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Post by brent006 on Jan 27, 2011 12:44:43 GMT -5
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Post by davebabych on Jan 27, 2011 14:37:53 GMT -5
Quite a few permits taken out to work on City Place. Any way of finding out more details about the descriptions? Could this just be some routine maintenance and nothing more?
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Post by brent006 on Jan 27, 2011 15:36:50 GMT -5
There is one I that list that should just out at you.
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Post by USApegger on Jan 30, 2011 20:51:20 GMT -5
There is one I that list that should just out at you. Ok, I will ask, which one is that? |
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Post by brent006 on Jan 30, 2011 22:37:54 GMT -5
Structural inspections...(sorry, my previous post was done on my phone...horrible grammer!)
Anytime you have structural inspections to a building that age, it should definitely make you ask why? Renos are coming..that are directly related to TNSE.
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Post by WJG on Jan 31, 2011 0:23:14 GMT -5
Isn't that building home to MPI? If something big happens to that building, does that mean MPI would move elsewhere?
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Post by jhendrix70 on Jan 31, 2011 0:29:14 GMT -5
Isn't that building home to MPI? If something big happens to that building, does that mean MPI would move elsewhere? yes |
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Post by flippy on Jan 31, 2011 1:23:45 GMT -5
Is there a reason the Delta Winnipeg (350 St. Mary's) is also in there?
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Post by tim on Jan 31, 2011 8:22:25 GMT -5
This is gooooooood news....
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Post by shtinky on Jan 31, 2011 10:21:27 GMT -5
I'll believe it when I see it when it comes to CityPlace. MPI bought that for the long haul... they don't buy properties to flip them. They paid $81.5 million for it, which tells you it's a pretty expensive property.
If TNSE is on the verge of securing a NHL team, then why would they dump a ton of capital into an office building that wasn't on the market? It doesn't make any sense. There are other cheaper buildings and properties for TNSE to do its thing.
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Post by WJG on Jan 31, 2011 12:19:12 GMT -5
I'll believe it when I see it when it comes to CityPlace. MPI bought that for the long haul... they don't buy properties to flip them. They paid $81.5 million for it, which tells you it's a pretty expensive property. If TNSE is on the verge of securing a NHL team, then why would they dump a ton of capital into an office building that wasn't on the market? It doesn't make any sense. There are other cheaper buildings and properties for TNSE to do its thing. This is how I feel as well. Granted, I want to see a casino (or some other major draw) at CityPlace, but I remember reading that MPI bought that building relatively recently and for a hefty price. This is what I found on their website regarding the acquisition: Manitoba Public Insurance has been facing difficult questions about where to locate its administrative offices in the years ahead. The acquisition will give Manitoba Public Insurance more control over its operating expenses, while allowing the corporation to avoid the disruption of relocating its administrative offices, extensive information technology facilities, a large call centre and several hundred employees.
The Crown corporation has acquired the building and surrounding parking lots from Huntingdon Real Estate Investment Trust for $81.5 million.
Most of the nine-storey building is made up of office space, with retail space on the first two floors. The corporation currently occupies about 80 per cent of the office space in the building. In addition to its administrative offices in Winnipeg, the corporation operates out of 20 claim centres and customer service facilities throughout Manitoba. Manitoba Public Insurance will take possession of the Cityplace property on May 1, 2009. It's certainly possible that MPI encountered problems only a year and a half after buying the property and changed their mind, or that TNSE only bought the remaining 20% of the building, but I think I'm with Shtinky in that I'll believe it when I see it. |
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Post by shtinky on Jan 31, 2011 12:28:43 GMT -5
^ Just to clarify, MPI owns the whole thing. They occupy 80% and lease out the rest.
People are familiar with the crappy mall and think of Cityplace in those terms, but the mall is only a tiny portion of the entire building (about 10-15 per cent). The reality is that it is a very successful office building occupied almost entirely by a company that is here to stay - MPI. I would think TNSE would have to pay a fairly hefty premium to convince MPI to part with it, and for what? A casino? That can go on a vacant lot or on Portage Avenue, you don't need a massive office building to accommodate it.
At most TNSE could become a tenant, but that's as far as I see it going. TNSE and its affiliated companies are doing well, but let's be realistic - Chipman isn't Donald Trump who can go around buying buildings that catch his eye.
