Winnipeg | Manitoba Liquor & Lotteries Head Office | Cancelled
Winnipeg | 233 Kennedy Street
Renovation and addition to Winnipeg's 15 Floor Medical Arts Building, Parkade and surface lot to amalgamate Manitoba's Liquor Control Board and Manitoba Lottery Corporations offices. - Purchase of building, parkade and surface lot. $ 7.9 Million - Est: Renovation/Addition Costs: $ 66 Million - 5 floor addition on surface lot ( aprx: 80 K sq. ft.) - Expansion to floors 1-5 - Expansion adds 78,385 sq. ft. over five floors - Main floor is commercial space and outdoor courtyard - Floors 2-5 for home of Liquor & Lotteries employees - Expansion to be built on surface parking lot Combined new and old building equals 212,000 sq. ft. - Parkade improvements part of redevelopment plans - Floors 6-15 to remain as is for existing tenants. - Architects: Prairie Architects Inc More information: http://www.mbll.ca/sites/mbll_corpor...CT-SHEET_0.pdf http://www.mbll.ca/node/3096 http://www.mbll.ca/sites/mbll_corpor...-Sheet-rev.pdf Renders: http://www.mbll.ca/sites/mbll_corpor...L-New-HO-1.png http://www.mbll.ca/sites/mbll_corpor...L-New-HO-2.png http://www.mbll.ca/sites/mbll_corpor...L-New-HO-5.png http://www.mbll.ca/sites/mbll_corpor...L-New-HO-3.png http://www.mbll.ca/sites/mbll_corpor...L-New-HO-4.png http://www.mbll.ca/ |
Why is this being built downtown? This looks like something that should be built on Waverley or Taylor.
Seriously? A SURFACE parking lot?! REALLY?! I feel sorry for the architect who has their name on this terrible design. |
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For those that would like a 1 stop spot for this project..
era 1979..Medical Arts Bldg... http://www.emporis.com/images/show/2...est-corner.jpg emporis.com (why do they always shoot the messenger...) |
I like it
more glass, more green space,, one less ugly surface lot... that corner at kennedy and graham was such a contrast to the other parts of graham... that whole street is going to be night and day once true north square and fortress go up hopefully... I don't see whats wrong with it... it looks decent. |
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so what if it has mini 8 car surface lot.... it still looks decent... that's probably for convience sometimes ppl need to go quickly in and out for deliveries or drop-offs and having such lots like that are pretty usefull
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I love the project, the amount of people it will bring to Graham and Kennedy and the fact that it will kill another surface parking lot. The design is still in it's early stage so my hope it that it will be improved. The parts that I dislike are the park - this is a clone of the Hydro Park less than a block away and that hideous 10 spot surface lot off Graham HAS TO GO.
I also believe that the True North Project two blocks down will still proceed and Graham will be even better. Hard to believe MBLL bought a 16 storey building and surface lot for $7.5 million and Fortress paid $7 million for a gravel lot for SkyCity.......ouch. |
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[QUOTE=Biff;7181380]I love the project, the amount of people it will bring to Graham and Kennedy and the fact that it will kill another surface parking lot. The design is still in it's early stage so my hope it that it will be improved. The parts that I dislike are the park - this is a clone of the Hydro Park less than a block away and that hideous 10 spot surface lot off Graham HAS TO GO.
I also believe that the True North Project two blocks down will still proceed and Graham will be even better. Hard to believe MBLL bought a 16 storey building and surface lot for $7.5 million and Fortress paid $7 million for a gravel lot for SkyCity.......ouch.[/QUOTE i don't know if it has been sold since 2008 but at that time the Winnpeg Free Press reported that Huntingdon REIT bought the building in 2006 for $14,342,162 and had a mortgage for $9,660,000 |
How the hell did they get the M.A building for ~$7 mill?
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More proof that CentreVenture is stupid.
but yeah, that surface lot has to go. I could do without the entire plaza. |
Late to the party here, I see I'm having the same reaction you all did. I think I threw up in my mouth a little when I saw that. Yikes.
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Would the fact that Huntingdon REIT is selling the building as opposed to everybody else wanted to lease MLLC the space make the difference.
Huntingdon ended up selling City Place to MPI to try and reduce their debit load so I wonder if this transaction is similar? |
I think it is an indication that downtown is being turned into a government ghetto and that all private investment is quite willing to get out even if it means losing millions.
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Let's drill down for a moment and view the property that sold for close to $8M https://www.google.com/maps/@49.8902.../data=!3m1!1e3 ??? What do those in the development,architectural and city planning fields see that bothers them or would give them concern about the current project. ______ Edited OP for inaccuracies.. |
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To my mind - and given the situation - they approached this the right way. They'll have an asset at a discount where hopefully their presence can bump the rents, and they'll be able to capitalize those rents over time which is something they'd otherwise not be able to do even as a long-term tenant (which they are). To me, it's better than paying $32 or $33 in annual rent (including additional rent) to somebody who's going to ask for a ton of subsidy anyway (ahem, Chipman). The only thing I might say - and this is presumptuous - is that the Province is going to be forced to dump money into the Bay building at some point anyway. This could have been an opportunity to kill two birds with one stone even though we all know they didn't do that because they wouldn't be able to advertise the cost savings due to the move. Eh, I can live with it. BUT, don't be fooled. $23MM over 20 years is absolutely not $23MM. Using a 4% discount rate, it's closer to about $10MM and that's the number they should be using. Does this deal save them $10MM today? I don't know. |
interesting i gues all the developers being mad about true north getting all the deeds blew up in everyones faces??
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