The Value of Investing in Canadian Downtowns - International ...

VISIBILITY
Does the downtown have an integral role in the life of the wider city?
Winnipeg is the provincial capital of Manitoba and home to a majority
of Manitoba’s residents. The downtown is 1% of Winnipeg’s total
area, yet it is relatively large compared to many other downtowns at
359ha. The downtown has several distinctive neighbourhoods such
as the Exchange District, Chinatown, the Forks, and the Central
Business District.
Downtown Winnipeg possesses a substantial concentration of
cultural, entertainment and recreational facilities. The return of the
Winnipeg Jets to the downtown’s MTC Centre has been a major
windfall and has cultivated renewed pride and confidence in
downtown Winnipeg. Moreover, sources of new investments in the
Forks and Waterfront Drive, as well as the ongoing development of
the Canadian Museum for Human Rights (to be completed in 2012)
are accelerating interest in the downtown. The core also has 77% of
the City’s office space, which has allowed Winnipeg to maintain its
dominance as the centre for employment and commerce in the City.
Winnipeg’s history left an indelible imprint on the fabric, form, and structure of the
downtown today. In 1911, Winnipeg was Canada’s the third largest city, 24 rail lines
converged on the core, and the city was known as the “Chicago of the North.”
Development from this time can still be seen in the Exchange District – one of the
most historically intact turn-of-the-century commercial districts on the continent. 1 Both
rail and heritage continue to play a dominant role in the downtown and Winnipeg is
increasingly re-embracing this proud past. Efforts to reclaim and restore the
downtown’s heritage features will bolster the downtown’s increasing prominence.
While downtown Winnipeg is growing its strength and reputation, it still faces a range
of challenges. In particular, many Winnipeg residents associate the area with poverty,
homelessness, and crime. Efforts such as the redevelopment of the Bell Hotel
(historically one of the City’s finer small hotels) led by CentreVenture to provide
supportive housing to chronically homeless is an excellent example of how these
types of challenges can be addressed.
Overall, downtown Winnipeg is making impressive progress in revitalization. The
presence of CentreVenture – an entity created during the tenure of former mayor
Glen Murray - has been significant in driving projects, building relationships and
boosting morale in the core. In recent years, downtown Winnipeg has attracted over
$600M of new investment. 2
Downtown comprises
1%
of total city area (360ha)
2%
of the population lives
downtown (13,470)
77%
of Winnipeg’s office
space is downtown
(7,158,818sf)
Downtown has
159 jobs/ha
or ~57,000 jobs
1 Heritage Winnipeg (2010). The Exchange District. Retrieved from http://www.heritagewinnipeg.com/blog.html?item=26. Accessed 2012 January 16.
2
Centre Venture (n.d.). Success Stories. Retrieved from http://www.centreventure.com/news/category/success-stories/. Accessed 2012 January 16.
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