Portage Place Shopping Centre could be on its way to revitalization at the hands of a Toronto-based development company.
Starlight Investments is interested in purchasing the downtown Winnipeg shopping complex and investing $300 million. Officials with The Forks North Portage Partnership, who owns the mall’s land, confirmed the news in a meeting with city staff on Friday.
The 440-000-square-foot mall opened in 1987 and was meant to spur the retail environment in the city’s downtown. Critics have long pointed to the property’s pitfalls, such as vacant storefronts and its reputation as being a hotbed for crime.
The potential redevelopment could see a mixed-use component added to the shopping centre to include housing for nearby University of Winnipeg students.
All three levels of government hold a stake in the shopping centre.