True North asking for extension on decision to purchase Portage Place
The potential purchaser of Portage Place Mall is asking for a 90-day extension for its decision as to whether or not it will buy and redevelop the space.
True North’s real estate wing, North Portage Development Corporation (NPDC), is asking the City of Winnipeg’s Executive Policy Committee (EPC) for another 90 days to make a decision on the Option to Purchase Agreement.
June 30 is the original cut-off date. NPDC is asking for it to be extended to Sept. 28. Public Works is recommending the extension.
The EPC meets for the special meeting Wednesday.
All three shareholders would need to approve the sale: the City of Winnipeg, the Province of Manitoba, and the Government of Canada.
The purchase would include the land, parking, and air rights. The $500-million plan would include building new two 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.
NPDC was previously granted an extension by the council. In December, it asked for a six-month extension to begin a second phase of public consultation.
CTV News has reached out to True North and the province.
With files from CTV’s Jeff Keele
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