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New chief of Peguis First Nation questions flip of desirable Wellington Crescent land (www.cbc.ca)

submitted 1 year ago by girlfreddy to c/manitoba

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Peguis First Nation acquired nearly three acres of land on the north side of Winnipeg's Wellington Crescent from the province in 2022 for $350,000, a sale price one real-estate professional calls "ridiculously low."

Less than a year later, that land was sold to a private developer who's now planning to build upscale condos along the Assiniboine River.

Peguis Chief Stan Bird said he's investigating the sale and resale of the land at 611 Wellington Cres., among other actions involving the Peguis First Nation Real Estate Trust, which has the stated goal of creating housing and engaging in off-reserve development.

Greg Stevenson, a trustee with the Peguis First Nation Real Estate Trust, questioned why Bird is concerned about the transactions.

"It's just a normal business deal, right?" said Stevenson, who also works as a consultant for M. Richard & Associates, a Winnipeg planning firm. "There's nothing that's different from any other business deal."

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[–] troyunrau 3 points 1 year ago (1 children)

Sometimes you have to sell things low to move them, or there are other conditions attached. Probably not the whole story here. Feels like standard "current regime makes previous regime look bad for political points" which happens at all levels of government.

[–] girlfreddy 2 points 1 year ago

I hope so. It just reads like it could be something very different.

[–] girlfreddy 2 points 1 year ago

The Peguis First Nation Real Estate Trust declared on its website the land was sold for $2.8 million but pegged profits on the land flip at $1.8 million.

One wonders what happened to the remaining $650k?

Greg Stevenson seems very focused on no one finding out.