EPC approves True North extension on decision to purchase Portage Place
The potential purchaser of Portage Place Mall has been granted another 90-day extension by the mayor's inner circle for its decision to buy and redevelop the space.
True North Real Estate Development (TNRED) asked the city's executive policy committee (EPC) for another 90 days to make a decision on the potential purchase agreement. On Wednesday, EPC approved that extension.
June 30 was the original cut-off date, and True North asked for it to be extended to Sept. 28.
"This is a remarkably complex undertaking that continues to be approached with the greatest of diligence and thought prior to closing. The process, documentation and planning for the purchase of the land, the building and the redevelopment is in an advanced stage of completion and this time period will be well used to finalize agreements, complete reviews and obtain the necessary approvals," said TNRED President Jim Ludlow in an emailed statement.
The Province of Manitoba and the Government of Canada must approve the extension, as well, as all three levels of government are part of the North Portage Development Corporation (NPDC), which owns the property and parkade.
TNRED is looking at buying the mall from a private owner, along with the property and parkade.
"The scale of this project includes design, engineering and construction, legal, financing and complex health planning, as well as multi-government participation and community consultation," Ludlow's statement said.
"We remain confident in our abilities and those of our public partners to successfully completing the final package of materials within this timeline.”
The purchase would include the land, parking, and air rights. The $500-million plan would include building two new towers - one for residential units and the other dedicated to health-care services.
The option agreement for the mall’s sale price is for at least $34.5 million.
True North was previously granted an extension by the council in December, after asking for a six-month extension to begin a second phase of public consultation.
The Manitoba government told CTV News Winnipeg it would be in favour of an extension.
Liberal MP Dan Vandal said he will review the request for an extension, and a decision will be made subsequently.
"Redeveloping Portage Place will not only enhance the aesthetic and functional aspects of the area, but also addresses social challenges by providing affordable housing and essential services," he said in an emailed statement.
- With files from CTV's Jeff Keele
CTVNews.ca Top Stories
BREAKING Quebec man, 81, gets prison sentence after admitting to killing wife with Alzheimer's disease
An 81-year-old Quebec man has been sentenced to prison after admitting to killing his wife with Alzheimer's disease.
Pat King found guilty of mischief for role in 'Freedom Convoy'
Pat King, one of the most prominent figures of the 2022 'Freedom Convoy' in Ottawa, has been found guilty on five counts including mischief and disobeying a court order.
Canada's tax relief plan: Who gets a cheque?
The Canadian government has unveiled its plans for a sweeping GST/HST pause on select items during the holiday period. The day after the announcement, questions remain on how the whole thing will work.
Canada issues travel warning after 6 people die from tainted alcohol in Laos
The Canadian government is warning travellers following the deaths of at least six people in the mass poisoning of foreign tourists in Laos after drinking tainted alcohol.
BREAKING Jury convicts men of human smuggling in case of frozen migrant family in Manitoba
A jury has found two men guilty on all charges related to human smuggling in a case where a family from India froze to death in Manitoba while trying to walk across the Canada-U. S. border.
Canada's new income tax brackets in 2025: What you need to know
The Canada Revenue Agency has released updated federal income tax brackets for 2025, reflecting adjustments for inflation. Here’s the breakdown.
Measles outbreak: Canada sees highest number of cases in past nine years
Thirty new measles cases were reported this week in Canada, bringing the total number in Canada to 130 in 2024.
Unruly passenger duct-taped after trying to open a plane's door mid-flight
An assertive group of cross-country travellers pinned and duct-taped an unruly passenger mid-flight, after he allegedly tried to open a plane door at 30,000 feet.
Matt Gaetz says he's not returning to U.S. Congress next year
Former Florida Rep. Matt Gaetz, who withdrew from consideration as U.S. president-elect Donald Trump’s pick for attorney general on Thursday, said Friday he will not be returning to U.S. Congress next year.