Private sector called on to invest downtown
Last Updated: March 3 2005 09:52 AM CST
WINNIPEG - Boosters of downtown Winnipeg want the private sector to come forward to keep the revitalization momentum going.
Several high-profile projects in the city's core are under construction or on the go, including the MTS Centre, the renovated Millennium library, the Red River College campus and a new Manitoba Hydro office complex. In its latest budget, the city revealed plans to give downtown businesses a tax break.
So far, however, most of the major investment has been paid, at least in part, by the public. Some observers wonder if the private sector is ready to follow.
Dave Angus of the Winnipeg Chamber of Commerce concedes that improvement is needed in some areas, but he's optimistic about the future.
"There's still too many lease signs on Portage Avenue. The vacancy rate in certain buildings is still too high," he says. "Right now there's a lot of interest in the downtown, and I think what we will see over the long term is that interest will turn into development."
In December 2004, the vacancy rate for commercial space in downtown Winnipeg was 7.8 per cent. At Portage and Main, it's nearly double that.
CentreVenture working on a plan
Jino Distasio with the University of Winnipeg's Institute of Urban Studies says the business community has to act.
"The private sector themselves really need to step up and see that there is benefit in coming downtown and doing some large-scale investment themselves," he says.
For Jack Hurtig, who has been managing the newly renovated Birks building downtown, patience is key. His 40,000 square-foot building should be prime real estate, but so far it's remained vacant.
"I think we will find a tenant," he says. "I don't think anyone is disappointed that we haven't secured anybody within a year because we understand the market we're dealing with."
A few blocks to the west, the Shoe Warehouse opened the doors of a new store in Portage Place Mall this week. Manager Michel Cote says business is booming.
"There's a lot of people here. Look at the traffic," he says, indicating the daytime crowds walking through the mall. "We just opened yesterday and we did phenomenal."
The city's downtown development agency, CentreVenture, says it's working on a plan to attract more private investment downtown.