It appears the deal to sell Portage Place Mall is dead.
In an email to Mayor Brian Bowman and councillors, City CAO Michael Jack says Starlight Investments has pulled out of the sale.
“On September 9, The Forks learned from Starlight’s lawyers that they are unable to proceed with the transaction and would not be asking for another extension. Starlight accordingly requested the return of their deposit,” wrote Jack
Starlight agreed to buy the mall and the parkade for nearly $70 million.
In return it wanted funding from all three levels of government to transform the property and build residential towers on each end.
The city and province committed to incentives, while no deal was reached between Ottawa and Starlight.
“We are of course disappointed that a potential investment in our downtown is gone. But, any comments beyond that will need to come directly from Starlight on why they are not moving forward at this time,” said Clare MacKay, vice president of strategic initiatives and executive director of the Forks Foundation.
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