True North still fine-tuning Portage Place redevelopment
Company has briefed new NDP government, has yet to make formal requests of Ottawa, city hall
The real estate wing of the company that owns the Winnipeg Jets says it's still fine-tuning its $550-million proposal to redevelop downtown Winnipeg's Portage Place mall.
True North Real Estate Development has two more months to decide whether to proceed with a purchase and renovation project that would see a medical tower rise above the east side of the existing mall and and a residential tower rise above the west side.
The plan also calls for the glass-enclosed atrium at Edmonton Street to be dismantled and the middle of the mall converted into community centres, offices for community organizations and a small amount of retail space and food services.
True North announced in March it signed an option to purchase the 36-year-old mall, the parkade below it and the right to build towers above it. That option must be exercised by the end of 2023.
In May, after the detailed redevelopment plans for the project were unveiled, the former PC government said it would support the redevelopment through long-term leases in the medical tower. Former premier Heather Stefanson also hinted tax incentives could be on the table for the project.
On Monday, new Manitoba Premier Wab Kinew said he expects to announce some form of commitment for the project before the end of the year.
True North Real Estate president Jim Ludlow said Tuesday his company has briefed the Kinew government about the plan but is still engaged in due diligence about the project.
"We are continuing on with our program, design and community engagement exercises among others on this project," Ludlow said in a statement.
"We are encouraged by the social and economic opportunities that will come from this broad downtown campus revitalization plan, underpinned by innovative housing and health-care solutions. We remain optimistic in the collective abilities of government and the private sector in realizing this vision."
While there have been no formal requests made to the federal government and city hall, representatives from both expressed support for True North's plan.
"The revitalization of downtown Winnipeg is a priority for [Prairies Economic Development] Minister [Dan] Vandal and he is very excited to support projects like the redevelopment of Portage Place," said Kyle Allen, a spokesperson for Vandal's office, said in a statement.
"The federal government has supported this project since the beginning and we'll be working closely with True North as the development progresses."
Winnipeg Mayor Scott Gillingham said in a statement he "is very optimistic about the project and looks forward to working with True North and the senior levels of government to bring it to life."
The Southern Chiefs' Organization, which is working on a parallel redevelopment of the the former Bay building in downtown Winnipeg, also expressed support for the True North project.
"Our work on the Wehwehneh Bahgahkinahgohn project to reimagine the former HBC building in downtown Winnipeg continues," Grand Chief Jerry Daniels said in a statement.
"SCO continues to work with a wide variety of partners on this essential work. We appreciate the support of leadership who share the vision of creating a vibrant downtown that contributes to economic reconciliation."