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 reflects 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.
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.
When I asked Jim 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.
When I asked Jim to comment on why he was confident it is going to be successful this time around, he said: “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.
“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.
“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.”
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, for instance, is undergoing a complete renovation and transformation that will place Fairmont Winnipeg as Canada’s only luxury hotel between the Toronto and Calgary markets.
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).
It’s going to take a collective effort to see downtown Winnipeg’s comeback story come to life.
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 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 Winnipeg Regional Real Estate Board’s Director of Marketing, Communications and Events.