Fashion mogul to create huge Exchange complex
Winnipeg Sun
Friday, April 15, 2005
By KATHLEEN MARTENS, BUSINESS REPORTER
Get ready for a slice of New York life in the heart of Winnipeg. A $70-million to $80-million investment by fashion mogul Peter Nygard and local property developer Arni Thorsteinson will transform the east Exchange District into a lifestyle complex.
"It's where you can live and work and shop all in one place," the architect of Nygard Village said yesterday from his compound in the Bahamas.
Food stalls
Nygard's community would not be out of place in downtown New York City. It includes unique lofts, a Nygard museum, fresh food stalls and a two-block covered retail atrium on what was Elgin Avenue.
There will also be apartment complexes, parking lots and office space built over the next four years between Market and James avenues from Lily to Bertha streets, said Thorsteinson.
"It'll be a substantial investment of $70-million to $80-million," he said.
The first phase -- a clothing store and studio for Nygard Fashion Network -- opens next week in the former Athlete's Wear building on Market.
Nygard, who started his career and ladies fashion empire in Winnipeg, said the seven heritage buildings he has bought offer more than enough raw material to make his vision a reality.
Because architecture is one of his passions, the textile magnate has been advising on all aspects of the project.
"This will be a total cultural centre," he said of the new life the development will breathe into the theatre and museum district. "You could be strolling home, pick up fresh veggies and take a walk in the (waterfront Stephen Juba) park."
The Nygard Museum will tell the rags-to-riches story of Nygard, a Finnish immigrant whose first Canadian home was a small coal shed in the southwestern Manitoba town of Deloraine. The store will showcase the latest designs offered by the global ladies' wear maker.
The work the city has done to build Waterfront Drive and create a climate for revitalization are key elements of the project, said Nygard, noting his plan has expanded in scope since first being revealed last year.
Construction is also taking longer than originally expected. Nygard said the challenge of bringing older structures up to modern standards has contributed to the delay.
But he promised the end result would be worth it.
"There won't be anything like (these lofts) in the city. The brick, the wood ... these structures are being restored to their original beauty."
The cost and sizes of the lofts was not yet available.
Other developers have also expressed interest in getting involved in the development plans, Nygard said.