True North Real Estate Development (TNRED) has officially purchased Portage Place Mall.
The deal, which includes the mall, land, and assets, was completed late Friday.
True North had indicated plans to buy the mall and transform it into a health-care centre, including mental health services, surgery, renal dialysis, and will become the new home for expanded Pan Am Clinic programs.
The site will also feature a 15-storey residential tower built in partnership with the Southern Chiefs’ Organization. The tower will include more than 200 units, with more than 40 per cent of the space earmarked for affordable housing.
The city, province, and federal government approved the purchase in September, which would see TNRED pay $34.5 million for the land, parkade, and air rights.
Work is expected to start in 2025, with completion by 2028.
This is a developing story. More details to come.
-With files from CTV’s Jeff Keele and Danton Unger.