The 25-year reign of 201 Portage as the tallest building in Winnipeg is on its last legs. Artis Real Estate Investment Trust (REIT) is about to announce plans to build a 40-storey condominium building at the city's most famous corner.
The $140-million project will also include the $35-million re-cladding of 360 Main, the 30-storey office tower that's also owned by the Winnipeg-based REIT and has been known at various times as the Trizec Building and the Commodity Exchange tower.
The initial blue prints call for the tower to be built on an existing foundation pad, which was put in place back in the 1970s, and should speed up the entire construction process. The plan also calls for a minimum 10 per cent of the building's housing units to be "affordable."
Winnipeg condominium sales have rebounded lately. The 328 sales recorded in the first quarter of 2016 were up 15 per cent over the same period in 2015 and 8 per cent above the 10-year average, reports Winnipeg Realtors. Average resale condominium prices in the city are in the $160,000 range.
The addition of a fourth skyscraper at Portage and Main will undoubtedly add more fuel to the fire surrounding the pedestrian barriers, which have driven people underground for the last 40 years. The charge to tear them down is being lead by Mayor Brian Bowman.
201 Portage, formerly Canwest Global Place and TD Centre, has held the title as the city's tallest skyscraper since its 33 storeys were completed in 1991.