An artist’s rendering of the future Portage Place redevelopment as seen from Edmonton Street. (TNRED / HANDOUT)
WINNIPEG — True North Real Estate Development has come to an agreement with the province to purchase the Portage Place mall.
TNRED announced Friday the acquisition of the beleaguered shopping centre from Sprucelands and North Portage Development Corporation, marking the start of a $650 million redevelopment project in downtown Winnipeg.
“This is a generational opportunity to improve the quality of life in our downtown community, develop a leading-edge healthcare facility through an innovative partnership with the Province of Manitoba and build a significant addition to affordable housing through our partnership with Southern Chiefs’ Organization,” said Jim Ludlow, president, TNRED.
The plan includes a new 265,000-square-foot Health-Care Centre of Excellence, expanded public spaces, retail, and a 15-storey residential tower focused on affordable housing.
The Health-Care Centre, in partnership with Shared Health and the Winnipeg Regional Health Authority, will offer primary care, mental health services, and house the expanded Pan Am Clinic programs. The Manitoba government intends to be the main tenant through a 35-year lease. Additionally, the Southern Chiefs’ Organization (SCO) is collaborating with TNRED to create more than 200 residential units, 40% of which will be offered at affordable rates, through a new not-for-profit entity TN-SCO 92 Inc.
“Together, we are going to transform Portage Place into a centre where you can come to get the health care and the services you need,” said Premier Wab Kinew.
“With this project, we can all feel more optimistic about the future of our downtown. This is a great example of what we can accomplish for the people of Manitoba, when we work together.”
The federal government announced Friday it would be contributing $10 million in support for the creation of retail, food, and community spaces within the broader redevelopment of Portage Place. Ottawa is also expected to contribute a further $17 million from the Canada Mortgage and Housing Corporation.
The City of Winnipeg will contribute $10 million through the federal Housing Accelerator Fund for the housing component, with an additional $30 million in subsidies, including tax grants.
Preparatory work is set to begin later this year, with full completion targeted for 2028.
Watch Friday’s announcement:
