CentreVenture deficits no cause for concern: new CEO

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This article was published 03/03/2025 (441 days ago), so information in it may no longer be current.

After only two months on the job as CEO of CentreVenture Development Corp., Rochelle Squires will be in front of the City of Winnipeg’s committee on finance and economic development Friday, presenting the agency’s latest annual report showing significant deficits over the past two years.

Even though it will be Squires’ first official appearance at city hall, the former Tory provincial cabinet minister is not worried about the deficit. “It’s definitely not a cause for concern,” she said Monday.

CentreVenture is an arm’s-length agency supporting private-sector development in the downtown, often positioning city-owned properties for development or redevelopment.

In 2023, it posted a $1.9 million deficit; in 2024, it marked a $1.8 million deficit.

It has posted deficits of around $1 million in a few occasions in the past since it was formed in 1999, but never of this size.

The deficits are largely the result of cash outlays to get the Market Lands development up and running, Squires said: $1 million in 2023 and $2 million in 2024, as part of an agreement that gives CentreVenture a seat on the Market Lands board and ongoing input on its development.

CentreVenture is partnering with UWCRC 2.0 (University of Winnipeg Community Renewal Corp.), which is lead developer of the first phase: a $54 million project including a 10-storey mixed-use building that will create 102 new apartment units as well as a Creative Hub on the first and second floors on the site of the demolished Public Safety Building.

In 2024, CentreVenture also booked an $848,000 writedown on its redevelopment of a heritage building at 284 William Ave., a once derelict building the agency has totally renovated, breathing new life into the neighbourhood.

Squires said there is already a conditional offer on the building.

“It is an exciting development for the area and we’re looking for a suitable buyer to own the property,” she said. “We hope to recover some of that in the coming year.”

As a non-profit operation, Squires said CentreVenture would prefer to run a surpluses rather than a deficit. “We like to make money only so we can effectively go and support the next project around the corner.”

Even though it is partnering with UWCRC 2.0 on the Market Lands, CentreVenture is not looking to build up a portfolio of property assets.

CentreVenture was responsible for marketing much of the land that has been developed on Waterfront Drive. However, a small property at 401 Waterfront has been on the market for almost 10 years.

In 2023, it received an offer from a developer to build a townhome-style complex with 24 rental residential units, six of which will be affordable housing. That deal is expected to close in 2025.

The corporation is also seeking new ownership for the Bell Hotel (662-664 Main St.), which CentreVenture redeveloped in 2009-11.

Squires said those upcoming developments, as well as the repayment of a couple of small loans made to other developer partners, ought to lessen if not eliminate the deficit that currently exists on CentreVenture’s books.

martin.cash@freepress.mb.ca