Hey there, time traveller!
This article was published 23/11/2009 (3617 days ago), so information in it may no longer be current.
The city is poised to sell the Winnipeg Square Parkade, the so-called "gold mine at Portage and Main."
City council's downtown development committee voted this morning to sell the three-storey parkade, which generates $1.8 million a year for the Winnipeg Parking Authority, to Toronto's Crown Realty Partners for $24 million.
Crown, which also owns the Winnipeg Square mall and the Commodity Exchange Tower, had previously offered to pay $21.4 million, after the city issued an expression-of-interest search for a potential buyer.
But councilors voted on Nov. 2 to make what amounted to a $26.5 million counter-offer. The sale for $24 million will now go before a special meeting of executive policy committee on Wednesday morning before appearing before council as a whole later that day, provided two thirds of council vote to suspend the rules and allow the plan to be debated.
If approved, the city will receive $23.6 million from the sale, as about $400,000 in brokerage fees will be paid to realtor Shindico.
The city will not spend the money until the Winnipeg Parking Authority submits a downtown parking strategy next spring.
The cash could be used to pay off the WPA's artificially accumulated debts, fix other city-owned parkades or build new ones.