The funding for the first phase of the project will come in the form of tax increment financing for the proposed mixed-use development.
“This will contribute to the continued evolution — the last 14 acres — of The Forks site,” said Paul Jordan, CEO of The Forks North Portage.
“Not only will the introduction of this new, mixed-use development be a noteworthy public space in North America, this is a step in fulfilling our mission statement and a step toward giving the community what it wants to see here, and that’s high-quality, accessible public spaces.”
Subject to extensive public consultation, plans call for a number of unique residential buildings with approximately 339 residential units, main floor retail and services as well as public piazzas and park-like spaces among the buildings.
The provincial funding comes in addition to approximately $111 million in direct private-sector investment, $10.7 million in retail sales tax and expenditures of $12.6 million per year by commercial operations with annual residential rent revenue of $7.5 million.