CentreVenture CEO says importance of True North Square will keep it alive

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This article was published 12/03/2015 (3948 days ago), so information in it may no longer be current.

The new head of the city’s downtown development agency remains optimistic True North’s $400-million development — True North Square — will become a reality.

“I think when everybody takes a look at the impact of this, this is pretty transformative for our downtown,” CentreVenture Development Corp. president and CEO Angela Mathieson told reporters following an address to a Building Owners and Managers Association (BOMA) luncheon on Wednesday.

“We have never seen a commercial development of this size in our downtown, and I’m optimistic that once people hear that and they see it and they see and understand the wherewithal of this development organization, that it can proceed.”

Mathieson said Mayor Brian Bowman met earlier this week with CentreVenture and RBC Convention Centre officials to discuss the project. She said the agency was been asked to provide the convention centre with further information about the project’s business plan and its economic impact, and it will be doing so over the next couple of days.

“So I would suggest at this point in time that we’re optimistic,” she said. “And I think the mayor is asking us if we can put together a path forward for the project and, most importantly, to build a new hotel for the convention centre.”

The True North Sports & Entertainment project calls for the construction of a new hotel, office and retail space, housing and a public square on two plots of land south of Graham Avenue.

The project became the flashpoint for a dispute between Bowman and CentreVenture after the rookie mayor took the agency to task in January for signing an option with True North on one of the two pieces of land — the former Carlton Inn site at 220 Carlton St. — before council released construction company Stuart Olson from an earlier obligation to build a hotel on the site to support the expansion of the convention centre.

Bowman characterized the option as a secret deal — an allegation CentreVenture and True North chairman Mark Chipman hotly denied. He told the agency to issue a public request for proposals for the redevelopment of the site or risk losing a $3.75-million payment it was to receive to help offset the cost of acquiring the property and demolishing the old hotel that was there.

‘I think when everybody takes a look at the impact of this, this is pretty transformative for our downtown’

— Angela Mathieson, CentreVenture CEO (below)

CentreVenture had originally given True North until the middle of February to finalize a development agreement for the Carlton Inn site and until June 30 to finalize the option agreement. But after the dispute with the city erupted, it extended the first deadline until March 30, and Mathieson said Wednesday it could be extended again if necessary.

She declined to speculate on how soon they might know if the True North project will proceed.

“But I am going to be offering any information they are seeking and I’m willing to meet with anyone at any time,” she added.

She also reiterated CentreVenture still believes True North is the best-equipped group to deal with a project of this size and scope.

In her address to the roughly 200 people attending Wednesday’s BOMA luncheon, Mathieson admitted her first two-plus months as CentreVenture CEO has been “a little rocky.”

“But what I always remind people is that… the most transformative projects we’ve had in our downtown — none of them has been easy.”

She said CentreVenture also remains committed to finding creative ways to redevelop downtown surface-parking lots, which hinder downtown revitalization efforts and hurt neighbouring properties.

“We want to be part of the solution, and to work closely with the owners of these properties to see what we can do to both replace that parking and bring exciting developments on stream,” she added.

murray.mcneill@freepress.mb.ca