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Home: Canadian Construction News: $27 Million Highrise Planned for University of Winnipeg Campus

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$27 Million Highrise Planned for University of Winnipeg Campus

Written by; Chad Simco / TCCN Staff Writer
Added on: Tue Nov 26 2013

  


The Province of Manitoba and the University of Winnipeg are partnering in a venture to build a $27 million residential condo complex for low income earners.

To be situated in the heart of downtown Winnipeg, the apartment complex will be built on a university owned parking lot directly south of the University of Winnipeg's Buhler Centre, located at the corner of Colony Street and Portage Avenue.

The mixed use apartment complex will stand 14 stories in height, span 112,000 square feet and contain 102 individual units. One, tow and three bedroom units will be available. 46 units will be set up for lower income Manitobans; suitable for students with families and with 32 units will be offered on a rent geared to income ratio basis. The remaining 56 units will be available at current market rental rates, with 16 of them designated as premium rental units.

Government and U of W officials stated in a press conference that construction will begin by next spring and everything should be completed by the fall of 2015.

The U of W Community Renewal Corporation will act as the project developer and will also manage the apartment complex.

The community corp.'s managing director, Sherman Kreiner, stated that there is a huge demand for affordable rental units in the downtown area that are spacious enough to accommodate students with their families. Kreiner added that the apartments in the new complex will also be available to all Manitoba students and not limited to University of Winnipeg students.

The province of Manitoba will be providing a loan guarantee, as well as (PST) provincial sales tax credits along with tax increment financing.

Housing Minister Peter Bjornson stated that the downtown area will benefit from this new project as the development and construction of the complex will create jobs and provide a positive economic push for services in the area.

  

Copyright: 2013 TCCN.ca










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