Developers have plans to demolish the Carlton Inn in downtown Winnipeg and replace with a new hotel complex.

CentreVenture, a downtown development agency, made the announcement at its annual meeting on Tuesday.

CentreVenture CEO Ross McGowan said the deal has been completed to purchase the hotel. Plans are now in the works to demolish the building and replace it with a new hotel.

"There is a development group that is currently looking at various brands of hotel," he said.

McGowan added that any firm plans on what would replace the Carleton Inn "would probably be something the convention centre would announce in the coming months."

McGowan’s agency hopes to create a massive sports, hospitality and entertainment district in the heart of Winnipeg’s downtown.

The agency has been buying up property in the area, including the nearby St. Regis Hotel. Since purchasing the hotel, the agency closed its beer vendor and shut down the VLTs located inside. 

CentreVenture is now looking for expressions of interest to redevelop the location.

"My message is establishing a level of development excellence and not allowing us to pull back," said McGowan.

"It’s easy to go to the lowest common denominator, and what we are hoping is to really raise the bar."

McGowan also said the agency was working on a plan to redevelop the long-shuttered James Avenue pumping station property. 

The Exchange District station has been idle for decades and the antique pump equipment inside has been rusting for years.

McGowan said redevelopment plans could be announced later this summer.

"It's one that preserves the historical character but also provides a viable and sustainable economic development above it, which we haven't seen before," he said.