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Mayor Scott Gillingham has endorsed the $650 million redevelopment plan for Portage Place, calling it “one of the biggest downtown developments in generations.”
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The redevelopment involves the conditional sale of land, parking, and air rights from the North Portage Development Corporation (NPDC) to True North Real Estate Development Limited.
“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 in a press release on Wednesday.
The redevelopment will feature a 1.2 million square foot mixed-use space with a health-care centre, multi-family housing with up to 40% affordable units, common areas, green spaces, and updated commercial units. Edmonton Street will be extended to improve connectivity and accessibility.
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“The health of our downtown is critical to the success of our entire city,” Gillingham said. “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.”
The City of Winnipeg will provide $13.6 million through tax increment financing, $10 million from the Housing Accelerator Fund, $7.5 million for street improvements, $6.5 million for skywalk and security enhancements, and $2.1 million for a community drop-in space. The City said these contributions will not affect its balanced budget and will be funded through incremental municipal property taxes and other government funding.
“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 said.
Pending final approval from NPDC’s shareholders, including the City, Province of Manitoba, and the government of Canada, True North is expected to begin construction within the next three to four years.
The purchase and sale agreement report is available for review before the Executive Policy Committee meeting on Sept. 17 on the city’s website.
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