Saying the redevelopment of Portage Place will be “one of the biggest downtown developments in generations,” Mayor Scott Gillingham today voiced his strong support for the conditional sale of the land, parking and air rights from the North Portage Development Corporation (NPDC) to True North Real Estate Development Limited (True North).
A report on the Purchase and Sale Agreement was posted this morning to the public agenda for the September 17, 2024 meeting of the Executive Policy Committee – https://bit.ly/3zfFru2 .
“This agreement will pave the way for one of the largest private sector investments in downtown Winnipeg’s history, supporting a $650 million redevelopment of a tired shopping mall into a dynamic centre for health, recreation, housing, arts and retail,” said Gillingham.
The proposed redevelopment will create a 1.2 million square foot mixed-use space, featuring a healthcare centre, multi-family housing (with up to 40% affordable units), common areas, green spaces, and renewed commercial units. The project will also extend Edmonton Street to better connect the area and increase accessibility.
“The health of our downtown is critical to the success of our entire city,” Gillingham added. “When I ran for Mayor in 2022, I committed to finding a solution for Portage Place, and today, I am proud to support a plan from True North that delivers on that promise. This project will provide both economic and social benefits, and will complement the neighbouring Wehwehneh Bahgahkinahgohn development being led by the Southern Chiefs’ Organization.”
To leverage the maximum private investment, the City of Winnipeg is being asked to contribute $13.6 million through tax increment financing, $10 million from the City’s Housing Accelerator Fund, $7.5 million for reconnecting Edmonton Street and related streetscaping, $6.5 million for skywalk and security improvements, and $2.1 million to develop a community drop-in space within the project.
Providing these supports will not impact the City’s current multi-year balanced budget. These contributions will be fully funded through incremental municipal property taxes, previously budgeted amounts, and housing and infrastructure funding the City will receive from the federal and provincial governments.
“This redevelopment not only addresses key infrastructure and housing needs but also provides a blueprint for how collaboration can help shape the future of our city,” Gillingham emphasized. “Through forward-thinking initiatives like this we will continue to make Winnipeg a more inclusive, connected, and dynamic city.”
Pending final approval from NPDC’s shareholders, including the City, the Province of Manitoba, and the Government of Canada, True North is expected to move forward with this transformative project, with construction projected to take place over the next three to four years.