True North is asking for a little more time to decide whether or not it will buy a beleaguered downtown mall.
Back in May, True North Real Estate Development announced a plan for a $500 million revitalization of Portage Place and had planned to purchase the space by the end of 2023.
But now it wants six more months for due diligence on the project and is hoping to move the purchase date to the end of June. The price of the purchase will be no less than $34.5 million.
The ongoing work, according to True North, includes public engagement on the issue, which includes consultations and surveys.
The initial plan included affordable housing, a healthcare hub, a grocery store and green space.
The North Portage Development Corporation, which currently owns the mall, has submitted a report to the city, one of its three stakeholders, to ask for the extension and it will be reviewed at next week’s Executive Policy Committee meeting.
The other stakeholders, the provincial and federal governments, will also need to grant the extension.
A spokesperson for MP Dan Vandal tells Global News “Minister Vandal received the request this morning and is currently reviewing True North’s request for a six-month extension on its Portage Place purchase option. A decision will be made in the days to come.”
The provincial government has not yet replied on whether it will agree to an extension or not.