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Post by lsl on Jan 31, 2011 13:35:05 GMT -5
^ Just to clarify, MPI owns the whole thing. They occupy 80% and lease out the rest. People are familiar with the crappy mall and think of Cityplace in those terms, but the mall is only a tiny portion of the entire building (about 10-15 per cent). The reality is that it is a very successful office building occupied almost entirely by a company that is here to stay - MPI. I would think TNSE would have to pay a fairly hefty premium to convince MPI to part with it, and for what? A casino? That can go on a vacant lot or on Portage Avenue, you don't need a massive office building to accommodate it. At most TNSE could become a tenant, but that's as far as I see it going. TNSE and its affiliated companies are doing well, but let's be realistic - Chipman isn't Donald Trump who can go around buying buildings that catch his eye.[/b] No, but which of his partners is? |
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Post by wagner3 on Jan 31, 2011 17:50:50 GMT -5
uh, i don't think it really matters who owns the building...spaces can be leased...
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Post by USApegger on Jan 31, 2011 23:35:11 GMT -5
Is there a reason the Delta Winnipeg (350 St. Mary's) is also in there? New skywalk?? |
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Post by The Unknown Poster on Feb 1, 2011 13:22:59 GMT -5
ALl this talk of a casino for TN is a red herring. The government will not allow True North or any other private business to own and operate a casino.
We're assuming that development of City Place would be done by True North but I dont think that has to be the case. We know TN has made an investment in the area and will likely continue to make an investment in the area, but it would not surprise me to see the Province heavily involved in redevelopment along with the city and other interested parties including MPI.
If a downtown casino is in the cards, it will be owned and operated by MLC. But that's a good relationship right next to the Arena.
Could TN and partners be interested in buying the Delta?
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Post by tim on Feb 1, 2011 14:43:40 GMT -5
True North has and will spend a whole lot of money in the next while as they bring a team here. There is huge economic benefited coming because of this team, for the city of Winnipeg and the Province of Manitoba and they both know it. You would have to be pretty naive to think that the Province and the City are not involve with what is going on behind the seen and things like a casino, hotel and other goodies being built. I think they would be fully supported by both parties and I wouldn’t rule anything out…
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Post by jhendrix70 on Feb 1, 2011 16:23:21 GMT -5
ALl this talk of a casino for TN is a red herring. The government will not allow True North or any other private business to own and operate a casino. If a downtown casino is in the cards, it will be owned and operated by MLC. But that's a good relationship right next to the Arena. You sound so sure of yourself.....  |
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ps241
Rookie Member
Posts: 8
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Post by ps241 on Feb 1, 2011 22:41:55 GMT -5
True North has and will spend a whole lot of money in the next while as they bring a team here. There is huge economic benefited coming because of this team, for the city of Winnipeg and the Province of Manitoba and they both know it. You would have to be pretty naive to think that the Province and the City are not involve with what is going on behind the seen and things like a casino, hotel and other goodies being built. I think they would be fully supported by both parties and I wouldn’t rule anything out… Nice post......at the end of the day TNSE are not the only people interested and vested in seeing an NHL team in Winnipeg. The SHED is a great idea that will receive support from a variety of public and private deal combinations. So MPI owns City place but the leasing for the 20% of the retail happens to be done by Redcliff which is owned by Thomson.....who's to say Lotteries doesn't lease out 15 to 20,0000 square feet to do a casino and invest the profits from said casino or a portion there of back into the SHED and or the primary driver of the SHED.....it sounds like good business to me.....the taxes and spin offs from an NHL team will be immense.....some old supply side economics Now throw in a high end boutique hotel of over 100 rooms across from the MTS centre and re-develop that entire block....gone is a major eye sore and now we are talking.....its called momentum......maybe $200 million into a convention centre expansion with another hotel and now our convention centre has the capacity to handle any trade show and we more than double our bookings (projected) which brings in conventioneers who might want to watch hockey.....gamble......go to the human rights museum.....fly into our swanky new airport....etc etc.......it's called vision and growth and it will happen Our downtown will not be transformed over night.....we have a long way to go....but take three serious nodes of development U of W.....Red River Collage...and now SHED....brick by brick there is growth....its not about perfection in our downtown, that won't happen....it's about substantial "change and progress" that my friends is already happening and government is way on board.......expand the bandwagon Because business is about to pick up |
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Post by brent006 on Feb 1, 2011 23:40:26 GMT -5
I can confirm the convention centre/hotel expansion.
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