Parkade sold

November 25, 2009
Winnipeg Free Press
Written by: Bartley Kives

City council's executive policy committee has approved the $24-million sale of the Winnipeg Square Parkade to Toronto's Crown Realty Partners

At a special meeting held before today's full meet of city council, EPC members voted unanimously to declare the three-storey Portage & Main facility surplus, sell it off and hold the proceeds in an account until the Winnipeg Parking Authority completes a downtown parking strategy next spring.

The city will earn $23.6 million from the sale, as $400,000 in brokerage fees will flow to real-estate firm Shindico.

Crown Realty also owns Winnipeg Square mall and the Commodity Exchange Tower.

The parkade provides the Winnipeg Parking Authority with $1.8 million every year, but faces a repair bill estimated at anywhere from $2.5 million to $12 million.

The proceeds from the sale could be used to pay of the WPA's artificially accumulated debt, fix other parkades or build new ones.

The proposed sale will be heard by council later today if two thirds of council agrees to suspend the rules and allow the short-notice plan to make it on to the agenda.

bartley.kives@freepress.mb.ca