(AGENPARL) - Roma, 27 Luglio 2023 - (AGENPARL) – gio 27 luglio 2023 [Manitoba Media Notice]
July 27, 2023
Manitoba Government Invests in New Boutique Hotel, Affordable Housing in Downtown Winnipeg
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Key Investments in Downtown Revitalization Projects Emphasize Commitment to Tourism, Housing, and Economic Growth: Wharton
To attract tourists, provide affordable living, and create new jobs for residents in downtown Winnipeg, the Manitoba government is incentivizing $109-million worth of investments into a new boutique hotel and socially inclusive high-rise housing project, Economic Development, Investment and Trade Minister Jeff Wharton announced today.
“Winnipeg is rich in culture and history. This unique boutique hotel project is a positive opportunity that will revitalize a vacant building and grow downtown tourism and hospitality, breathing new life into the core and showcasing the best the city has to offer,” said Wharton. “Manitoba is truly open for business, and our government is pleased to welcome this economic development and visitors to Winnipeg.”
With support through the Manitoba Works Capital Incentive (MWCI), a Hyatt Centric-branded hotel will soon come to downtown Winnipeg as its first Western Canada franchise. The $38.6-million project, being developed by the Kothari Group, will convert a vacant six-storey building at 325 Broadway into a 140-room Hyatt Centric hotel that will feature a full-service restaurant and spa.
The Manitoba government will provide $5.2 million in support for the project over 20 years under the MWCI program, which launched in May 2020 as a new approach to tax-increment financing that rebates incremental education property taxes generated by a project for up to 20 years. The program aims to encourage significant new business investment or existing business expansion, noted Wharton.
Winnipeg has nearly 100 hotels, but only a few are upscale, Wharton said, noting the Hyatt Centric is a full-service lifestyle brand hotel designed for business and leisure travellers and that will use local elements in its interior design. The sole Hyatt Centric hotel in Canada is in Montreal, and the new project will create 200 short-term construction jobs and within three years of completion, 70 new hotel jobs will be created in downtown Winnipeg, Wharton added.
The Manitoba government is also providing up to $2.73 million under the MWCI program to support the development of a new 21-storey commercial and residential apartment at 308 Colony St. in Winnipeg, contributing to downtown revitalization and mixed-used spaces, said Wharton.
The $70.5-million project, being developed by University of Winnipeg Community Renewal Corporation (UWCRC) 2.0, will create 214 apartment units with two office or commercial spaces on the ground floor. The inclusive high-rise community will neighbour Muse Flats and the Downtown Commons, and is being designed for net-zero greenhouse gas emissions, in alignment with the goals of Manitoba’s Green Building Program and Green Building Policy.
“As a mixed-use commercial and residential development project that will feature affordable housing units, this new building will revitalize downtown Winnipeg in a socially-inclusive way,” Wharton said. “In addition, it will create opportunities and jobs in retail and construction that will support our province’s ongoing economic recovery.”
The City of Winnipeg is also supporting the project at 325 Broadway through its Heritage and Economic Development Incentive Program, with a tax increment financing grant of up to $1.4 million over 10 years. Through Affordable Housing Now, the City of Winnipeg is also providing tax increment financing to the 308 Colony project for up to $5 million over 25 years, as well as a capital grant of $250,000. The City of Winnipeg also contributed a grant of $21,600 through its Housing Rehabilitation Investment Reserve.
“We know the key to a thriving downtown is to have people living, working and visiting in the area at all hours of the day, so we’re proud to support both of these projects,” said Mayor Scott Gillingham, City of Winnipeg. “The Hyatt Centric project is consistent with our commitment to explore conversions of downtown office buildings into new uses and the 308 Colony project will help address the urgent need for more affordable housing options in our city.”
Of the 214 new units at 308 Colony, 86 will be set aside for affordable housing including 38 studio and 48 one-bedroom apartments. Just over 20 per cent of all suites will be barrier-free or barrier-free-adaptable, with fully accessible common areas, including an outdoor greenspace terrace, gym, lounge and laundry facilities. The project has also received an additional grant of $577,000 from Efficiency Manitoba toward the installation of an innovative heating system, Wharton noted.
“This groundbreaking development will establish itself as a national frontrunner in sustainability, given its status as a net-zero carbon building with exceptional energy efficiency,” said Jeremy Read, CEO, UWCRC 2.0 Inc. “The construction of the innovative building is set to generate over 200 jobs, during the course of construction, and over 10 jobs on a permanent basis after, fostering economic growth and prosperity in Winnipeg. Furthermore, 308 Colony Street embraces a mixed-income approach which will offer long-term stability, and a brighter future for residents, particularly those residing in affordable units.”
Manitoba government funding for these two projects supports economic development in province as set out in the Opportunities for Economic Growth Action Plan, Wharton noted. The action plan emphasizes continued investments in critical business infrastructure and capital to grow existing businesses, attract new investment, and facilitate construction across the province.
A new or existing business interested in establishing or expanding its operations in Manitoba may apply for the Manitoba Works Capital Incentive if:
– the business is prepared to make a minimum capital investment of $10 million to a specific property, which will be designated for tax-increment financing benefits;
– a minimum of 65 per cent of total project costs are from private sources; and
– there is demonstrated potential to create and/or maintain at least 10 new jobs in Manitoba, or the new business activity will have a substantial and measurable net economic benefit to the province.
For more information on the MWCI, visit manitoba.ca/jec/busdev/financial/mwci/index.html.
To view the Opportunities for Economic Growth Action Plan, visit [Manitoba.ca/economicgrowth](https://www.manitoba.ca/jec/oegp/).
For more information on economic investment and activities in Manitoba, visit [Manitoba.ca/InvestMB](https://www.manitoba.ca/investmb/index.html).
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For more information:
– Public information, contact Manitoba Government Inquiry: 1-866-626-4862 or 204-945-3744.
– Media requests for ministerial comment, contact Communications and Stakeholder Relations: 204-451-7109.