40 Story High-Rise going up adjacent to Portage and Main in Winnipeg   Leave a comment


On Thursday, Artis REIT revealed details of a $140-million, 40-storey apartment tower planned for 300 Main St.

That building will overlook Portage Avenue and Main Street, Winnipeg’s most famous intersection, finally utilizing a property earmarked for development decades ago, said Armin Martens, president of Artis REIT.

“It’ll be the newest and best downtown property rental project,” said Martens.  The mix of residential, retail and office space will require no tax dollars to fund, he added.

“We haven’t received a penny of capital assistance from anyone,” said Martens, adding “none at all” will be requested.

The tower is set to offer plenty of amenities for tenants of roughly 400 suites, including a dog run, pet bath, social areas and a daycare.

“We’re going to have a daycare there, if it kills me,” said Martens.

And while apartment towers haven’t traditionally been easy to attract to downtown Winnipeg, Martens believes the exact location and pent-up demand for urban living will make the investment pay off.

“There’s no doubt in my mind, it will be a success,” he said. “Building good quality, multi-family (structures) will bring more people downtown.”

Martens said the company also hopes to attract a 15,000- to 20,000-square-foot food store to the area.

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Angela Mathieson, president of CentreVenture Development Corporation, believes the 300 Main site is better suited to residential suites than an office tower envisioned for it decades ago. Because once those tenants arrive, there’s plenty for them to do in the immediate area.

“This building is literally a two-minute walk to the library, a two-minute walk to the MTS Centre, it’s a two-minute walk to The Forks … It’s right in the middle of all of our major attractions,” said Mathieson.

Where exactly will this be?

The 40-storey apartment tower will be built on an existing foundation pad created decades ago for a proposed 30-storey office tower.

What will the tower contain?

A penthouse floor and plenty of amenities. Artis REIT says that will include four floors of commercial space, 36 floors of apartments, as well as a dog run, daycare and social areas.

Why is this feasible now?

Artis REIT already owns the land, foundation and a related three-storey parkade, so the company says many investments are already paid out. The company believes there’s pent-up demand to live at the site and says the tower doesn’t depend on any pre-sales prior to construction, as condo developments may.

What’s happening at 360 Main?

A $25-million renewal of the existing building’s curtain wall and environmental barrier to make it more energy efficient.

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Posted April 7, 2016 by markosun in Buildings, Winnipeg

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