Winnipeg, MB - The Public Service is recommending the City enter into a Due Diligence Agreement for 266 Graham Avenue following an Expression of Interest (EOI) process in which Shelter Canadian Properties Limited was identified as the successful proponent.
On March 8, 2016 the Standing Policy Committee on Property and Development, Heritage and Downtown Development recommended that the Public Service issue an EOI for the former Canada Post Tower located at 266 Graham Avenue, develop a recommendation to maximize the value of the City property, and report back to Council upon completion.
A total of six proposals were received.
Proposals were evaluated on proponents’ background, experience, financial capacity and development concept, including compliance with service delivery and operating requirements of the Winnipeg Police Service. Upon completion of the evaluation, Shelter Canadian Properties Limited was deemed to have submitted the most advantageous proposal.
The purpose for entering into a Due Diligence Agreement (for the Exclusive Right to a Due Diligence Period) is to allow a period of time for the successful proponent to assess/study the condition of the asset/property to determine whether their vision/concept for development is feasible. Such study will specifically permit the proponent to determine if estimated costs and scheduling requirements are conducive to preparing a proposal to the City for consideration by Council.
Following the Due Diligence Period, the Public Service will report back to Council with the specifics of any development proposal for 266 Graham Avenue by Shelter Canadian Properties Limited.
The Public Service is recommending a Due Diligence Period of 150 days from the date of award to the successful proponent.