Exciting development opportunities coming to Polo Park stadium site

Released: June 28, 2012 at 11:06 a.m.
After an extensive Expression of Interest (EOI) process, the Winnipeg Public Service is recommending that the stadium site at 1465 Maroons Road be sold to Polo Park Holdings L.P for $30.25 million, for mixed-use development.

City announces proposed sale to developer for $30.25 million with net proceeds to infrastructure renewal

WINNIPEG - After an extensive Expression of Interest (EOI) process, the Winnipeg Public Service is recommending that the stadium site at 1465 Maroons Road be sold to Polo Park Holdings L.P for $30.25 million, for mixed-use development.

The EOI for the stadium site was issued April, 2011 and closed July, 2011.

Polo Park Holdings L.P, which is made up of Cadillac Fairview and Shindico Realty, would be responsible for the demolition of the existing stadium facility to make way for mixed-use development. They are currently in discussions with TARGET to locate on the site.

$20 million of the net proceeds will be used in support of infrastructure and service requirements in the vicinity of the Polo Park site. The City and Polo Park Holdings L.P will work with area stakeholders to assist in identifying infrastructure needs and enhancements. Stakeholders will be kept informed as infrastructure plans are identified and put forward for approval.

$10 million is committed to the new stadium, with $7.5 million being provided as a grant towards construction at the new stadium and $2.5 million to support the development of a community-accessible fitness centre at the University of Manitoba.

�The City of Winnipeg will benefit from new mixed-use development in this area,� said Mayor Sam Katz. �Perhaps most importantly, the City will be receiving an injection of $30.25 million, two-thirds of which will go towards improving transportation infrastructure in the Polo Park area.�

If approved, the projected start date for the first phase of retail development would be September, 2013. This phase also includes two additional 7,000 square foot retail buildings. Phase two includes development of the balance of the site, to be advanced over the next five to six years, based on market demand.

"Cadillac Fairview is pleased to have been selected, along with Shindico, to purchase the 26 acre stadium site,� said Deborah Green, spokesperson for Cadillac Fairview. "We look forward to working with the City of Winnipeg to finalize the purchase arrangements so we can adapt it for commercial and retail use."

The Standing Policy Committee on Property and Development will consider the report on July 3, 2012. Council approval is not required as this property has already been deemed surplus land.

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