A $1-billion mixed-use development planned by Shindico and Cadillac Fairview for Winnipeg’s Polo Park area is on hold as the partners reassess currently in a holding pattern as the partners reassess their next steps in a shifting economic environment, The Winnipeg Free Press reported.

The initial plan envisioned transforming 84 acres — including the former Canad Inns Stadium site and surrounding surface parking lots — into a vibrant residential and commercial hub by 2033. But that timeline is now uncertain.

“It’s too big and valuable a site to just sit forever,” Justin Zarnowski, Shindico’s general counsel, told the Free Press.

For now, Shindico and CF are assessing the land’s best use. Shindico and CF each own half the site. CF declined to provide updates, the Free Press reported.

The project is slated to include the redevelopment of the Polo Park shopping mall, which CF owns.

“A bunch of things have happened that are macroeconomic,” Zarnowski told the Free Press. “It all kind of compounds.”

Among the challenges is a sharp drop in international students coming to Winnipeg, a result of the federal government’s January 2024 cap on permits. The University of Manitoba reported a 30% decline in new international enrolment last fall. This situation has raised questions about the future rental market and the viability of a “reasonable suite mix,” Zarnowski told the Free Press.

He also cited ongoing high interest rates and trade-related uncertainty with the United States.

Still, Zarnowski expects more clarity within the year, though any plan remains “always subject to change,” he told his interviewer.

The development would be a major opportunity for the surrounding 860 businesses, according to Joe Kornelsen, executive- director of the West End Business Improvement Zone.

“We continue to be excited about what’s possible in that location,” he told the Free Press.

Provincial policy changes in 2021 cleared the way for new housing near Polo Park, once restricted due to the site’s proximity to the Winnipeg Richardson International Airport.

In an interview with the Free Press, Winnipeg Construction Association President Ron Hambley called the land “ripe for redevelopment” and described Shindico as a “very aware developer.”

“They’ll go in when they know they can fill the units,” he told the publication.

Pictured: Polo Park shopping mall in Winnipeg.

Image: Shindico