Portage Avenue definitely still has potential and should be looked at as a grand avenue... even though it's far from that now.
The symbolism of Portage Avenue in Winnipeg is immense. We owe our existence as 'The city of Winnipeg' in part because someone set up a hotel (now the empty lot at Portage and Main:
416 Main Street), shifting the development north of Upper Fort Gary.
This eventually resulted in the original Portage Trail veering north to what is now Portage and Main. The first use of the name Winnipeg was to distinguish between the new cluster of development and the fort cluster. Winnipeg prevailed as the name of the settlement.
The source of this is Chapter One of 'At First Light' in the book:
'The Lesser Known - A History of Oddities from the Heart of the Continent' by Darren Bernhardt. I would recommend it, it's a great read.
Anyways, let's remember that we are a growing city and that Portage can make a comeback. I hope to god the eventual rapid transit extension down Portage includes a very in-depth public realm upgrade from Main St. to Colony St.