A long-term development strategy for Winnipeg’s Exchange District calls for public and private investments that will increase the population of the downtown neighbourhood and several adjacent areas by 15,000 people over 20 years.
The Exchange District Community Investment Strategy, published Wednesday by the neighbourhood’s Business Improvement Zone, seeks to increase the population of the area from about 4,000 people right now to up to 25,000 people by the 2040s.
To make this happen, the strategy calls for residential intensification, the improvement of existing streetscapes and the construction of new amenities such as a cantilevered pedestrian bridge along the CN Mainline railway bridge over the Red River to St. Boniface.
Some of projects in the strategy are already in the works, such as CentreVenture’s planned redevelopment of the former Public Safety Building site, which the downtown development agency calls the Market Lands.
Other projects are aspirational. The strategy calls on the city to reimagine Albert Street and the eastern section of Alexander Avenue as shared thoroughfares for vehicles and pedestrians, redevelop three blocks of King Street within Chinatown and build a signature-look rapid transit station at the corner of Market Avenue and Main Street.
The strategy also calls for the expansion of the footprint for Exchange District festivals from the existing Old Market Square into an “arts festival campus” running from Chinatown to the new park outside Burton Cummings Theatre.
David Pensato of the Exchange District BIZ says his organization has put forward a strategy, not a plan. (Prabhjot Singh Lotey/CBC)
According to the strategy, all this investment would bring new residents to the Exchange District who would generate $9.3 million of new property-tax revenue for the city every year. The document does not, however, identify how much public and private investment would be required to make this happen.
David Pensato, executive director of the Exchange District BIZ, said the document is a strategy, not a plan.
“What this really does is confidently show the direction is good and these types of revenue projections are good. This then needs to come together into a series of smaller, specific plans,” he said following a presentation of the strategy Wednesday at the Manitoba Architects Association.
An architectural mockup of a pedestrianized Albert Street. (Exchange District BIZ)
Reaction to the strategy was mixed among some owners of Exchange District businesses.
Jon Thiessen, the owner of U.N. Luggage on McDermot Avenue, said he appreciates the emphasis on future population growth but would like to see the BIZ focus more right now on public safety.
“I think it is good to have a vision,” said Thiessen, whose business has operated in the Exchange in some form since the 1940s.
“I would love, though, for that amount of concentration and that amount of effort be put into issues that are pressing now, before the neighbourhood slips backward.”
Jon Thiessen of U.N. Luggage says he supports planning for more Exchange residents in the future, but would also like to see an immediate focus on neighbourhood safety. (Prabhjot Singh Lotey/CBC)
Brian Scharfstein, who owns Canadian Footwear on Adelaide Street, was even more concerned the BIZ is not sufficiently focused on public safety.
“I think it’s a big-picture, long-term, pie-in-the-sky kind of plan,” said Scharfstein, whose business near the Exchange dates back to the 1930s.
He said some customers and staff are afraid to come to his Adelaide store and that he is investing in downtown real estate but not more retail operations in the centre of the city.
“My numbers are growing in my other stores around Winnipeg. Downtown continues to decline because we’re doing nothing to build the perception of a safe downtown for both our employees and the people coming downtown.”
Bringing new residents to the Exchange District
Featured VideoA long-term development strategy for Winnipeg’s Exchange District calls for public and private investments that will increase the population of the downtown neighbourhood and several adjacent areas by 15,000 people over 20 years.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
