by TANNIS HOGUE
The moment True North Real Estate Development (TNRED) acquired and reimagined Portage Place, it further cast their vision to create a vibrant downtown Winnipeg that will reflect the innovation, creativity and soul of its people.
The reclaiming of a thriving, populated, and vibrant downtown is sure to be the greatest comeback story in Winnipeg’s history. It will tell of the time we finally got on the same page. When we understood what needed to be done. When we expanded our once narrow vision of what would be “in it” for us alone and made the decision to jointly contribute to much more than just a legacy, but our home. It will tell of the day when we collectively woke up and acted like we lived here.
The two questions we must ask ourselves regarding this effort are: “What part do we play?” and “Will we show up?”. If you’re seeking guidance as you ponder, you need not look further than True North Real Estate Development (TNRED), who is not only setting an example by putting their money where their mouth is, but is asking you to roll up your sleeves, do what you do best and take your place in helping to steer this massive ship in the direction of a prosperous, safe and bourgeoning downtown Winnipeg.
Last month, I had the good fortune to sit down with Jim Ludlow, TNRED’s President, to discuss the future transformation of our downtown. With a proven track record of advancing successes like True North Square (a $600 million development covering over one million square feet, attracting high-profile tenants like Wawanesa Insurance national headquarters and the future Sutton Place Hotel), Ludlow is well-positioned to lead a collective vision to fruition. In our time together, he was filled with so much excitement of what’s to come that I couldn’t help but smile and appreciate there’s still people with this sort of optimism in our midst.
When I asked Ludlow what plans are already in the works for downtown Winnipeg’s transformation, he shared: “Springboarding off the successful development of Canada Life Centre and True North Square, the redevelopment plan for Portage Place has a footprint of 1.2 million square feet and is very aggressive. The $650 million retail investment includes a full-service grocery store, affordable housing, public and office spaces and a leading-edge medical facility called the Healthcare Centre of Excellence. A key feature of the development will be a residential tower known as Project 92.”
Project 92 is a 21-storey residential tower that is being developed as part of a historic not-for-profit partnership with Southern Chiefs’ Organization (SCO), named TN-SCO 92 Housing Inc., based on Call to Action #92 of the Truth and Reconciliation Commission of Canada. The tower will create 207 housing units with up to 40 percent of them being rented at affordable rates (below 80 percent of the median market rental rates for the area), with profits reinvested in housing and public spaces in and around the campus.
Ludlow continued: “This partnership with SCO will see equal ownership, governance and decisions on how profits and reinvestment will be handled. It’s a significant step forward for economic reconciliation, and we hope, represents a model that business and Indigenous leadership will adopt across Canada. The tower is set for completion by the end of 2027.”
Already in place is a walkway between the site and SCO’s former Hudson’s Bay store, now called Wehwehneh Bahgahkinahgohn (meaning, “it is visible” in Anishinaabemowin). It is being redeveloped as a multi-use project including a housing component creating 373 residential units.
Winnipeg has seen many discussions take place on a plan to rejuvenate the downtown area. I asked Ludlow to comment on why he was confident it is going to be successful this time around.
He responded: “There are several factors currently in play. Generally, the redevelopment plan was motivated by social and economic purpose, with the goal of making a difference in Winnipeg to see an influx of people living and working downtown. With TNRED’s success thus far with mass development like Canada Life Centre and True North Square, we felt we had a firm grasp in understanding the infrastructure that must be built and how to engage others in the effort.
“When we made the purchase of the assets from Sprucelands, for instance, we also purchased the parcels connected to Portage Place, formerly owned by North Portage Development Corporation. This allowed us to take an efficient and holistic approach in redeveloping the site.
“Next, we saw the need to re-establish connections to the centre of the city that were severed by the design of Portage Place in the 1980s. Currently, the atrium of the mall is being demolished to allow Edmonton Street to be extended through Central Park, reconnecting the areas. This will create a new energy and flow that will result in more people moving throughout the area.
