Shindico and Cadillac Fairview have decided to sell off 16 acres of land intended to be part of the stalled $1-billion Polo Park mall redevelopment project.

The move comes after the proposed mixed-use project was placed on hold in July 2025 as Winnipeg-based Shindico and Toronto-based CF because to reassess their next steps in a shifting economic environment.

“We’ve decided to shift gears and we’re marketing a portion of the site for sale, told The Winnipeg Free Press. “There will be an opportunity for builders to buy three or four acres of the site (each.)”

If Shindic does not get the price that it needs, Shindico and CF will continue owning the entire site, he added.

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.

Zarnowski told the Free Press that CF has given the proposed project a lower priority now.

CF has not conmented on the planned land sale. But Zarnowski told the Free Press that Shindico is still keen to pursue it.

“We absolutely want to see this happening,” Zarnowski told the Free Press. “It’s why we’re spearheading this different approach to try to kick it off.”

Zarnowski blamed some key economic factors, including skyrocketing construction costs and reduced demand for multi-family residential largely due to decline in immigration and international students. He also cited early delays in getting city approval for the project.

In 2020, city staff advised councillors to vote agains the redevelopment proposal due to concerns that the site was too close to the airport, with the Winnipeg Airport Authority arguing that it could cause noise complaints, the Free Press reported.

In 2021, the Manitoba government invoked new rules requiring the city to allow more housing near the airport.

If not for the noise complaint, the project would have been built already, Zarowski told the Free Press.

“At Polo Park, time killed (the original) deal,” he told his interviewer.

Mayor Scott Gillingham has denied that the city is stopping Shindico from developing the land, noting that he has long supported the proposed project, sought more housing near the airport when he was a councillor and the city has accelerated its approvals process, the Free Press reported.

Gillingham wants the project to be completed as soon as possible.

“The Polo Park mall site is a prime opportunity. It’s on main transit corridors. It is underutilized land that could accommodate … housing at a time where we need more housing,” he told the Free Press.

Zarnowski told the Free Press that the partial sale of the development site could see more housing built there before 2033. The company did not set an early price for the parcel, contending that it was too soon to do so.

Pictured: Polo Park shopping mall in Winnipeg.

Image: Shindico