By Brian Schultz
WINNIPEG — True North Square is being backed by up to $11.95 million in tax increment financing by the province.
The funding will support the development of the True North Square Public Plaza and residential tower, surrounding streets, sidewalks and skywalks, as well as the residential tower at the Sutton Place Hotel and residential development.
The province says its financing leverages significant private investment including an estimated $550 million in direct private sector investment, $850 million in leveraged total private sector investment by 2020, $37 million in provincial income tax revenue, and $22 million in provincial sales tax.
“We are thrilled to partner with the Province of Manitoba on this exciting project, which is the largest privately developed real-estate venture in Winnipeg’s history,” said Jim Ludlow, president of True North Real Estate Development.
“It is a great example of how private-public partnerships can work to help shape communities through the building of important public spaces.”
The province is also supporting the development of True North’s 194-unit residential tower at 225 Carlton St. adjacent to the office and retail tower located at 242 Hargrave Street.
The official opening of True North Square is slated for September 27.