The province announced Thursday it has allocated $1.8 million for the construction of the Market Lands and an “ongoing contribution” for affordable housing in the mixed-use project.
The ongoing funds, which are in addition to housing funds announced in the provincial budget, will help ensure 48 out of 95 apartment units are set aside for tenants with lower incomes.
Housing Minister Bernadette Smith made the announcement at Red River College Polytechnic’s Exchange District campus Thursday afternoon.
The Market Lands tender outlined a 92,730-square-foot mixed-use building, including a nine-storey residential tower and a three-storey art cube. (DAOUST LESTAGE)
The Market Lands project in the Exchange District was put up for tender in late November. The development will replace the former Public Safety Building, across from the college campus.
The project’s tender outlined a 92,730-square-foot mixed-use building, including a nine-storey residential tower and a three-storey creative hub called the Art-Cube.
The University of Winnipeg Community Renewal Corp. 2.0 and CentreVenture helm a non-profit organization leading the creation of the Market Lands.
The City of Winnipeg issued a development permit for the Market Lands on Nov. 21. The city’s executive policy committee voted in 2021 to waive the site’s property taxes through a tax-increment financing grant for 25 years. It also agreed to reduce the land’s lease payments to $1 per year.
Construction was originally expected to begin in the early months of 2022 but started this January.
Jeremy Read, chief executive of the community renewal corporation, said this fall he expected the overall project to cost about $55 million and that he hoped to see tenants starting in January 2026.
The UWCRC 2.0 has developed several downtown apartments, including Muse Flats and 308 Colony.
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