A for sale sign is up on the corner of Portage Avenue and Furby Street. The tallest building constructed outside Downtown in decades was supposed to rise there, but after four years, no shovels have hit the ground on the empty lot, which is now for sale. 634 Portage Avenue was formerly an automotive centre. In 2021 the site was rezoned for a 20-storey apartment building. A 2022 city report said it would have 241 dwelling units, a restaurant, and four commercial spaces on the ground floor, plus a rooftop garden on the fifth floor. At the time, construction was estimated to be done by 2025. Now the developer behind the project, P3, is selling the lot. The listing price online is asking for $6.5 million. The listing touts the property’s proximity to the University of Winnipeg and Downtown, plus previous city approvals, as advantages. “P3 Realty is pleased to present a rare, shovel-ready opportunity to deliver a landmark mixed-use rental development in the heart of Winnipeg. Fully rezoned and entitled with all required variances in place...” The city says the variances have expired and any new owner would have to reapply for them for the same development. But the rezoning remains in place, which Councillor Evan Duncan, the city’s property and development committee chair, sees as a selling feature. “This isn’t uncommon when we see some of these properties sit and it just doesn’t work out for the individual landowner,” said Duncan. “I’m confident something’s going to be built there.” Duncan says adding a 20-storey residential tower to that site would be a big addition to the neighbourhood. “A building of that scope would be a revitalization for that area, so close to the University of Winnipeg,” said Duncan. Sherri Rollins, the area councillor and former property and development chair, is not shocked by the sale. “I am not surprised that that is still an empty lot on Portage.” Said Rollins, “I’m disappointed.” Rollins says the economy is not doing developers many favours. “It’s been a struggle with construction inflation and more to get the cranes in the sky, and we have so many and that is a credit to the hard work of the industry,” said Rollins. P3 declined comment to CTV News.
