Federal funding still needs to be secured for Portage Place redevelopment
(Source: Starlight Investments)
WINNIPEG -- The company involved with the $400 million Portage Place redevelopment is still waiting on federal funding approval.
The deadline for the due diligence is coming up on March 1, and Starlight Investments said it requires the financial backing of all levels of government in order to move forward.
Josh Kaufman, head of development and construction for Starlight, said the company has been working hard through its due diligence, However, it is getting to the end of its time frame
“What the end of due diligence means is that we now need the funding support through our partners, being all three levels of government, to be there and in order to help this project move forward.”
He noted the company only has a few weeks until the deadline, but it needs all of the support in place.
To date, the province has committed $28 million of the $90 million that is needed of the total, and the City of Winnipeg has agreed to $20 million.
“As of today, we do have the support of the city, as well as the province,” Kaufman said on Thursday.
“We are working hard with the federal government, but we’re just not there yet with the commitment with them.”
Kaufman noted the amount of money the company is asking from the federal government is hard to quantify.
“It’s significant, I would say the city and the province represent close to half of the contribution, with the balance of the half coming from the federal government,” he said, adding that the federal portion represents $50 million.
Kaufman said a significant investment needs to be made in order for the downtown development to be realized.
“There’s a combination of residential, commercial, community and cultural space that’s being introduced here, and when you look at the entire mix as a mixed-use opportunity, it needs to involve different partners and the partners being three levels of government,” he said.
Kaufman said the company is optimistic about this project and has put a lot of work into it.
- With files from CTV’s Jeff Keele.