On Friday, November 29, 2024, True North Real Estate Development (TNRED) finalized its acquisition of Portage Place mall – marking the start of highly anticipated redevelopment plans for this downtown Winnipeg landmark. TNRED announced that preparations for the site’s transformation will begin immediately.
“Years of planning and diligence have allowed our TNRED team, partners and stakeholders to envision a new community-first campus that truly serves our downtown and gives Winnipeggers another reason to reconnect with and love their downtown,” said Jim Ludlow, president of True North Real Estate Development.
Winnipeg-based MLT Aikins partners Brian Lerner and Marla Levene, together with a team that included Colin Findlay and Ashley Bains, advised on and closed this transaction on behalf of TNRED. The $650-million deal to purchase and redevelop the site from North Portage also included land and parking facilities previously owned by the Forks North Portage Partnership.
“This project will have a significant impact on the city’s core. As a law firm that has had an office in the heart of Winnipeg for 145 years, we are particularly honoured to be a part of this transaction. True North continues to demonstrate visionary leadership for Winnipeg that is diverse, proud and vibrant,” said Brian Lerner.
Redevelopment of the site will occur in phases – starting with site preparations this year and foundational work for health and housing projects beginning in April. The 1.2-million-square-foot mixed-use development will include 216 housing units, with up to 40% of those units designated as affordable housing.
In addition, the project will feature a health care services tower, a grocery store on the main floor, a community centre and office space for social agencies and related services. TNRED aims to have the housing component completed by the end of 2027, with the entire development finished by the end of 2028.
The project will also include a heritage plaza and park to honour Canada’s commitment to Truth and Reconciliation. Opened in 1987, Portage Place mall struggled in the era of online shopping and is now mostly vacant. This transaction and the resulting multi-purpose redevelopment are a significant step toward revitalizing the area.
Practice areas: Commercial Real Estate, Banking & Commercial Lending
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