Winnipeg developers planning to build a 45-storey, $200 million condominium/commercial tower – to be called SkyCity Centre – have been given a 12-month extension to finalize their plans.

Angela Mathieson, president and CEO of CentreVenture Development Corp., said Fortress Real Developments Inc. and Edenshaw Developments Ltd. have until April 30, 2018, to demolish the St. Regis Hotel on Smith Street and begin constructing the new complex.

Bank financing required the developers to pre-sell 60 per cent of the units, and thus far, only 50 per cent have been sold.

“[Buying a pre-sale] is a newer phenomenon in Winnipeg and there is some reluctance for people to buy them. It’s taking some time. They are marketing them like crazy but they have a ways to go,” Mathieson said.