Looks like MLL made a few million from flipping the Medical Arts Building:
Quote:
Manitoba Liquor & Lotteries (MLL) made a hefty profit flipping the downtown Medical Arts Building.
A senior executive with Timbercreek Asset Management Inc. of Toronto confirmed it paid $15.5 million for the 15-storey office tower, an adjoining 385-stall parkade and the surface parking lot on the north side of the tower.
That’s nearly twice the $7.9 million the Crown corporation paid for the properties in September 2015.
MLL also spent $2.4 million on planning and redevelopment costs associated with its ill-fated $74-million plan to expand and renovate the building. It planned to use a portion of the space for its corporate headquarters and rent out the rest to other tenants.
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http://www.winnipegfreepress.com/bus...434882763.html
The good news here is that Timbercreek will get to work overhauling the parkade and tower... the bad news is that any development activity on the surface lot at Graham and Kennedy is pretty much postponed indefinitely. Or at least that's what I infer from their spokesman's comments:
Quote:
Initially, Timbercreek will focus on the redeveloping the office tower and upgrading the parkade. The redevelopment of the surface parking lot will take place at an unknown date.
"There is a long-term plan there, but right now that’s a fair bit into the future."
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Speaking of them, has there been any word on where MLLC's head office is going to end up?