The City of Winnipeg is set to waive $6.75 million in downtown multi-family property construction fees over the next three years, CBC reported.

The waivers are designed to spur multi-residential development downtown, where construction is more expensive than in other parts of the city.

A new report from the city’s acting urban planner, James Veitch, calls for city council to approve up to $2.25 million worth of fees per year in 2025, 2026 and 2027, according to CBC.

If all goes according to plan, the city could reimburse fees associated with building permits, design reviews, heritage permits and the loss of paid parking during construction, according to the report cited by CBC.

The proposal received praise from Jim Ludlow, president of True North Real Estate and Development, which is redeveloping major downtown properties. Larissa Peck, communications manager for the Forks, where housing is slated to be developed as part of the Railside project, also lauded the plan.

“Anything the city can do to reduce the cost and risk of developing downtown is helpful,” Peck told CBC.

Photo: City of Winnipeg