Five downtown residential developments are going to receive a financial boost from the provincial and municipal governments.

Premier Brian Pallister and Mayor Brian Bowman announced Friday the two levels of government would invest approximately $32 million through the Live Downtown: Rental Development Grant Program.

"We believe this is a positive approach to helping us revitalize the downtown area of our city," Pallister said. "Incentives are one thing, but taking advantage of those incentives, as these developers have chosen to do, is really important."

Pallister and Bowman made the announcement at the James Avenue Pumping Station, a heritage-designated building that is one of the five projects that will receive funding.

Projects at 272 Main St., 300 Main St., 104 James Ave., adjacent to the pumping station, and 316/318 Ross Ave. will also be in line for monies, made possible through tax-increment financing, a development incentive program. TIFs provide grants equal to municipal and education taxes over the course of 12 to 20 years.

The developments will account for more than 700 rental units, 75 of which will be considered affordable housing.

"This idea of restoring beautiful heritage properties is just an absolute fit for our city. It's not the only thing, but I think it's an important aspect of it," Pallister said.

"Moving from concept into reality after all the work that's gone into the preparation of this is, I think, the most exciting part."

Brent Bellamy, an architect and chairman of the board for CentreVenture, the city's arms-length development agency, said the organization received applications for more than 600 rental units but those were denied due to the program's funding being full.

Bowman said negotiations will be ongoing on the CentreVenture front.

"CentreVenture has played an incredibly important leadership role in the revitalization of our downtown," Bowman said. "We want to continue to support and see CentreVenture succeed. There's ongoing dialogue with CentreVenture in terms of building a more sustainable financial model going forward and we'll continue to work with CentreVenture on that."

Bryce Alston, of Alston Properties, part of the team developing the James Avenue project, said "prepatory work" has been done on the structure, and is hoping to build through the winter.

"I think it anchors the east Exchange (District)," Alston said. "It's a very important parcel to have developed for downtown and we're very excited about the opportunity to undertake this project."

Rick Hofer, of Hofer Construction, said they've been looking to develop the project "for at least three, four years."