http://www.cbc.ca/beta/news/canada/manitoba/true-north-square-development-winnipeg-1.3408314

 

And from the Freep:

The City of Winnipeg and province have partnered with True North Sports & Entertainment on what all parties believe will be a "transformative" project for downtown.

As construction begins on True North Square, both levels of government have come to the table with a shared $17.6-million of tax increment financing to invest in more than two acres of public space.

MIKE DEAL / WINNIPEG FREE PRESS

Mayor Brian Bowman, from left, Premier Greg Selinger and Jim Ludlow, president of True North, on hand to announce details on the 'transformative' project for downtown. Purchase Photo Print

It will include a skating rink, a public stage, public seating and green space.

A further $9 million could be coming from the city under an expanded program for public amenities in the Sports, Hospitality & Entertainment District (SHED) that would be in close proximity to True North Square.

Jim Ludlow, president of True North, said his team went to school on other mixed-use real estate developments in other cities, such as Toronto’s Maple Leaf Square and L.A. Live in Los Angeles, and determined the site just outside its corporate head office was the premiere development site in Winnipeg.

Both Premier Greg Selinger and Mayor Brian Bowman said they believe the investment in the $400-million True North Square will be revenue positive.

It will include retail, office and residential spaces, plus a "significant" hotel.

geoff.kirbyson@freepress.mb.ca

 

that whole area is going to be epic...man I can't wait for that!

It's crazy how quickly it's going up.

41 minutes ago, bustamente said:

True North Square is really starting to take shape.

Rooftop patio fun might come to an end with a 20 story building coming to the south.

/me waits for Who Cares comment

37 minutes ago, FrostyWinnipeg said:

Rooftop patio fun might come to an end with a 20 story building coming to the south.

/me waits for Who Cares comment

Might cast some shade, but that's not such a big deal, and a total non-issue at night.

When is construction starting on 300 Main? Why do companies make announcements on huge projects that are still years away from starting? Skycity is another. Looks like it'll never get built. 

8 hours ago, SpeedFlex27 said:

When is construction starting on 300 Main? Why do companies make announcements on huge projects that are still years away from starting? Skycity is another. Looks like it'll never get built. 

300 Main is already under construction to a degree.  There is work being done to move the HVAC and other systems that are currently in place so they can begin building.

They announce early for various reasons.  In the case of a place like TNS or 300 Main, they announce when there is something to announce.  So when agreements are made, when financing is secured, when start dates are confirmed etc.  It generates and keeps excitement (and large projects would get leaked if they didnt announce it).

In the case of Skycity, since its a condo project, it relies on selling X amount of units to unlock financing.  So making announcements and trying to generate excitement is all about generating condo sales.  They have to sell X amount of units...I think in Sky City's case, they were saying 50% which I think they are close to.  But there is a lot of controversy over that project because of some of the people involved.

They HAVE pre-sold a lot of units which is good, but those sales have seemingly stalled out just short of where they need to be, which is not so good.  I hope it gets built as it would be amazing for that area and would become Winnipeg's tallest building.  But with TNS and 300 Main, there are several projects ahead of Skycity that will fill the need for downtown residences.  300 Main will become Winnipeg's tallest building (until such time as Skycity is built, if it is).

On ‎9‎/‎5‎/‎2017 at 7:26 AM, The Unknown Poster said:

300 Main is already under construction to a degree.  There is work being done to move the HVAC and other systems that are currently in place so they can begin building.

They announce early for various reasons.  In the case of a place like TNS or 300 Main, they announce when there is something to announce.  So when agreements are made, when financing is secured, when start dates are confirmed etc.  It generates and keeps excitement (and large projects would get leaked if they didnt announce it).

In the case of Skycity, since its a condo project, it relies on selling X amount of units to unlock financing.  So making announcements and trying to generate excitement is all about generating condo sales.  They have to sell X amount of units...I think in Sky City's case, they were saying 50% which I think they are close to.  But there is a lot of controversy over that project because of some of the people involved.

They HAVE pre-sold a lot of units which is good, but those sales have seemingly stalled out just short of where they need to be, which is not so good.  I hope it gets built as it would be amazing for that area and would become Winnipeg's tallest building.  But with TNS and 300 Main, there are several projects ahead of Skycity that will fill the need for downtown residences.  300 Main will become Winnipeg's tallest building (until such time as Skycity is built, if it is).

I'd never give money to a developer for a condo down payment without it first either is under construction or completed.  Some people have been waiting years for this & still no actual word on when construction starts. If 50% isn't good enough then this project is doomed. Cue the lawsuits. 

How do i say this... Lets just say.. There are a few more projects coming to downtown very soon.. Maybe 4 or 5 more... Sktcity is not one of them but... Regarding skycity... I will say that... There is lots of issues with the ppl in charge of skycity... But with that said... The COW (City of Winnipeg) wants it to happen and it pretty much will... But when is the actual question. Its not about units sold (they have enough) its about the group who proposed it.. Ill just leave this here.. Dont be surprised if Skycity starts building... But it probably wont be with the current developers. Thats the real hold up. Finding a local developer. Ill just say U of W gonna be doing more... Red River doing more.. A couple other projects also. Skycity will happen eventually.. Just nobody knows when yet. 

Edited September 14, 20178 yr by Goalie

The COW gave SkyCity a 1 year deadline pretty much for them to get the funding to get it done. That was a couple months ago.. They have until roughly july 2018 to secure financing to start building... If when that doesn't happen.. The COW will take the project over and try and find a local developer

55 minutes ago, Goalie said:

The COW gave SkyCity a 1 year deadline pretty much for them to get the funding to get it done. That was a couple months ago.. They have until roughly july 2018 to secure financing to start building... If when that doesn't happen.. The COW will take the project over and try and find a local developer

And then you can just about guarantee it won't be the tallest building in Winnipeg. 

$2 million payment to True North to cancel the lease. 

 

26 minutes ago, The Unknown Poster said:

$2 million payment to True North to cancel the lease. 

 

Nothing in the release about $2m payment?

34 minutes ago, FrostyWinnipeg said:

Nothing in the release about $2m payment?

Release said a cash payment. Other sources on twitter said it was 2 million.