“Another factor is the Healthcare Centre of Excellence that is projected to bring an estimated 7,000 people downtown every day, while providing impactful surgical, mental health, diagnostics and other healthcare services which will include a new home for expanded Pan Am Clinic programs. There’s also going to be much more in the way of childcare, public green spaces, and offshoots as other partners get on board.
“But, if I was going to highlight a very important factor, it would be the safety measures that will be put in place. We have helped to organize what I’ll call a robust, “safety network” with every possible partner at the table. We are working to ensure that safety of people living and working downtown is at the forefront in every conversation.”
In revisiting the “all hands on deck” notion at the start of our discussion, I thought about how this article would be read in publications by the Winnipeg Regional Real Estate Board, which includes over 2,500 REALTOR® Members that are professionals in a variety of real estate specializations, including residential, commercial, investment, industrial, land development and property management. I asked Ludlow to share his thoughts about the part REALTORS® play in the effort, and he stated: “The revitalization of downtown Winnipeg is completely dependent on an influx of people living and working downtown. Period. As we seek to see the heart of our city flourish, the role they play is going to be crucial to see downtown Winnipeg thrive. We see commercial and residential REALTORS® as an important bridge to our joint success and hope they will join us in creating a long-lasting legacy for our city.”
In other conversations with downtown Winnipeg stakeholders, TNRED’s excitement is contagious and starting a movement where others are motivated to put their own skin in the game.
The Fairmont Hotel is undergoing a complete renovation and transformation that will place Fairmont Winnipeg as Canada’s only luxury hotel between the Toronto and Calgary markets. Then there’s the resurrection of CentreVenture Development Corporation, an arms-length agency of the City of Winnipeg, whose mandate is to provide leadership in the planning, development, coordination, and implementation of projects and activities in the downtown now under their leadership.
President & CEO, and former MLA, Rochelle Squires, provided details as to the organization’s focus: “CentreVenture is an important partner in downtown Winnipeg’s revitalization. Our efforts are focused on working with all levels of government and stakeholders to encourage new development that will support greater housing density. We know that retail follows rooftops, and we are committed to achieving the City’s goal of creating 12,500 new units of housing by 2050. To create this density, we are looking at present opportunities to revitalize underutilized heritage buildings through conversion, as well as creating exciting new development on surface parking lots in key locations.”
The Downtown Winnipeg BIZ Q2 2025 report showed that one in six Winnipeggers are working downtown and that the office vacancy rate declined in Q2, reaching 17.7% — the lowest level in two years. In terms of housing developments, several residential projects are “steadily progressing through their pipelines” including the Solara Flats on Colony Street (214 units), Market Lands (102 units) and 138 Portage Avenue (117 units).
The BIZ report also highlighted that “Major transformations have begun to reshape how people move through and experience downtown. The re-opening of Portage and Main to pedestrians marked a generational shift, while progress on key projects — such as the redevelopment of Portage Place Mall and reimagining Graham Avenue are setting the stage for a more vibrant, connected and accessible neighbourhood.” Regarding the Portage Place redevelopment, the report added: “This is a once-in-a-generation project that will bring new energy and opportunity to downtown.”
At a time when Winnipeg’s real estate climate as a “seller’s market” is seeing a significant reduction in available inventory for sale, the injection of so many new or restored residential and commercial spaces in Winnipeg’s downtown should be encouraging news for those in the real estate industry. Not only will it help to sustain our economic growth as a city but give REALTORS® a chance to participate in an important moment in Winnipeg’s history, as champions of our local community.
After all, it’s going to take a collective effort to see downtown Winnipeg’s comeback story come to life. And we will not have done it like any other city before us. In fact, I expect we’ll have done it just like us — with the signature Winnipeg know-how, unwavering spirit of resilience, owning what we each bring to the table and by showing up. All hands on deck to turn the ship around.
My final question for Jim Ludlow that sunny afternoon at the TNRED office in downtown Winnipeg was: Imagine you’re in the room with those who may be skeptical about the proposed downtown revitalization plan, and you could tell them just one thing, what would you say?
Without hesitation and with a big, confident grin, he answered with just one word: “Believe.”
Tannis Hogue is the Director of Marketing, Communications and Events at the Winnipeg Regional Real Estate Board.