Company looking to redevelop Portage Place seeking extension

(Source: Starlight Investments)

The company looking to redevelop Portage Place is seeking an extension from the City of Winnipeg.

Starlight Investments, a real estate investment and asset management firm, is asking for more time to satisfy the approved condition of financial contribution, and wants the deadline moved from July 23 to the end of October,

The city’s public service supports the company’s request, and a committee will vote on the matter next week.

Starlight’s $400-million plan would see the mall transformed. The redevelopment would include residential towers on each end and a community hub.

Starlight agreed to buy the mall, land and parkade for $70 million. In return, Winnipeg agreed to provide $20 million in cash and subsidies, and the province said it would contribute $28.7 million. Another $20 million was expected from the federal government.

In March, CTV News Winnipeg reported that, according to the federal government, Starlight wanted $50 million and a $243 million loan.

- With files from CTV’s Jeff Keele.