Lands Around Polo Park Being Sold Off

 

Shindico has indicated that Cadillac Fairview's priority surrounding Polo Park has been downgraded. The blame has been put on the City of Winnipeg slow walking zoning, the rising costs of construction and fewer multi-unit housing starts planned. Some of this is true but it is also true that Polo Park has had continuous upgrades from Sears to Zellers and has still has The Bay to deal with. Each projects takes time and millions.

There was a mad rush to get the arena and the stadium down and street improvements made. An urgency was presented for the speed of the work. The airport zoning was changed years ago. If we are to believe the news now, there was only a tiny window about 10 years ago or so and now it is gone. 

The truth is probably more in the middle. The two developers had amassed a huge 84 acres but the so-called delay they describe around 2020 was already in the middle of Covid. The site has already lost to the Seasons of Tuxedo site a huge amount of retail, hotels, commercial buildings and entertainment. In the race to develop, Seasons was way ahead. And there was not much room for a whole new outlet mall.

Now, it may be the Kapyong Barracks time although is likely to be piece by piece. Hoarding an 84 acre site when both Shindico and Cadillac Fairview have their own projects and competitors nipping at their heels. Holding onto land another decade probably seems like a costly thing to keep on the balance sheet. What they originally thought was that was the whole site would be built in steady phases and that they would be collecting ever rising rent over the years. 

There is no doubt that some other businesses would build in a red hot minutes if they could both own and operate the near Polo Park. Hence, the word hoarding is used in this case. No one was buying what these two companies were selling. They were trying to build luxury, high end rental property thinking it would sell like a hotcakes. It wasn't. The endless empty parking lots with shiny new roads all around is an indication of that. And like so many projects, bait a switch. A rush to approve demolition and then no start to construction.

Hopefully, the sale will reveal who is serious about getting stuff built. The city can help get stuff built with the shovel ready program. The luxury stuff can be handled by the developers themselves. The government can focus on support for lower income units and residents who need support directly.  Helping to pay for shopping centers isn't needed.

It isn't likely we see anything soon on Polo Park. Cadillac Fairview and Shindico have a lot of projects on the go. Other companies can carry the football over the line now. It's time for big corporations and government to get out of the way. And in some circumstances, the public who can make outrageous demands on height restrictions, density or design even when buildings are outside their area. The desire to control things reminds me of the time Linden Woods had a petition against The Keg building across Waverley many years ago because the smell of steaks might drive dogs nuts. The citizens won.

There is no doubt that several different restaurant groups might be interested in having an establishment at Polo Park. Cactus Club, Milestone's and others have considered expanding into Winnipeg but a site next to a major attraction like the arena or Polo Park has been considered key. Several American companies like Shake Shack have been looking to expand to Winnipeg.

As far as apartments, there are several assisted living companies looking for space and Polo Park would seem to fit the bill. However, they might not have had room with the large developers who often want to do the work in-house or whose cut was just too big to make viable. Land hoarding is done by both private and public organizations. And the land around Polo Park has been hoarded for a long time with no results. Waiting for the maximum sales value has meant empty parking lots.

It seems the mad rush to clear out the stadium and arena for something better will take more time. It won't be the first time or the last that the city has been told by a developer to demolish things only to slick back into the sidelines and blame the city for not moving even faster. In the end, the sale off could a very good thing. What once was a warehousing area and manufacturing sector is being populated by hotels and specialized retail. And now more people might actually be able to live in the area.

Polo Park isn't about to become a declining area. Millions are being spent on the mall and surrounding areas. I expect security and policing to be a major issue this year so expect a big boost in those areas. If Polo Park declines then the whole city is likely in crisis. That doesn't seem likely. The prospect and new enthusiastic developers for the site will be welcome.