again for a long time. I found this update in the Freep story today about one downtown development....
"The Four Points expansion is one of three development projects Lakeview has in the works. The other two involve the construction of a new 137-room hotel on St. Mary Avenue west of the Winnipeg Convention Centre, and the conversion of some time-share units in its hotel/resort complex in Gimli into condominiums.
The 11-storey St. Mary Avenue hotel, which will be called The Signature Suites by Lakeview, was originally announced two years ago as a 15-storey hotel/condo complex. However, Levit said Monday that Lakeview officials have now decided to scrap the condo portion of the project and make it just a straight hotel.
"The condo market has really slowed down," he said. "People are sitting there with empty condos, so we decided to eliminate the condos. We just decided we didn't want to get into that." He said construction on the new hotel could begin in about six months, and likely would take 18 to 24 months to complete. When completed, it will be connected via second-floor walkways to both the Convention Centre and the office building at 400 St. Mary Avenue." (WFP 2007.02.13 p. B5)
I work right across from the Fairchild Lofts on Bannatyne and from what I can see from outside they did a tremendous job, the lobby looks beautiful. I believe at first the condos were being advertised starting at about 180,000 dollars, I saw their ads each week in the FreePress homes section, then about 2 months ago the ad suddenly said "make us an offer". That does'nt sound too sold out, does it?
That's a nice old building too, although I remember the apartments facing Osborne were pretty noisy. Hope they put some new windows and better soundproofing in.
The problem with dowtown condos is that buidling a larger building that will support both higher end and entry level units requires a HUGE investment and a considerable amount of risk. Without a ton of demand most developers would hesitate to take on such a project as a shift in the labour market or the real estate market could drive the developer towards bankrupcy. With the number of condo projects that are nearing completion that have empty suites I would venture to say that there isnt enough of a market for condos in downtown Winnipeg just yet.
Once you see condo developments selling out before the building is 50% done you will start to see more development.
[quote][cite] zander:[/cite]That's a nice old building too, although I remember the apartments facing Osborne were pretty noisy. Hope they put some new windows and better soundproofing in.[/quote]
[quote][cite] alex:[/cite][quote][cite] zander:[/cite]That's a nice old building too, although I remember the apartments facing Osborne were pretty noisy. Hope they put some new windows and better soundproofing in.[/quote]
Where is that building?[/quote]
Behind Baked Expectations, just north of the old Into The Music location.
I'd rather live in a house than a condo downtown. In Winnipeg we have rent control so it's not as important to own the place we live at for now. I mean, rent is affordable. With a condo you have to also pay condo fees which is almost like rent plus your mortgage plus your property taxes.
[quote][cite] Sputnik:[/cite]Hopefully rent control in Winnipeg will be abolished soon.[/quote] What makes you think it might be abolished anytime soon.
It probably wont. Winnipeg has too many bleeding heart lefties that will keep it in place without realizing the negative implications it puts on the quality of life and rental units in Winnipeg
I just personally find rent control laughable in Winnipeg.
Why is rent control needed in a city that has thousands of houses for sale at under $100,000?
[quote][cite] Sputnik:[/cite]It probably wont. Winnipeg has too many bleeding heart lefties that will keep it in place without realizing the negative implications it puts on the quality of life and rental units in Winnipeg[/quote]
I don't think you can stereotype people in that way. You probably consider me a "lefty", yet I've long believed that rent control needs to be relaxed or lifted in some way. As long as safeguards are put in place, I think Winnipeg's rental stock could benefit from this.
But in some quarters I would be hung, drawn and quartered for saying that.
That's why I find the old labels of left/right to be less relevant (although still applicable in some ways) to our generation (under 35's).
I love it when people try to impose their lifestyle upon others.. especially when they don't even live here.
[quote][cite] zander:[/cite]That's why I find the old labels of left/right to be less relevant (although still applicable in some ways) to our generation (under 35's).[/quote]
Unfortunately, some people are just so narrow minded that using those few lame stereotypes is the only way to understand the complexities of life.