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  #81  
Old Posted Mar 10, 2016, 5:02 PM
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Originally Posted by esquire View Post
I hear there's a bunch of space in 201 Portage that just got freed up!
Actually the head office for the MLL can stay at 450 Broadway!
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  #82  
Old Posted Mar 10, 2016, 5:04 PM
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Originally Posted by rrskylar View Post
I'm pretty sure there is enough office space available for the MLL within downtown with out having to do a horrific re-do of an existing building. Poor planning by both the MLL and speNDP govt. go hand in hand.
Agreed.
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  #83  
Old Posted Mar 10, 2016, 6:55 PM
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How about the old CWB building or any of the other half (or more) vacant buildings on Main. Portage has lots of space too.
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  #84  
Old Posted May 13, 2016, 12:43 PM
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I found this tidbit buried in a WFP article about Bipole III today:


"[Crown Services Minister Ron] Schuler said he plans to ask Manitoba Liquor & Lotteries to review its decision to proceed with the construction of a new downtown headquarters. The minister said he'd like to learn more about the construction contracts and see how far the project has proceeded."

Source: http://www.winnipegfreepress.com/loc...379265891.html
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  #85  
Old Posted May 13, 2016, 2:38 PM
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^ Didn't MLLC buy the Medical Arts Building? Presumably they've been working on it for at least the last 7 months so I'd imagine there would be some hefty losses if they pulled out now. But then again with the soft office market in this city perhaps it would be better in the long run for MLLC to lease out space in one of the existing multitenant towers...
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  #86  
Old Posted May 13, 2016, 3:00 PM
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Also didn't the MLLC hq go to tender for proposals (RFP)? That could mean separate from work done that if they walked away at this point there is likely a hefty penalty to pay.
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  #87  
Old Posted Jun 8, 2016, 7:44 PM
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ICYMI the Crown Services Minister Ron Schuler has tasked the MLLC Board with reviewing its decision to buy and renovate the Medical Arts Building

http://www.winnipegfreepress.com/loc...381719911.html

What's interesting is that the deal closed in November, so MLLC already owns the building, parking lot and parkade which it purchased for a somewhat paltry $7.9 million. So if the MLLC board were to decide to change course, MLLC would then have to find someone to unload this building to.

I'm still kind of blown away that you can buy a relatively modern 15 storey office tower, surface lot and parkade for under $8 million in this town.
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  #88  
Old Posted Jun 8, 2016, 7:51 PM
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Fortress paid $9M for the SkyCity lot. Something seems a bit off there. A 15 storey building with extras for $1M less? Could the building be seen as a hindrance in property values?

$8M seems like a steal.
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  #89  
Old Posted Jun 8, 2016, 8:51 PM
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Originally Posted by bomberjet View Post
Fortress paid $9M for the SkyCity lot. Something seems a bit off there. A 15 storey building with extras for $1M less? Could the building be seen as a hindrance in property values?

$8M seems like a steal.
I think the general consensus at the time was the Fortress way, way overpaid for the property.
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  #90  
Old Posted Jun 8, 2016, 9:04 PM
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^Must be used to Toronto real estate pricing.
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  #91  
Old Posted Jun 8, 2016, 9:41 PM
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^Must be used to Toronto real estate pricing.
Hah... if that's the case, I'm surprised the Medical Arts Building's former owners didn't try to lure some west coast businessmen. An entire tower in Winnipeg for the price of a few Vancouver homes!
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  #92  
Old Posted Jun 9, 2016, 4:44 AM
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Originally Posted by esquire View Post
ICYMI the Crown Services Minister Ron Schuler has tasked the MLLC Board with reviewing its decision to buy and renovate the Medical Arts Building

http://www.winnipegfreepress.com/loc...381719911.html

What's interesting is that the deal closed in November, so MLLC already owns the building, parking lot and parkade which it purchased for a somewhat paltry $7.9 million. So if the MLLC board were to decide to change course, MLLC would then have to find someone to unload this building to.

I'm still kind of blown away that you can buy a relatively modern 15 storey office tower, surface lot and parkade for under $8 million in this town.
Sure hope this lame brained medical arts building redevelopment plan is kibosh-ed real fast! The speNDP was all about growing govt. and insuring a bloated bureaucracy full of indoctrinated do-nothings all part of the regime!
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  #93  
Old Posted Jun 9, 2016, 11:56 AM
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Originally Posted by rrskylar View Post
Sure hope this lame brained medical arts building redevelopment plan is kibosh-ed real fast!
Even if that means spending more on office leases?
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  #94  
Old Posted Jun 9, 2016, 1:19 PM
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Originally Posted by rrskylar View Post
Sure hope this lame brained medical arts building redevelopment plan is kibosh-ed real fast! The speNDP was all about growing govt. and insuring a bloated bureaucracy full of indoctrinated do-nothings all part of the regime!
I like 30 minute coffee breaks so I can feed the parking meter and have a smoke. The $125k a year for doing nothing is good too.
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  #95  
Old Posted Jun 9, 2016, 1:35 PM
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Perhaps True North's remarks about increased interest is from the government who wants MLCC to reconsider their plan and instead go to TNS...
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  #96  
Old Posted Jun 9, 2016, 1:56 PM
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Perhaps True North's remarks about increased interest is from the government who wants MLCC to reconsider their plan and instead go to TNS...
But how could renting out brand new class A office space be any more economical than renovating the $8 million office tower that MLLC now owns? In terms of bargain basement deals, how do you beat what MLLC has pulled off?
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  #97  
Old Posted Jun 9, 2016, 2:10 PM
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Originally Posted by esquire View Post
But how could renting out brand new class A office space be any more economical than renovating the $8 million office tower that MLLC now owns? In terms of bargain basement deals, how do you beat what MLLC has pulled off?
Depends how much the reno will cost I guess.
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  #98  
Old Posted Jun 9, 2016, 2:19 PM
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Depends how much the reno will cost I guess.
According to the WFP story, they pegged the total project cost at $74 million, but $66 million of that is the five-storey expansion at the corner of Graham and Kennedy. (Although those numbers don't add up because presumably $8 million of the $74 million was for acquisition, so the $66 million must include renovations.)

Worst case scenario, you scrap the expansion part of the project and sell the surface lot to a developer. That knocks off a substantial chunk from the tab right there, and the proceeds of the lot sale can defray the costs of improving the existing Medical Arts main level into a nice, modern lobby as an alternative to the new space. And from an urbanist point of view, a new development at Graham and Kennedy that takes up the entire lot would be preferable to what MLLC cooked up in its initial renderings anyway.
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  #99  
Old Posted Jun 9, 2016, 2:45 PM
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If MLCC were to wait out the opening of True North Square they should be able to find an established class B space for the HQ in downtown for a steal.

The other question that would need to be answered is if all the current tenants left the Medical Arts building and only an interior renovation on the existing tower was done, no expansion as proposed, how close would it be to meeting the space needs of MLCC?
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  #100  
Old Posted Jun 9, 2016, 2:53 PM
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The other question that would need to be answered is if all the current tenants left the Medical Arts building and only an interior renovation on the existing tower was done, no expansion as proposed, how close would it be to meeting the space needs of MLCC?
I would fully expect that the new MLLC board is weighing that alternative, among others. It'll be interesting to see what they say... there is probably a strong political incentive to distance themselves from the office project which is symbolic of the old regime, but if it actually makes economic sense to do it then how they rationalize cancelling it?
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