WINNIPEG – What does the future of Portage Place look like?
There is potential for the mall to be sold, but any sale would be complicated.
North Portage Development owns the land but not most of the buildings: separate owners each have a 75-year lease.
Forks North Portage President and CEO Paul Jordan says this fact muddies the waters of a potential sale.
“We feel that, in some ways, North Portage has done all they can do there and it may be time to get it into private hands. But we really have to take a good, hard look at what that reinvestment is going to be,” Jordan says. “People won’t reinvest if they don’t own the land. We can’t invest because it’s not our building. It’s kind of a deadlock right now.”
Jordan wants to make it clear that it is not for sale, not yet at least.
“We’re doing more of an analysis of how we would actually do it. It’s a very complicated piece of real estate. For us to go out onto the market we would really have to make it a much more simple process than it sits right now.”
Whatever the case, Jordan admits something needs to be done.
“It’s stuck in 1989 when it was built. It was a good model for 1989, but it’s not 1989 anymore.”
Jordan says there’s no timeline going forward on when any potential sale could take place.
Photo from Google Maps