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Winnipeg looks at multi-million dollar tax break for redevelopment of Hudson’s Bay building

The Hudson’s Bay Company heritage building in downtown Winnipeg. One of the landmark stores formerly run by the Hudson's Bay Co. is about to undergo a major transformation in the name of reconciliation with Indigenous people. THE CANADIAN PRESS/John Woods

Winnipeg could be offering about $9.7 million in tax breaks for redevelopment of the former Hudson’s Bay building in the city’s downtown.

The historic building was transferred to the Southern Chiefs’ Organization (SCO) in April.

Read more: Downtown landmark to get new life as Winnipeg Hudson’s Bay building transferred to Southern Chiefs

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.

Click to play video: 'Hudson’s Bay Company calls donation of Winnipeg building an act of reconciliation' Hudson’s Bay Company calls donation of Winnipeg building an act of reconciliation
Hudson’s Bay Company calls donation of Winnipeg building an act of reconciliation – Apr 22, 2022

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.

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A health centre that focuses on both western and traditional medical practices is also planned, among other initiatives.

Read more: Vacant Bay store in downtown Winnipeg to be used in part for affordable housing: sources

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

Click to play video: 'Downtown landmark to get new life as Winnipeg Hudson’s Bay building transferred to Southern Chiefs' Downtown landmark to get new life as Winnipeg Hudson’s Bay building transferred to Southern Chiefs
Downtown landmark to get new life as Winnipeg Hudson’s Bay building transferred to Southern Chiefs – Apr 22, 2022

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