The real estate wing of the company that owns the Winnipeg Jets is asking for another extension before it decides whether to proceed with a $650-million proposal to purchase and redevelop downtown Winnipeg’s Portage Place mall.
True North Real Estate Development has asked the city for three more months to conduct due diligence on its option to purchase the beleaguered mall and embark on a multi-year redevelopment that would see a 12-storey medical tower rise above the east side of Portage Place and a 15-storey residential tower above the west.
“This is a remarkably complex undertaking that continues to be approached with the greatest of diligence and thought prior to closing,” True North Real Estate Development president Jim Ludlow said in a statement Tuesday.
“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.”
In addition to the construction of two towers, True North’s redevelopment plan for Portage Place also calls for the glass-enclosed atrium at Edmonton Street to be dismantled, while the middle of the mall would be converted into community centres, offices for community organizations and a small amount of retail space and food services.
True North announced in March 2023 it had signed a purchase option that required the company to make a decision on the project by Dec. 31 of that year. In November, the company asked for six more months to complete the transaction.
According to a report that will come before a special meeting of city council’s executive policy committee on Wednesday, True North is asking the city to extend that due diligence period to Sept. 28.
True North needs the additional time “to finalize the terms” of its agreement to purchase the mall, Winnipeg economic development manager Matt Dryburgh said in a report to the committee.
The city, the province and the federal government must approve the extension, because all three levels of government are stakeholders in the non-profit Forks North Portage Partnership, which owns the parkade below the mall and the air rights to build towers above it.
True North’s option calls for the purchase of these assets for no less than $34.5 million. The company has a separate deal to purchase the mall itself from Vancouver’s Peterson Group for an undisclosed price.
“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 said.
“We remain confident in our abilities and those of our public partners to successfully [complete] the final package of materials within this timeline.”
Mayor Scott Gillingham said Tuesday in a statement he will vote for the extension. A spokesperson for Premier Wab Kinew said he supports the extension as well.
Liberal MP Dan Vandal, a federal cabinet minister, said in a statement he is reviewing the request for an extension.
In April, Kinew said he signed a letter of intent that would see the province lease space within the health-care tower. That will serve as the province’s main contribution toward the project.
Ludlow said at the time True North plans to ask the city and province for property tax breaks to assist the project. Ludlow also said True North will ask the city to assist with streetscaping at the development.
True North is also expected to ask the federal government for assistance with the housing component and public spaces. Federal cabinet minister Dan Vandal said in April that Ottawa is amenable to some form of support.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
