The Manitoba government and City of Winnipeg are teaming up to provide a major tax incentive to stimulate new projects in the downtown's sports, hospitality and entertainment district (SHED).

"Downtown Winnipeg is undergoing a truly remarkable renaissance that’s really just getting started," said Premier Greg Selinger.

Downtown housing

The Manitoba government confirmed to CBC News that a surface parking lot south of the CTV building, bordered by Graham and St. Mary Avenue as well as Hargrave and Carlton Streets, has been put out to tender.

They're hoping a developer will come forward with a plan for mixed residential and commercial space.

"This plan will allow us to take full advantage of the private sector investment we are once again seeing in the downtown by investing some of the new tax revenue back into streetscape improvements.

"For Winnipeggers and visitors alike this will mean more interesting and attractive downtown public spaces that have the potential to spur further development."

The 11-block SHED encompasses the MTS Centre, the Winnipeg Convention Centre, the Metropolitan Theatre, the Burton Cummings Theatre and the Longboat/Alt Hotel complex under construction at Portage and Donald.

CentreVenture, the city's downtown development agency, has been working on the creation of the SHED for the past two years, when it revealed plans to divide the northern section of Portage Avenue — essentially from the University of Winnipeg to Portage and Main — into four distinct zones (university; retail; sports, hospitality and entertainment; and commercial).

The city and province will take revenue from new developments and increased property values in the area, and reinvest it in the SHED district to "keep the momentum going."

A joint Manitoba/Winnipeg/CentreVenture steering committee will adopt the master plan for SHED and identify projects and incentives to enhance investment in the area, such as streetscape improvements to make the district more livable and attractive.

CentreVenture Development Corp. was created in June 1999 as an arms-length agency of the city to spur downtown revitalization through investment that attracts businesses and residents.

This parking lot has been out for tender for mixed residential and commercial development