In 2016, Olexa Developments — based in Calgary — purchased the former Canada Packers site in Winnipeg, and envisioned the genesis of the Water Tower District. Olexa saw a tremendous opportunity to transform this 165-acre Brownfield Development, situated just four kilometres from downtown.
“Our vision is to revitalize and transform the site into a village where people thrive and businesses prosper. We will be a walkable neighbourhood with natural parklands and community gardens”, says CEO and Founder of Olexa Developments, Dan Cristall.
Notable highlights of the Water Tower District will include:
• 21 acres of commercial
• 25 acres of multi-family
• 70 acres of industrial
• 22 acres of parks and grasslands
• Direct access to major transportation route with a controlled intersection on Marion Avenue, a direct connection to Maginot Street and Lagimodiere Avenue (Highway 59).
• Located four kilometres to the city centre, and two kilometres to St. Boniface Hospital.
• Public transit will have stops throughout the District, while sidewalks and bike paths are planned throughout the development.
• Construction costs are estimated to be near one billion dollars upon completion of the full development and will create net new property taxes of approximately five million dollars.
Robert Scaletta, Senior Vice President of Industrial with Shindico Realty, actively engaged by Olexa as the Development Manager, states, “The development is taking shape. Roads and underground services are approximately 65% complete as of September 2023. We look forward to starting construction on a multi-family residence in early 2024”.
Shindico is marketing commercial and industrial lots for sale and for lease. Given the shortage of quality infill land available, this project offers end users a rare opportunity to buy land for their business or to build a rental property. Olexa expects their first industrial building to be developed in 2024, and they have also partnered with Shindico on 10 acres of mutli-family land which will have over 700 rental units. Olexa and Shindico’s apartment community will offer concrete construction and rich amenities similar to Shindico’s Taylor Residences. In 2008, Olexa purchased 150 acres of land in CentrePort Canada and developed Brookside Business Park, where assets retained by Olexa arevalued over $85 million.
“Manitoba and the city of Winnipeg have been a great place to invest and develop. The market provides long-term stable growth and opportunities”, says Cristall.
Furthermore, Norm Gousseau, Chief Executive Officer of Entreprises Riel, with great anticipation expresses, “The site is nestled in the heart of St. Boniface and mere minutes from the iconic Portage and Main. This development promises to deliver a multifaceted impact. It will generate employment opportunities during construction, establish a sustainable presence with permanent light industrial and commercial jobs, address the pressing need for housing, and open up new avenues for recreational activities in the area”.
For more information on the Water Tower District contact Robert Scaletta at Shindico Realty (rscaletta@shindico.com), or visit olexadevelopments.com
