- What True North Real Estate Development has agreed to buy Portage Place in Winnipeg
- Why Developer plans to build health centre and residential tower on site
- What next Redevelopment will commence in early 2025
True North Real Estate Development has agreed to purchase Portage Place in Winnipeg, with plans for a $650m redevelopment project.
The developer will buy the mall from Sprucelands and North Portage Development at an undisclosed price. According to CBC, True North has also bought the parkade below the mall and air rights from the Forks North Portage Partnership for $34.5m.
The project is slated to include neighbourhood services, retail space, a full-scale grocery store and public spaces. The site will also include a 265,000 sq ft healthcare centre leased to the Manitoba government for 35 years.
True North will partner with the Southern Chiefs’ Organization to develop a 15-storey residential tower. The project, dubbed Project 92, will comprise 200 units, with 40% affordable. The City of Winnipeg has agreed to a $10m assistance package through its housing accelerator fund, with a further $30m in combined tax incremental financing and infrastructure commitments.
The federal government has also contributed $10m for community spaces included in the project. True North anticipates a further $17m from the Canada Mortgage and Housing Corp.
The foundational work for the health and housing towers will begin in early 2025 and is expected to be completed in 2028.
