True North Real Estate Development is asking for a three-month extension on its option to buy Portage Place, a key step toward its $650-million plan to transform the downtown property.
A new city report notes the real estate division of Winnipeg Jets owner True North Sports and Entertainment Ltd. is requesting up to 90 more days to determine whether it will finalize the purchase. The extension would move the deadline from June 30 to Sept. 28, 2024.
This would mark the second deadline extension, after the successful request to extend it from Dec. 31, 2023 to June 30, 2024.
MIKAELA MACKENZIE / FREE PRESS FILES
The real estate division of True North Sports and Entertainment is requesting up to 90 more days to determine whether it will finalize the purchase of Portage Place.
“A further extension of up to 90 days is required by (True North) to finalize the terms of a purchase and sale agreement of the assets,” a city report notes.
Council’s executive policy committee is expected to vote on the matter Wednesday, which would also require council approval.
The City of Winnipeg, provincial government and federal government are shareholders in The Forks North Portage Partnership, which owns the land, parking and “air rights” (to build upwards) at the site.
Conditions of the option to purchase include a price of no less than $34.5 million, that consultation must take place on the redevelopment and that public access to skywalks be maintained.
—Free Press staff