Air Rights and Urban Development — Winnipeg Case Study
September 28, 2024
< Back to Blog
In recent years, urban centers across North America have faced pressing challenges, particularly in housing, economic revitalization, and sustainable growth. One innovative solution being increasingly explored is the utilization of air rights — the ability to build vertically above existing properties. The recent redevelopment plan for Winnipeg’s troubled Portage Place mall provides a prime example of how air rights can be leveraged to meet community and economic goals. This project also aligns with the forward-thinking developments we’re introducing at SkyTrade, highlighting how airspace trading can unlock unprecedented opportunities in urban environments.
Portage Place Mall Redevelopment: A Groundbreaking Urban Initiative
On Thursday, Winnipeg’s City Council unanimously approved a major $650 million redevelopment plan for Portage Place mall, spearheaded by True North Real Estate Development. This project represents a comprehensive mixed-use strategy, which will introduce 216 housing units — 40% of which will be affordable — a health-care services tower, office spaces, a grocery store, and a community center. These elements aim to rejuvenate Winnipeg’s downtown, a long-standing priority for the city’s leadership.
One of the key factors that made this redevelopment possible is the sale of the mall’s air rights, which grants True North the ability to build upwards. The sale, valued at $34.5 million, includes the land, air and parking rights, making it a foundational piece of the entire proposal.
The collaboration between True North and the Southern Chiefs’ Organization (SCO) further adds social and cultural value to the project. Together, they will create a non-profit entity — TN-SCO Housing 92 Inc. — that will manage the housing component of the development. This partnership underscores the role of Indigenous-led initiatives in shaping the future of urban spaces in Winnipeg.
As the project moves forward, with completion targeted for 2027, the vision of a more inclusive and dynamic downtown will likely come to fruition, setting a benchmark for other cities looking to balance economic growth with social responsibility.
Air Rights: A Tool for Modern Urban Development
The sale and utilization of air rights in Winnipeg’s Portage Place redevelopment exemplify the growing importance of vertical space in urban planning. As cities face horizontal limits due to land scarcity, air rights offer a powerful solution to maximize value. By building upward, developers can unlock the potential of prime real estate, while ensuring cities maintain their aesthetic and practical footprint.
At SkyTrade, we take this concept a step further by creating a digital marketplace for air rights. Initially launched in the United States, our platform allows property owners — both individual and commercial — to monetize their unused airspace. This innovation enables a new level of flexibility and profit-generation for property owners, while contributing to urban expansion in a sustainable way.
Our Role in Modernizing Real Estate
SkyTrade provides a transparent and efficient marketplace where air rights can be bought and sold. We cater to diverse stakeholders, from real estate brokers to private landowners, allowing them to capitalize on unused vertical space. As cities continue to densify and the demand for vertical development grows, we play an essential role in urban innovation.
We’re not only changing the way cities approach real estate but also empowering property owners to participate in the economic growth of their communities. With features like our drone radar app, which allows users to localize drones and track airspace usage, we’re adding a high-tech layer to the evolving real estate landscape. In parallel to Winnipeg’s Portage Place project, we are setting the stage for the next generation of urban development, where vertical expansion becomes the norm.
Linking Winnipeg’s Development with SkyTrade’s Vision
The Portage Place redevelopment and our airspace marketplace both highlight how air rights can transform urban centers. By tapping into the potential of airspace, cities like Winnipeg can address critical issues such as affordable housing, economic revitalization, and healthcare infrastructure. At the same time, platforms like ours at SkyTrade are pushing the envelope, making it easier for property owners to unlock the value of their unused air rights.
For Winnipeg, the True North development is a key step toward a revitalized downtown, utilizing air rights worth $34.5 million to meet social, economic, and infrastructural needs. For us at SkyTrade, this project underscores the importance of innovative airspace solutions as an integral part of future urban planning.
Our mission at SkyTrade is to democratize access to real estate opportunities by creating a platform where anyone — from real estate developers to individual landowners — can harness the potential of their airspace. As the Portage Place project demonstrates, air rights are a valuable resource that can reshape the skyline and the future of cities, and we are proud to be at the forefront of this transformative movement.
By 2027, Winnipeg’s downtown could be an example of how public and private sectors can collaborate to unlock the potential of vertical expansion. We at SkyTrade believe that such developments, along with innovative technologies, will not only solve current urban challenges but also define the cities of tomorrow.
