Proposed 20-Storey Winnipeg Building Now Up for Sale at $6.5M

UPDATE: The proposed site for a 20-storey building in Winnipeg is now officially for sale, raising questions about the future of this long-anticipated development. A for sale sign has appeared at the corner of Portage Avenue and Furby Street, where construction has yet to begin after four years of delays.

The property, located at 634 Portage Avenue, was once an automotive center but was rezoned in 2021 to accommodate a mixed-use residential building featuring 241 dwelling units, a restaurant, and four commercial spaces. City officials initially projected construction to be completed by 2025. However, with no progress made, the developer, P3 Realty, is now listing the lot at $6.5 million.

The listing highlights the property’s prime location, close to the University of Winnipeg and Downtown, along with previous city approvals as key selling points. According to the listing, “P3 Realty is pleased to present a rare, shovel-ready opportunity to deliver a landmark mixed-use rental development in the heart of Winnipeg.”

However, city officials have confirmed that the necessary variances for the project have expired, meaning any new owner must reapply. Despite this setback, Councillor Evan Duncan, chair of the property and development committee, views the existing rezoning as a significant advantage. He expressed confidence that development will eventually take place on the site, stating, “A building of that scope would be a revitalization for that area, so close to the University of Winnipeg.”

Area councillor Sherri Rollins expressed disappointment at the ongoing vacancy of the lot, noting, “I am not surprised that that is still an empty lot on Portage.” Rollins attributed the stagnation to economic challenges, stating, “It’s been a struggle with construction inflation and more to get the cranes in the sky.”

As the sale unfolds, the community is left wondering what the future holds for this prime piece of real estate. With the property now officially on the market, interested developers may have a chance to bring this ambitious project to life. The urgency for development in the area remains high, as local leaders continue to advocate for revitalization efforts to enhance the neighborhood’s appeal.

Stay tuned for further updates as this story develops.