In 2009, Namerind purchased a retail mall, affording us the opportunity to manage a retail space and collect rents that we could then reinvest into our not-for-profit affordable housing business. The Mall, located at 1106 Winnipeg Street in Regina, houses many vendors, including a community medical clinic. When we purchased the mall, we saw an opportunity for further expansion of our business lines, as there was no pharmacy adjacent to the clinic. This step put us in good stead on our path to becoming a financially self-sustaining organization.
As well, our entry into commercial real estate speaks to Namerind’s desire to participate in Regina’s infrastructure in an important way. This project provided a springboard for Namerind to forge strong partnerships and support our community in ways beyond affordable housing. The Winnipeg Street Mall was one of the primary sites on which we installed solar panels as part of our environmental sustainability project that launched in 2010. Panels installed on the roof allow us to generate energy for the mall, saving money that can then be reinvested into affordable housing for our tenants.