Winnipeg city council approves Portage Place plan

'This has been a long time coming' The deal to revamp Portage Place Mall is nearing the finish line as a deadline fast approaches this weekend. CTV's Jeff Keele reports.

The Portage Place deal with True North is closer to reality, as the approvals required appear to be falling into place.

"This has been a long time coming," said Mayor Scott Gillingham.

All three levels of government need to sign off before a deadline at month's end, to sell the property, air rights, and parking to True North's real estate wing.

Winnipeg City Council did its part Thursday, voting unanimously on $40 million worth of subsidies including tax grants, for the $650 million project.

"This is a very exciting project, $40 million of City of Winnipeg incentives, will leverage over $600 million of investment in our downtown from other funders," said Gillingham.

On Friday, federal support and approvals could be announced, as Liberal minister Dan Vandal is set to participate in a news conference at the mall with True North and the Southern Chiefs' Organization (SCO).

The province has already promised to sign a 35-year lease for the health care hub, a major component of the redevelopment. CTV News has reached out to the province to ask if the deal has been signed off on their end, and if any other financial support is expected beyond the lease deal for the health centre.

Other plans for the mall include spaces for childcare, a community centre, public gardens, and a grocery store. There will also be hundreds of units of housing in a partnership between True North and the SCO who is redeveloping the former Bay building.