Manitoba’s $25 million pledge to revitalize a downtown Winnipeg retail landmark will focus on restoring the historic building, rather than redeveloping a mammoth building that is cost-prohibitive for many prospective owners or tenants.

The provincial government offered new details Monday of one of the biggest surprises of its 2021 budget: the establishment of a $25 million trust fund for The Bay’s former home in downtown Winnipeg.

The Bay permanently closed its retail outlet last fall. The department store chain had been a fixture at the corner of Portage Avenue and Memorial Boulevard since 1926.

Monday’s news release suggested the money could help with restoring heritage elements of the building, completing capital repairs and installing art exhibits to replace the boarded-up windows along the main floor, with depictions of the history of The Bay building or the Hudson Bay Company.

Heritage Minister Cathy Cox said the government, however, is not involved in any discussions with private companies that may want to take over the boarded-up building.

“We, in fact, have had no discussions with any possible proponents of what type of projects they plan to host in this building,” she said at a news conference.

The building remains in the hands of The Hudson’s Bay Company. The Progressive Conservative government is encouraging the owner to invite the private sector, and perhaps other levels of government, to chip in, Cox said.

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