As a proud Winnipeg based private equity real estate investment and development firm with a steadfast commitment to the betterment of our community as a whole, we wanted to offer comments on our proposed multi-family development at 490 Shaftesbury Boulevard given the many benefits new infill developments will offer residents of Tuxedo and Winnipeg as a whole.
Consider if you will:
- “The Benefit of Densification”- infill developments are good for the planet and socially responsible! Rather than cutting down trees and using up more resources to build new properties in new neighborhoods that don’t have roads, sewer, and utilities, our proven urban infill approach to development utilizes existing infrastructure, bringing our new developments much quicker to market. Built-for-rent, multi-family residential projects like the ones we have planned for 490 Shaftesbury Boulevard and our Zü project in Osborne Village revitalize stagnant parcels of shovel-ready land not only cosmetically, but economically as well.
- “The Benefit of Aging-In-Place”- there is simply no doubt that age-friendly communities encourage seniors and other residents to stay active and engaged in the neighborhoods they grew up in with amenities such as well-maintained sidewalks and benches, accessible multi-tenant buildings, and good public transportation. Age-friendly communities also provide seniors with nearby access to essential supports and services such as family members, friends, shopping, health care providers, and recreational activities. 490 Shaftesbury and the Zü will allow for all of this and more including the opportunity for new, growth-oriented families to move into Tuxedo and Osborne Village as existing home owners transition to renters, further driving real estate values and a sense of community. Have you ever asked yourself how local, growing families afford or find houses to buy in their preferred neighborhoods if empty nesters don’t sell their family home when they are done with them?
- “The Benefit of Jobs and GDP Growth”- construction employs over 1.4 million people in Canada and contributes approximately $141 billion to the economy annually accounting for roughly 7.5 per cent of Canada’s gross domestic product (GDP). Construction is one of the backbones of the Canadian economy and is responsible for creating and maintaining the built infrastructure for cities, towns, and communities. Supporting jobs and families in Winnipeg is an easy target for us as a proud Winnipeg born and bred company.
- “The Benefit of High Baseline Construction Standards”- by leasing a new built-for-rent home you are ensuring that your home’s foundation, both literally and figuratively, is up to the most current standards. Plumbing, electric, and construction methodologies-including energy, security, and environmental efficiencies are all taken into account from the structural decisions through the suite appliance and comfort options. New apartment developments are always on the cutting edge of the latest building codes and building materials and they take that attention to detail to heart. Like high-end cars, leasing one of P3’s new built-for-rent apartment homes allows you to afford the quality of a home you many not otherwise be able to as you’re just renting it.
- “The Benefit of Change”- old often makes way for new and driving for new is the inspiration that makes people, places, economies, and cities better. Replacing a property that isn’t generating material tax revenue as currently used with a new asset, which once complete, will become a major new source of tax revenue for the City of Winnipeg is a good thing for everyone. The positive impacts of repurposing and improving a property like 490 Shaftesbury or the Zü undoubtedly has a trickle-down effect that will be felt throughout the community.
- “The Benefit of Renting”- it is far less expensive up front, there are no transaction costs, it’s not as risky as home ownership, you have more flexibility, repairs are someone else’s problem, you don’t pay property taxes, your rent is set and known, it is a luxury not to sweat the small stuff, there is no pressure to upgrade, and you won’t have a large mortgage to pay down.