Today, Waterfront Drive is a sight to behold with all the magnificent condominium developments that line the street.
However, go back a little more than a decade, and the story wasn't anywhere near the same, says realtor Bill Thiessen.
"What people forget is the area used to be little more than a gravel path," says Thiessen, who's long been involved in the development of Winnipeg's downtown with CentreVenture and as a realtor. "Way back then, (former mayor) Glen Murray convinced three levels of government to put in money to develop the area. At the time, people wondered what they were doing."
That skepticism -- at least at the time -- seemed warranted. Back in the late 1990s, the Exchange District, while unquestionably historic, had long seen its best days. There was little reason to think a series of condominiums placed along the riverfront would breathe life back in to the area.
Unless you had a vision, that is.
Sherwood Developments' Fausto Pereira -- the creative force behind the design of The Excelsior -- said he and three other developers could see the potential well before they put a shovel in the ground.
"That's why we were the first developer to start up on Waterfront Drive in 2005," he said. "We were excited about being one of four groups chosen (the other three were, in no particular order, Ship Street Village, The Strand and SKY Waterfront Condominiums). I think all of us were very excited about the area. Certainly, I know we were -- that's why we were so aggressive. I thought that Waterfront Drive was going to be the, or one of the most premiere places to live in Winnipeg."
Thiessen said it took more than a bit of time for buyers to catch the same vision.
"For the first few years, sales were steady but not dramatic. That was understandable, because the condominiums were the first multi-family units built in a decade. Not only that, but buyers also had to contend with sticker shock. Prices were in the $300-per-square-foot range. That seemed high when decent homes were still selling in the $150,000 range at the time (2005 or so)."
However, as time went on -- with housing prices skyrocketing and the condominium projects slowly but steadily taking shape -- the public's perception of the Waterfront Drive area began to change.
First, there was the emergence of Shaw Park, the gorgeous stadium the Winnipeg Goldeyes call home. Then, the area in front of the condominiums was cleaned up to provide clearer river views. To complement that, walkways were put in and quaint parks (such as Steven Juba Park and Whittier Park) were developed.
The vision was coming alive.
"It was very exciting," said CentreVenture's president and CEO, Ross McGowan. "We'd initiated it, and with the help of the various levels of government, what was once old rail lines was being transformed into residential streets. Today, there are four projects in place, with approximately four more underway. The quality of the four projects is exceptional, and we expect nothing less from the others."
With all four projects at or very near capacity -- and all the construction finished, the transformation (at least of the Waterfront Drive strip) is very near complete. Each project has lent its own distinctive style to the area. Most importantly, they've brought residential pride back to the Exchange.
Once a run-down, listless area, it has regained the vibrancy that once characterized the area in the early 1900s.
"The area is now getting to the point where complementary support services such as stores, dry-cleaning shops and restaurants are wanting to come into the neighbourhood," added McGowan. "And with a boutique hotel due to be built on the old harbour-master site and a new parkade coming to the area, it's going to have that much more to offer."
Marty Maykut, manager of Streetside Development Corp., said his organization is going to do what it can to continue the Exchange's renaissance.
"We are going to have five separate condominium developments located on James Avenue and Market Avenue," he said. "Presently, we're working on projects at 110 James and 133 Market. Units should be ready for 2012, with 110 James Ave. to have 27 units (studio, loft and penthouse) ranging in size from 500 to 1,250 square feet."
Maykut said the excitement surrounding the redevelopment of the area is contagious.
"The whole area is seeing a great rejuvenation, and we want to be part of it. The city's decision to redo the waterfront was a good one -- all credit goes to them and CentreVenture," he said.
Thiessen said the area is now nothing short of spectacular.
"I may be a little biased, but I think it's the best-looking street in the city," he said. "Each of the condominium projects looks incredible, and when you put them in an area that has features like the river, Esplanade Riel, Whittier Park, (Stephen) Juba Park, The Forks and Shaw Park, you have a great combination on natural and man-made features that come together to create a great community."
McGowan said while the city and CentreVenture laid the groundwork for Waterfront Drive's condominium community, it's the developers who need to take a bow.
"It's all a result of their efforts to pioneer the area," he said. "Their efforts have made an area that was once a beacon of failure into an area that's now a beacon of success."
lewys@mts.net
