The City of Winnipeg’s executive policy committee has approved a plan to sell Portage Place Shopping Centre.
The Forks North Portage Partnership’s CEO Paul Jordan attended the EPC meeting Tuesday to recommend the committee approve the proposed sale.
The Forks North Portage Partnership currently owns the land and the parking garage while the shopping centre itself is owned by a private company.
Jordan told members of the EPC the malls current owner, Spruceland Mall Limited Partnership, is not interested in redeveloping the mall.
Jordan said the potential buyer, Toronto-based real estate asset management company Starlight Investments, plans to build residential towers at both ends of the mall that would also include student housing.
Jordan believes the redevelopment of Portage Place could spark other similar projects downtown.
This is the city’s first step in the approval process of the sale as a shareholder. City council will still need to approve the proposed sale.
In order for the sale to move forward, it must be approved by all three shareholders: the City of Winnipeg and the federal and provincial governments.
No update has been provided yet on the status of approval from other levels of government.
