Mayor Scott Gillingham has thrown his support behind the $650 million plan to redevelop Portage Place, calling it one of the biggest downtown developments in generations.
The mayor’s comments come alongside a new report from the city’s public service, which recommends the executive policy committee approve a purchase agreement, allowing the sale of the land, parking lot, and air rights to True North Real Estate Development Limited (TNRED).
“This agreement will pave the way for one of the largest private sector investments in downtown Winnipeg’s history, supporting a $650 million redevelopment of a tired shopping mall into a dynamic centre for health, recreation, housing, arts and retail,” Gillingham said in a news release.
In a statement, Jim Ludlow, president of TNRED, thanked Gillingham for his support.
“As described in the administrative report to the Executive Policy Committee, the redevelopment of this property would be ‘among the largest private sector investments …