June 8, 2010
Downtown Winnipeg Redevelopment Project Receives $575,000 in Provincial Support
The transformation of a derelict Portage Avenue building into modern, multi-unit housing will be supported with $575,000 in funding from the Manitoba government, Premier Greg Selinger announced today.
“This support boosts the revitalization of Winnipeg’s downtown,” said Selinger. “Once completed, this project will allow professionals and students to move into new housing units that will provide much-needed, reasonably priced accommodations in Winnipeg’s downtown. Projects like this are key to developing a strong community.”
The City of Winnipeg will provide up to $800,000 under the downtown economic development incentive grant to make this project a reality.
“For the heart of our city to beat stronger, we need to provide more Winnipeggers with the opportunity to keep their feet on the street long after the store fronts close,” said Mayor Sam Katz. “By injecting new life into the buildings that grace our downtown, we can see first hand a positive transformation and ensure the momentum keeps moving forward.”
The now-vacant building is at 265 Portage Ave., on the north side between Smith and Garry streets. Named the Avenue Building, it is six stories and was constructed in 1904.
“We are thrilled that finally, this blight on this major avenue will be removed with the support of the province and City of Winnipeg in collaboration with the private-sector, the Hofers,” said Ross McGowan, chief executive officer of CentreVenture.
CentreVenture Development Corporation is an arms-length, not-for-profit agency of the City of Winnipeg that was established in 1999. The corporation is an advocate and catalyst for business investment, development and economic growth in downtown Winnipeg.
The redevelopment plan for the Avenue Building will renovate the former office building into a modern, mixed-use building that will contain two main floor commercial rental units and 59 residential rental apartments on the upper five floors.
The preliminary design concept for the residential component of the project involves the development of smaller-sized, modern loft-style units in various configurations. All units will be one-bedroom, with the exception of two studio suites.
The project is intended to attract students, young urban professionals and clerical and support staff in the surrounding office community.
Total project costs are currently estimated at approximately $8.5 million for both the commercial portion and residential portions of the building.
This is the second downtown revitalization project the provincial government has supported in the past year. The 104-year-old four-storey former warehouse at 230 Princess St., now called the Edge on Princess, received provincial funding of $1 million to convert the building into apartment and commercial space.
Selinger said the province is focused on supporting the development of affordable housing in Winnipeg. The minister noted the province in partnership, with the City of Winnipeg, will be shortly implementing innovative tax increment financing. The program encourages downtown redevelopment by providing a flexible incentive for developers to create a variety of urban housing options.
The province, with the financial support of the Government of Canada, is making a two-year, $378-million investment in social housing and will create 1,500 more affordable homes over the next five years. As well, 1,500 households will benefit from renovations to their homes and 12,000 households will benefit from building improvements. HOMEWorks! supports ALLAboard, Manitoba’s Poverty Reduction Strategy, Aging in Place, and Manitoba’s Action Strategy for Economic Growth. It also provides vital links to community and economic development
More information about HOMEWorks! is available at www.gov.mb.ca/housing.
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