True North Real Estate Development confirms purchase of Portage Place

SCO partnership, federal, provincial, and civic support key to TNRED investment in healthcare, housing, and community

True North Real Estate Development (TNRED) is pleased to announce it has reached an agreement to purchase the assets known as Portage Place from Sprucelands and North Portage Development Corporation.

“This is a generational opportunity to improve the quality of life in our downtown community, develop a leading-edge healthcare facility through an innovative partnership with the Province of Manitoba and build a significant addition to affordable housing through our partnership with Southern Chiefs’ Organization,” said Jim Ludlow, President, TNRED.

The transaction realizes more than two years of remarkable work and consultations on plans for 1.2 million square feet of retail and office space to be transformed into a $650-million multi-use facility with two acres of public and outdoor meeting space.

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

The Healthcare Centre of Excellence is a partnership of Shared Health and the Winnipeg Regional Health Authority with a Government of Manitoba commitment to a 35-year lease.

“Together, we are going to transform Portage Place into a centre where you can come to get the health care and the services you need,” said Premier Wab Kinew. “With this project, we can all feel more optimistic about the future of our downtown. This is a great example of what we can accomplish for the people of Manitoba, when we work together.”

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

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.

“As the country continues to learn more about the historical and continued harms suffered by First Nations under colonialism, we now share what reconciliation can look like to First Nations and all others,” said SCO Grand Chief Jerry Daniels. “With Project 92, we are moving forward in economic reconciliation with our partners TNRED. Project 92 is based on Call to Action 92 from the Truth and Reconciliation Commission of Canada. This unique partnership will provide employment to First Nation citizens, a place to live, and the foundation for a good life. Project 92 sets the stage on how to build economic reconciliation and will be the blueprint for future projects as the business community joins us in building a better future. We want to thank True North for being a committed and respectful partner – together, the future for our people, our city, and our territories can be bright.”

“This partnership is a significant step forward for economic reconciliation and we hope, represents a model that business and Indigenous leadership will adopt across Canada,” Ludlow said.

The housing component of the project is assisted by $10 million from the City of Winnipeg through the Housing Accelerator Fund and a further $30 million in combined tax incremental financing and infrastructure commitments.

“This redevelopment is a turning point for Winnipeg’s downtown. Portage Place has long needed a new vision, and this project brings exactly that – a bold reimagining that will drive economic vitality, bring people together, foster economic reconciliation, and serve as a catalyst for further investment in our city,” said Mayor Scott Gillingham.

TNRED recognizes the Government of Canada for a $10 million contribution toward redevelopment of the community and public spaces within the campus, with an anticipated further $17 million from the Canada Mortgage and Housing Corporation.

“A vibrant downtown Winnipeg is vital for a strong Manitoba economy and healthy community for all. I am pleased that our government is supporting True North and the Southern Chiefs’ Organization to redevelop Portage Place and revitalize our downtown. This project is a national example of reconciliation in action and will have an impact for generations to come,” said The Honourable Dan Vandal, Minister responsible for PrairiesCan.

“Three levels of government joining both Indigenous and private sector leadership is an example of how this community can begin to solve some of the most challenging issues in our city – together,” Ludlow said. “Our gratitude and thanks go to each of the partners in this endeavour.”

Work on the project will progress in phases with preparatory activities beginning in Q4 2024 and foundational work to advance the health and housing towers taking place in early 2025. Completion is targeted for 2028.