Toronto development company interested in Portage Place purchase, will invest $300 million

A development company from Toronto has offered to purchase Portage Place Shopping Mall and turn it into student housing and a commercial redevelopment.Officials confirmed Friday Starlight Investments is interested in buying the beleagured downtown shopping mall and will invest $300 million in a makeover that may include housing for nearby University of Winnipeg students.Forks North Portage Partnership says Starlight Investments is the potential buyer for Portage Place.— Austin Siragusa (@GooseGlobal) July 5, 2019The mall opened in 1987 with an $80 million price tag. It was supposed to be a high-end retail magnet for shoppers, bringing new life to the north side of Portage Avenue downtown.READ MORE: Portage Place Shopping Centre could be up for saleThe Forks North Portage Partnership owns the land the mall sits on and leases it to the Peterson Group.The City, Province, and federal government are also stakeholders.More to come.Get daily local headlines and alertsView original article here Source

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