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Railside Development at The Forks Receiving Up to $11.9M from Province

December 18, 2019 11:00 AM | News

Railside Development - Parcel 4

The pedestrian promenade of the proposed Railside development at The Forks. (HANDOUT)

WINNIPEG — The piece of vacant land at The Forks known as Parcel 4 is receiving up to $11.9 million from the province towards the Railside development project.

The funding for the first phase of the project will come in the form of tax increment financing for the proposed mixed-use development.

“This will contribute to the continued evolution — the last 14 acres — of The Forks site,” said Paul Jordan, CEO of The Forks North Portage.

“Not only will the introduction of this new, mixed-use development be a noteworthy public space in North America, this is a step in fulfilling our mission statement and a step toward giving the community what it wants to see here, and that’s high-quality, accessible public spaces.”

Subject to extensive public consultation, plans call for a number of unique residential buildings with approximately 339 residential units, main floor retail and services as well as public piazzas and park-like spaces among the buildings.

The provincial funding comes in addition to approximately $111 million in direct private-sector investment, $10.7 million in retail sales tax and expenditures of $12.6 million per year by commercial operations with annual residential rent revenue of $7.5 million.