A report to the city’s executive policy committee recommends tax incentives worth $387,000 a year for 25 years.
The federal government has pledged $65 million toward the redevelopment project, while the province of Manitoba is chipping in an additional $35 million.
The downtown landmark, located at 450 Portage Ave., is to be redeveloped to include almost 300 affordable housing units, as well as a child care centre, a museum, an art gallery and restaurants.
A health centre that focuses on both western and traditional medical practices is also planned, among other initiatives.
The prominent location was the Hudson Bay Company’s flagship store when it opened its doors in 1926.
The six-storey, 655,000-square-foot department store closed in November of 2020, causing much speculation about its eventual fate — especially after it was given a $0 valuation in 2019.
— with files from Global New’ Sam Thompson