True North officially buys Portage Place Mall

Deal reached for Portage Place sale True North has come to an agreement with three levels of government and the mall owner to buy Portage Place. CTV’s Jeff Keele reports.

True North Real Estate Development (TNRED) has officially purchased Portage Place Mall.

The deal, which includes the mall, land, and assets, was completed late Friday.

True North had indicated plans to buy the mall and transform it into a health-care centre, including mental health services, surgery, renal dialysis, and will become the new home for expanded Pan Am Clinic programs.

The site will also feature a 15-storey residential tower built in partnership with the Southern Chiefs’ Organization. The tower will include more than 200 units, with more than 40 per cent of the space earmarked for affordable housing.

The city, province, and federal government approved the purchase in September. The final purchase price has not been disclosed, but a spokesperson for True North told CTV News it is part of the redevelopment cost, which is $650 million.

Work is expected to start in 2025, with completion by 2028.

-With files from CTV's Jeff Keele and Danton Unger.