True North Acquires Portage Place Mall for Major Redevelopment in Winnipeg
True North Real Estate Development (TNRED) has acquired Portage Place mall. This deal enables TNRED to start its redevelopment plans for the site immediately. The agreement includes the mall, its land, and related assets.
TNRED President Jim Ludlow expressed enthusiasm about the project, stating it aims to create a community-focused campus in downtown Winnipeg. The project will unfold in phases, with site preparations beginning this year and foundational work starting in April.
The new development will encompass 1.2 million square feet. Plans include 216 housing units, with up to 40% classified as affordable. Additionally, there will be a healthcare tower, a grocery store, community centers, and office spaces for social agencies.
The deal for purchasing the site was announced on September 27, with a total redevelopment cost of $650 million. It includes the land and parking areas beneath the property.
Avtar Bains, president of Premise Properties, highlighted the significance of consolidating the Portage Place lands under one entity, which strengthens the redevelopment efforts. TNRED is working with the Southern Chiefs’ Organization to manage housing, which will be known as TN-SCO Housing 92 Inc. Jerry Daniels, Grand Chief of the SCO, labeled the housing initiative as a model of economic reconciliation.
How will teh redevelopment project at Portage Place address social issues like addiction and poverty in the community?
Interview with Jim Ludlow, President of True North Real estate Development
News Directory 3: Thank you for joining us today, Jim. Can you tell us about TNRED’s acquisition of Portage Place mall and the vision behind the redevelopment?
Jim Ludlow: Thank you for having me.the acquisition of Portage Place represents a significant opportunity for us to reimagine this central site in downtown Winnipeg. Our vision is to create a community-focused campus that meets the needs of residents, businesses, and visitors alike. We aim to tackle the challenges the area has faced while emphasizing inclusivity and accessibility through a diverse range of developments.
News Directory 3: What specific elements will the redevelopment include, and how do you plan to address the community issues that have surrounded the mall?
Jim Ludlow: Our redevelopment plan encompasses approximately 1.2 million square feet and includes 216 housing units, with up to 40% designated as affordable housing. We’re also introducing a healthcare tower, a grocery store, community centers, and office spaces aimed at social agencies. By working hand-in-hand with the Southern Chiefs’ Organization, we are making concerted efforts to address housing needs and economic reconciliation, wich speaks to our commitment to the community.
News Directory 3: The project is set to unfold in phases, with site preparations beginning this year. Can you provide more details about the timeline and what residents can expect?
Jim Ludlow: Absolutely. We will begin site preparations this year, and we expect foundational work to commence in April.The housing component is projected to be finished by late 2027, with the entire site targeted for completion by the end of 2028. Each phase will be thoughtfully executed to ensure minimal disruption to the surrounding community.
News Directory 3: Given the project’s significant scale, what is the estimated total cost, and what support are you receiving from government entities?
Jim Ludlow: The total redevelopment cost is approximately $650 million. We are very fortunate to have strong support from both federal and local governments. The federal government has allocated $10 million for public spaces, while the city is contributing $40 million in incentives. Additionally, Manitoba’s government has pledged to lease the healthcare tower with significant annual funding.
News Directory 3: You mentioned the importance of heritage and reconciliation in your plans. How do you envision integrating these elements into the redevelopment?
Jim Ludlow: Integral to our vision is the creation of a heritage plaza and park that emphasizes reconciliation efforts. We recognise the need to honor the past while building a brighter future. Our collaboration with local Indigenous groups, particularly through our partnership with the Southern Chiefs’ Organization, will help ensure that the development reflects the values and needs of the entire community.
News Directory 3: What challenges do you anticipate in this redevelopment project,and how will TNRED address them?
Jim Ludlow: We’re acutely aware of the challenges,particularly social issues such as addiction and poverty that have impacted the Portage Place area. By focusing on community engagement, forming partnerships with local organizations, and providing resources like housing and healthcare, we believe we can address these challenges head-on. It’s a collaborative effort that will take time and dedication.
News Directory 3: Thank you for your insights,Jim. We look forward to seeing the positive impact TNRED’s redevelopment of Portage Place will have on the Winnipeg community.
jim Ludlow: thank you for the opportunity to share our vision. We’re excited about the future and are committed to making a difference in our community.
The housing component is expected to finish by late 2027, with full completion of the site planned by the end of 2028.
Federal and local governments are supporting the project. The federal government has allocated $10 million for public spaces. The city has approved $40 million in incentives, while Manitoba’s government has pledged to lease the healthcare tower, with annual funding of approximately $77 million.
The redevelopment will also feature a heritage plaza and park dedicated to reconciliation efforts. Originally opened in 1987, Portage Place mall has faced ongoing challenges related to community issues, such as addiction and poverty.