Winnipeg’s executive policy committee unanimously voted in favour of a purchase agreement for Portage Place Mall on Tuesday.
This deal would allow the sale of the land, parking lot and air rights to True North Real Estate Development (TNRED). It also includes millions in financial support from the city, including street and skywalk improvements, as well as tax grants.
The agreement is not expected to impact the multi-year budget as it will be funded through incremental property taxes, previously-budgeted funds and money from other levels of government.
Mayor Scott Gillingham said he supports the $650 million redevelopment.
“I believe that the redevelopment of Portage Place will unlock other development in the downtown,” he said.
“I believe it will inspire investment in our community by other investors, so this is a very, very big and important investment to proceed and to make sure we see other investment in the downtown.”
Full council, along with the two other levels of government and True North’s shareholders still need to approve the deal.
In an update to EPC on Tuesday, TNRED president Jim Ludlow said the organization’s board has given the green light to proceed, adding that True North is ready to move forward quickly and aggressively on the project.