Starlight Out of Winnipeg Mall Plan
WINNIPEG – The city of Winnipeg says a $ 400 million plan to redevelop Portage Place shopping mall has been abandoned by the real estate company behind the project after months of delays.
Winnipeg CAO Michael Jack says Toronto-based Starlight Investments has notified the city that the company will not be able to proceed with the deal and will not ask for any further deadline extensions. In July, Winnipeg’s executive committee voted for the company to have all of the funding it needs by October 31st instead of approaching that month’s deadline.
Starlight had initially demanded $ 20 million each from all three levels of government. The city of Winnipeg agreed to invest that amount, while the Manitoba government provided an additional $ 28.7 million. But negotiations with the federal government failed in early March, and Winnipeg MP Dan Vandal said Starlight had instead made a surprise request for $ 50 million – plus a $ 243 million loan.
Winnipeg Mayor Brian Bowman said the city supported the downtown revitalization plan and was disappointed with the news.
As part of the deal, Starlight would have bought the mall and parkade for nearly $ 70 million, with plans to build two affordable residential towers with several hundred suites, 10,000 square meters of pedestrian and community space, a grocery store and 500,000 square meters of other retail and retail space Office space.