Winnipeg Free Press Newspaper Archives May 30 2015, Page 39

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Winnipeg Free Press (Newspaper) - May 30, 2015, Winnipeg, Manitoba C M Y K PAGE B1 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ZELCER DENTURE CLINICS 30YEARS EXPERIENCE • Friendly • Experienced • Trusted 204.586.3725 ( WPG) 204.482.4235 ( SELKIRK) www. zelcerdentures. com Sad song / B7 CITY & BUSINESS CITY EDITOR: SHANE MINKIN 204- 697- 7292 I CITY. DESK@ FREEPRESS. MB. CA I WINNIPEGFREEPRESS. COM SATURDAY, MAY 30, 2015 B 1 T RUE North Sports & Entertainment partner David Thomson will be in Winnipeg Monday when the firm’s option to purchase a high- profile plot of downtown land is set to expire. The future of True North Square is expected to remain up in the air. June 1 is the deadline for True North to buy the former Carlton Inn site from CentreVenture, the downtown development agency. True North signed an option on 220 Carlton St. in May 2014 as part of a project for True North Square. The proposed development would involve the construction of up to three new towers containing office space, retail stores and residential housing between the convention centre and the MTS Centre — and would also encompass 225 Carlton St., a parking lot owned by MPI, a Crown corporation. In recent months, CentreVenture has repeatedly extended the deadline for the two parties to conclude an agreement for 220 Carlton St., as True North studied whether or not to proceed with True North Square. The deadline on the purchase option has never been extended. CentreVenture plans to make an announcement about the option on Monday, CEO Angela Mathieson said Friday. It’s expected the purchase deadline will be extended, as it’s unlikely Centre- Venture will do anything to embarrass True North chairman Mark Chipman on the same day Winnipeg Jets coowner Thomson will be in the city. Thomson, who control’s Canada’s largest family fortune, will receive an award Monday evening at a $ 300- aplate black- tie dinner. True North spokesman Scott Brown said in a statement Friday he had no news to share about 220 Carlton St. or True North Square. Mayor Brian Bowman’s office also reserved comment until Monday. A public spat between Bowman and CentreVenture over the Carlton Inn option led Chipman to place what he described as “ a pause” on the True North Square proposal in February. That dispute was resolved in April, when the mayor withdrew his objection to the option and CentreVenture agreed to forgo $ 3.75 million it expected to receive from the city after conventioncentre builder Stuart Olson paid its way out of an obligation to build a hotel on the Carlton Inn site. CentreVenture paid $ 6.6 million for the Carlton Inn and the business operating on the property. If the sale to True North proceeds, CentreVenture said the company will pay “ full market value” for the land. CentreVenture bought the Carlton Inn and the St. Regis Hotel on Smith Street as “ strategic acquisitions” intended to combat public intoxication downtown and find other uses for the properties. Earlier this week, CentreVenture announced it closed on a deal to sell the St. Regis for $ 4 million to Fortress Real Developments, a Toronto company that also owns a parking lot at the corner of Smith Street and Graham Avenue and plans to build a tower on the site. CentreVenture offered Fortress a $ 3- million mortgage to allow it to purchase the hotel. Under the terms of the deal and an accompanying development agreement, Fortress must pay back the loan by 2017 and build a 625- stall parkade on the St. Regis site. Mathieson said there is no way the St. Regis Hotel will become a new parking lot, as CentreVenture has legal ways to reclaim the hotel from Fortress if the firm does not proceed with its parkade plan or does not pay back the loan. “ Even if that was a possibility, the city would not allow it,” she said of a new lot. CentreVenture also sold another chunk of the St. Regis property — a 22- stall parking lot on Garry Street — to the company that owns the Pint pub, for $ 650,000. No other entity came forward with a plan to develop the small lot, Mathieson said. CentreVenture has paid $ 7.7 million to buy and maintain the St. Regis Hotel, Mathieson said. bartley. kives@ freepress. mb. ca Deadline looms for True North Purchase option on land expires Monday By Bartley Kives JOE BRYKSA / WINNIPEG FREE PRESS FILES It’s expected True North’s Mark Chipman will be given more time. WINNIPEG FREE PRESS FILES A screen grab of the proposed True North Square. The company wants to build two towers and a public square on a parking lot at 225 Carlton St., and a third tower on the Carlton Inn site at 220 Carlton St. B_ 01_ May- 30- 15_ FP_ 01. indd B1 5/ 29/ 15 9: 13: 22 PM

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