True North Real Estate Development acquires Portage Place mall

True North Real Estate Development (TNRED) has acquired Portage Place mall, land and assets, from North Portage Development Corporation, Premise Properties and Spruceland Mall Ltd. effective Nov. 29, 2024. The 1.2-million-square-foot mall is spread out over 6.4 acres of downtown land with over 930 feet of frontage along Portage Ave.

Final document execution occurred late afternoon, Friday, Nov. 29 at 5 p.m. CT in Winnipeg, Man.

“We are excited to undertake the transformation of this property into a place that will drive economic and social activity and help reconnect our communities. The redevelopment plan will be based on core deliverables in multi-family and affordable housing, healthcare, neighbourhood and community spaces, parks, retail and parking. The vision is further founded on principles of downtown revitalization in the core, economic reconciliation and rekindling the energy of the city’s downtown. It is truly a generational opportunity,” said True North Real Estate Development President, Jim Ludlow.

Work on the project will progress in phases with preparatory activities beginning this year and foundational work to advance the health and housing projects commencing in April 2025.

“Years of planning and diligence has 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. The project will now immediately mobilize to prepare for this monumental transformation,” added Ludlow.

“We are delighted to announce that Portage Place is now in the capable hands of True North Real Estate Development,” said Avtar Bains, President of Premise Properties. “As previously highlighted by Mr. Ludlow, the consolidation of the Portage Place lands, parking, and building under a single entity marks a pivotal moment. This alignment paves the way for their ambitious redevelopment plans, which we believe will significantly benefit the citizens of Winnipeg and the broader Manitoba community for generations to come. The envisioned redevelopment will not only secure the future of downtown Winnipeg but also foster a dynamic environment that encourages further investment and growth in the area. We deeply appreciate the commitment, resilience, and vision that True North has demonstrated throughout this process. Their dedication to Winnipeg and its citizens reflects their strong sense of responsibility and purpose.”

The transaction includes the purchase of the land and parking facilities beneath the property, formerly owned by the Forks North Portage Partnership.

“We’re very grateful to have a committed downtown partner in True North Real Estate Development and look forward to seeing the plans and economic reconciliation come to life in the North Portage neighbourhood,” said Sara Stasiuk, President & CEO, The Forks North Portage. “This should be a place for people, community, and the economy to thrive, and by facilitating this sale, The Forks North Portage is creating more opportunity for all of these things.”

The project will include a 265,000-square-foot Healthcare Centre of Excellence anchoring the development, featuring primary care with integrated mental health services, surgery, diagnostics and renal dialysis, and which will also become the new home for expanded Pan Am Clinic programs.

A 15-storey residential tower will be developed as part of a historic not-for-profit partnership with Southern Chiefs’ Organization (SCO), named TN-SCO 92 Housing Inc., based on Call to Action #92 of the Truth and Reconciliation Commission of Canada. With equal ownership and governance, the housing tower will include more than 200 units with up to 40 percent of these units being rented at affordable rates, below 80 percent of the median market rents for the area, with profits reinvested in housing and public spaces in and around the campus.

“This is a day filled with excitement and hope as SCO and our partners from True North take the next steps in revitalizing downtown Winnipeg,” said SCO Grand Chief Jerry Daniels. “TN-SCO 92 Housing Inc. brings good jobs, new homes, and access to healthcare within walking distance of our First Nation citizens. Now we can truly begin the work on this project that will become a shining example of economic reconciliation in action.”

The central core of the redevelopment will include neighbourhood services and retail, a full-scale grocery store, and public spaces.

True North Real Estate Development (TNRED) is a well-known Winnipeg-based developer and owner of mixed-use real estate and sports entertainment assets in Winnipeg, including the 1.5 million-square-foot transformative mixed-use True North Square. Together with its investment partners at Megill, James Richardson & Sons Limited and Osmington, TNRED remains committed to a better Winnipeg through the pursuit of real estate developments that produce meaningful social and economic impacts, and that contribute to the growth and development of the downtown core and to attracting people to live, work and play downtown.