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100 Princess Street - Penthouse
Winnipeg, Manitoba
Canada
| 70
| Owned
| $2M
| | 50% Per Annum | Penthouse is a six-floor building in the heart of Winnipeg's Exchange
District (See below). It's got a lot of character: Hardwoods, 9 foot
ceilings, lots of open space. It will need extensive renovation, but we're
prepared for that. We'll probably end up renting them as large studio
lofts, and provide the option to put up walls if tenants want to make them
1 or 2 bedroom units. The ground floor business that you see in the
pictures is (obviously) going out of business, and we will probably
convert that into units as well. The basement is huge, providing for
expansive tenant storage and adequate laundry facilities.
Winnipeg's Exchange District, along with the rest of downtown, has been
undergoing a revitalization of sorts. Located just north of Portage and
Main (the de facto center of the city), the Exchange District is a nerve
center for Winnipeg's nightlife and art scene. The theatre district is
here, along with the Centennial Concert Hall (Home to the city's Symphony
Orchestra, Royal Ballet, and the Manitoba Opera), and The Jazz Winnipeg
Festival and the Winnipeg Fringe Theatre Festival.
The Manitoba Museum is here as well. So rich with history is the Exchange
District, with its cobblestone streets and turn-of-the-century
architecture, that it was declared a National Historic Site by the federal
government in 1997.
Also, 40 percent of adults who live in the Exchange District have a
bachelor's degree, and 20 percent have an income of $100,000 or higher
(which is even more significant considering Winnipeg's low cost of
living). As you might imagine, demand for decent apartments is
substantial. |
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