Almost $12 million in tax increment financing (TIF) will go the development of True North Square public plaza. The province will also be supporting the development of a 194 unit residential tower at 225 Carlton St. adjacent to the office and retail tower located at 242 Hargrave St. The towers will have a unique architectural design that will centre on the public plaza and both will be LEED Gold certified.
TIF will also be provided to support the development of a new residential tower to be connected to The Sutton Place Hotel located at 220 Carlton Street. The Sutton Place development will feature retail space, restaurants, and be connected to Winnipeg’s existing skywalk system. The expansion and the addition of the Hotel will produce additional economic benefits to Winnipeg’s downtown and Manitoba by enabling the RBC Convention Centre to attract larger scale events.
This partnership with True North Square and the Sutton Place Hotel is expected to provide substantial economic benefits for Manitoba. The provincial tax increment financing leverages significant private investment including an estimated $550 million in direct private sector investment, $850 million in leveraged total private sector investment by 2020, $37 million in provincial income tax revenue, and $22 million in provincial sales tax.
An official grand opening of True North Square’s public plaza is scheduled for Thursday, Sept. 27 with Premier Brian Pallister and representatives of True North Square.