Quote:
Originally Posted by scryer
Winnipeg won't have to worry about parking in downtown if they keep building these distant box-store malls all around the suburbs, as no one will be driving into the city except to maybe work (and even then these suburbs are sprouting tons of office parks).
I agree with what biguc just posted regarding parking, especially when it comes to Portage Place. I don't think that parking options is going to get people to come to the mall when they have Polo Park or the newly opening Seasons of Tuxedo (which by the way, is a project that is more parking lot than actual retail structure).
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When Hydro built their giant office tower near Portage Place they had all these idealized plans about how staff would get there. End of the day parking became a huge issue for them to the point they paid to have the CityPlace basement converted to parking for their exclusive use. This in turn pushed out MPI from the space leading to them actually buying the building and several related surface lots.
The projection on True North Square seems to suggest a similar crunch on parking in the area is on the horizon again. If Portage Place got their plan together they could be positioned to capitalize on it.
In terms of parking downtown, go to the area on an event night at MTS Centre like when the Jets play and then tell me if you still think people only come downtown for work.
In terms of "parking won't bring people to the Portage Place
mall that is actually the point -- nothing will bring them to the
mall so get rid of it. It is about revenue per square foot and what has the highest potential on a return: retail, office (commercial) or parking. My bet is if the cost-benefits analysis was done parking would win that race.
In terms of the office space there, yes it has more space than a suburban mall but the space would be about the same as the Sterling Building which has struggled to find tenants. Adding
more office space at a time there is already more office space downtown than there is demand is just going to further push rates downmarket.
The closing thought is that while FNP controls the underground parking at Portage Place which is highly profitable, doing a conversion of the mall space to parking would allow the owner of that property to start dipping their toes into the lucrative downtown parking market.