WINNIPEG'S STADIUM AT RISK?

Here is the latest on the stadium, with I suppose a slight chance due to economics how it may not be built.
Regardless it is pushed back another year to 2012.

[url=http://slam.canoe.ca/Slam/Football/CFL/Winnipeg/2009/10/02/11249511-sun.html]http://slam.canoe.ca/Slam/Football/CFL/ ... 1-sun.html[/url]

He's got TWO potential tennants that's it. Retail is going to contract by more than 25 percent over the next 12 to 24 months. I don't see how he can pull this off without "cooking" the leases.

I hope it works out but with the economy as it is, well, I don't know.

Well it doesnt say he has only 2 tenants HF,it says he "has "letters of intent" signed by two major U.S. retailers which would become anchor tenants" so Im thinking he has more,depends how you read it I guess.But it's the major anchor ones that will be needed for this thing to work.I thought this was going to be more of a normal retail thing,now that i know it's high end,im thinking it has less of a chance to work,when I think of Polo Park,the last thing I think of is high end retail,but who knows,its his baby to play with.

Anchor tenants are the biggest factor in the success or failure of a shopping centre. The better the anchor tenants, the better the chances of fully leasing the rest of the retail space. From the way the article was worded it sounds like the two interested retailers do not have any locations in Winnipeg. If that's the case and they are high profile that makes the Elms even more attractive to potential tenants.

Large chunks of Canwest have gone into bankrupcy protection, and the Aspers are going to lose a lot of their stake as a result.

[url=http://www.theglobeandmail.com/report-on-business/canwest-files-for-court-protection-aspers-set-to-lose-bulk-of-stake/article1313418/]http://www.theglobeandmail.com/report-o ... le1313418/[/url]

I doubt this does the stadium proposal any good.

...hate to say I-told-you-so but I called this nine months ago when Asper announced his grandious plans....his whole proposal hinged completely on securing leasing agreements for a yet-to-be-built mall....no leases at the beginning of the food chain, no new football stadium at the end of the food chain, pretty simple....my business is building shopping centres, its what I do to put bread on the table so I'm speaking with some knowledge here boys: the commercial real estate market is at a low point and plummeting lease rates and shaky consumer confidence is not going to secure signed leases in a mall that hasn't even begun to break ground...and Letters of Intent are nothing legal, they are a good-will document that basically says 'yeah, we'll talk in the future'....

...does Winnipeg need a new stadium? Yes! Is Asper's plan going to deliver? No!....start saving your bottles, it'll come faster than the plan thats on the table now....

Living in Winnipeg and being involved in the commercial leasing, it would not surprise me to see the project go ahead. It very much depends on who the anchor tenants are but Winnipeg consumers are primed to move away from their "discount buyer" image and the province has been pretty sheltered from the recession. Our company has seen no business closures in the properties we manage and lease rates have been steady which is indeed different than the rest of the country (except perhaps Saskatchewan). Businesses are doing well in town and construction is continuing in several areas, including a huge new development about to get underway with IKEA as an anchor tenant. Things are good in Winnipeg right now so the Asper idea may not be as much of a lost cause as some peopel think.

Interestingly enough that was my first thought when I saw the news item about the Canwest bankruptcy.

.....How many times do we have to go over this.....THE NEW STADIUM HAS NOTHING TO DO WITH CANWEST....It will be built out of the Aspers real-estate holdings.....which are quite considerable, i might add...There, have we got that straight.. :wink:

Exactly. Canwest and Creswin are two totally separate companies. The only thing they have in common is David Asper being a director of both companies. What happens to Canwest has absolutely no impact on Creswin.

..... i keep forgetting the 'Creswin' name blue blood....but yes ....bang-on..

Who built that baseball stadium in Winnipeg BTW?

Our current mayor, Sam Katz was responsible but it was before he was mayor.

by the sound of things, the plan seems pretty solid, and the stadium deal is great (it puts Molson stadium to shame :smiley:), just needs some people will big pockets to back it up, but with a plan like that, I don't see how anyone would turn it down even in this economic climate (knock on wood).

Needs some people to fill the park as well, why bother cant fill the park they have now, would be kind of nice but where the Stadium is now is very handy when your visiting from out of town.

http://www.theelms.ca/

...anyone can make a website....

...this proposed centre has the same feel as Deerfoot Meadows Site 2 here in Calgary....see how that is working out for the developer...if you're interested pm me for details.....

http://www.deerfootmeadows.com/Corporate/Site2/

....25 acres has sat empty for 5 years....Lifestyle Centres are a tough tough sell these days...

...truth be told I hope this works for you guys as you need a new stadium more than anyone, all I'm trying to say is Asper's plan is not a slam dunk as some of you seem to think it is...quite frankly he got the team for nothing, but maybe that isn't such a bad thing as a benevolent dictator might be a better scenario than what you currently have running the team....

No doubt red, the US retailers just aren't in the mood for expansion right now, which is why the whole thing has been pushed back a year.

However, the location is prime, regardless of who eventually occupies the space. We never thought we would see an IKEA here so soon either, so I have to think whoever they are (letters of intent) they are serious.

backinblack, remember that part of any stadium is location, location, location and even Molson Stadium as it is before the reno's from it's location at the foot of Mont Royal, and I've seen it from on top of the mont and below, is absolutely gorgeous. I doubt Winnipeg will have any location that could come near that for esthetics, probably few places in Canada actually. It's just in a place you want to go to, it draws you there unlike IWS here in Hamilton, that's for sure even though IWS is an excellent old crumbling stadium in it's own right but that's about as far is it goes.