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
Biden and Harris call the Israeli strike killing Hezbollah’s Nasrallah a 'measure of justice'
The Israeli strike that killed Hezbollah's Hassan Nasrallah was a 'measure of justice' for victims of a four-decade 'reign of terror,' U.S. President Joe Biden said Saturday.
SpaceX launches rescue mission for 2 NASA astronauts who are stuck in space until next year
SpaceX launched a rescue mission for the two stuck astronauts at the International Space Station on Saturday, sending up a downsized crew to bring them home but not until next year.
Why Will Ferrell wanted a doc about his friendship with a trans woman to release before the U.S. election
Will Ferrell said in an interview with Variety that it was important for him to release his documentary, 'Will and Harper,' before the U.S. election so people could have conversations about trans people.
At least 52 dead and millions without power after Helene's deadly march across southeastern U.S.
Hurricane Helene caused at least 52 deaths and billions of dollars of destruction across a wide swath of the southeastern U.S. as it raced through, and more than three million customers went into the weekend without any power and for some a continued threat of floods.
LGBTQ2S+ minister Pascale St-Onge to make history with parental leave
Canadian Heritage Minister Pascale St-Onge is set to make history by becoming the first openly lesbian cabinet minister to take parental leave when her wife gives birth in the coming weeks.
They hit it off on vacation but then he went silent. So she decided to pick up the phone
When a few weeks passed and Nana Prempeh still hadn’t heard from the guy she met on vacation, she turned to her friends for advice.
What is open and closed this National Day for Truth and Reconciliation
This Monday, Sept. 30 is the National Day for Truth and Reconciliation (NDTR), a federal statutory holiday and day of remembrance for the Indigenous children who never came home from Canadian residential schools, as well as those who survived them.
Sima Sistani, who embraced Ozempic, is out as CEO of WeightWatchers
WeightWatchers CEO Sima Sistani, who pushed the company into embracing weight-loss drugs, is leaving the position after a two-and-a-half year stint.
Scientists discover hidden ancient forest on treeless island
Trees haven't grown on the Falkland Islands for thousands of years. But tree trunks and branches preserved in peat suggest the islands were once home to a forest.