REGINA DOWNTOWN BUSINESS IMPROVEMENT DISTRICT
To assist the Regina Downtown Business Improvement District (RDBID) with their goal of attracting new residential development downtown, MHBC undertook a study of market demand and opportunities for redevelopment within Regina’s core. The study identified existing market and development policy conditions, trends, projects, and best practices as a basis for determining what steps would need to be taken to attract development, primarily residential, into Downtown Regina.
As part of this study, MHBC undertook residential development case studies on three vacant and underutilized sites in Downtown Regina to determine if higher density development is appropriate and feasible. Pro formas were developed and demonstrated that residential development within Downtown Regina is financially feasible and could produce a reasonable rate of return for developers.
MHBC prepared a marketing brochure to attract the interest of developers and present the findings of the study. The brochure includes 3D renderings of the potential future build-out of the downtown based on existing as-of-right zoning, and draws attention to the multitude of civic beautification and reinvestment projects planned or underway in Regina’s core.