Real estate developer sweet on exchange district
May 01, 2015
Winnipeggers wishing to live in the historic Exchange District will soon have a new rental option thanks to Victoria-based general contractors and real estate developers, Alston Properties. The family company has gutted the 109-year-old building located at 165 McDermot Avenue in downtown Winnipeg, commonly referred to as the Galpern or Porter Building. Their intention is to transform it into a 34-unit rental property.
The building, constructed in 1906, was home to the James Porter and Company wholesale crockery business until 1943 and the Winnipeg-based Galpern Candy Company until 1973 before eventually sitting empty. Other developers have expressed interest in the property over the years, but no progress had been made before Alston Properties took it on.
The proposed conversion of the six-storey heritage building includes 30 one-bedroom rental apartments and four two-bedroom townhouse units. Monthly rental rates are expected to range from $1000 to $1650.
In keeping with the industrial feel and history of the building, the open-concept 500-square-foot apartment units will feature exposed brick and exposed wooden joists and beams. The four two-storey townhouse units will have their own entrances and offer 1100-1200 square feet of living space.
The Victoria-based real estate developer specialises in the redevelopment of downtown heritage buildings and also operates as a general contractor. Because Alston Properties will serve as both developer and general contractor for the project they are confident in a successful conversion of the property. They also hope to benefit from tax relief incentives provided by the provincial Live Downtown: Residential Development Grant Program.
The program's goal is to encourage development of new apartment dwellings in Winnipeg's downtown by offering property owners an annual grant to offset their capital investment. The program is managed by CentreVenture and Loretta Martin, the agency's director of development.
Alston Properties, who have developed heritage properties in Victoria, Vancouver, and Calgary are attracted to the Winnipeg real-estate market because of an abundance of older warehouses that offer unique and affordable opportunities for redevelopment. The real estate developer has expressed interest in taking on future projects within Winnipeg's Exchange District as well.
Photos by: Virtual Heritage, Thumb 7
About Amanda Aikman
Amanda Aikman is a writer, editor, and mom who has been lucky enough to live in some of Canada's finest cities. Her goal is to end up in Halifax, but somehow she keeps moving west and currently calls BC's Lower Mainland home.