Covering 439,600 sq ft (40,840 m2), it is located on the north side of Portage Avenue, between Vaughan and Carlton Streets and opened in September 1987.

[1][2] In the early 1980s, north Portage Avenue was in decline, due in part to the "flight to the suburbs" and free parking at suburban malls.

The federal, provincial, and municipal governments joined together to create the Core Area Initiative in 1981 to counter this decline, and rebuild this part of downtown.

Some store owners in the shopping centre said that after 5:30 p.m. there was a big drop in customers visiting the mall, and some tenants wanted their rent reduced.

[9][10] An October 2007 Dominion Bond Rating Service (DBRS) report on Portage Place observed that "the property’s cash flow has continued to be depressed" amid declining average contractual rental rates, and that "the cash flow of the property may therefore not be enough to cover its refinance debt service."

[4][5] Starlight announced an extensive refurbishment of the mall, with new residential, business, and retail units, reconfiguring the existing outdated design.

[17] In May 2023, True North announced aspects of a $500 million redevelopment plan for Portage Place, turning it into a campus including a grocery store, and community, cultural, and recreational functions.

True North chairman Mark Chipman stated that their proposal would "transform it into a place that connects neighbourhoods, provides access to badly needed services, and has social and economic impact by building a sense of community mindedness.

Portage Place is also known for being a central hub of the Winnipeg Walkway, connecting to Cityplace, Canada Life Centre, and to the now empty Hudson's Bay.