Winnipeg takes next step to turning downtown building into new hotel

The City of Winnipeg has taken the next step in turning the former Canada Revenue Agency building into a hotel.

On Monday, the mayor’s executive policy committee unanimously approved a financing grant for a new hotel development at 325 Broadway.

This tax increment financing grant is for 80 per cent of annual property taxes for up to 10 years to a maximum of $1.4 million.

Mayor Scott Gillingham said the hotel is an exciting proposal as it will attract more people and investment into Winnipeg’s downtown area.

“This is about reinvestment in downtown and we know right now there are too many vacancies in the downtown. We’re looking forward to buildings being filled in the downtown,” he said.

The Canada Revenue Agency vacated the building in 2020.

Now, the current owner, 325 Broadway Nominee Inc., has proposed a $38.6 million plan to redevelop the building into a 140-room hotel. It’s expected the hotel would bring 50 full-time jobs to the downtown area.

The hotel is expected to be completed by spring 2025.

- With files from CTV’s Jeff Keele.