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| Volume 10, Number 5 | October 18, 2002 |
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Some big-box stores now open
The barricades are down, the paint is dry, and the shoppers are arriving in droves as the first tenants of Preston Crossing open their doors for business. Canadian Tire, Mark's Work Warehouse and Garden Market IGA are now in full operation at the University's big-box retail development on the north end of Preston Ave. near Circle Drive. According to Judy Yungwirth, U of S Corporate Administration Director, most of the remaining stores in Phase I of the development - Home Outfitters, Future Shop (possibly to be called Best Buy), Pier 1 Imports, Michael's Craft Store and Shopper's Drug Mart - are expected to open by early November. Rounding out the first of what will likely be a three-phase development will be a gas bar and fast food restaurant. All the construction and roadwork contracted by the city for the Preston Ave. connector to the shopping area and the Circle Dr. overpass was completed on schedule, Yungwirth said. The developer - Rencor Developments Inc. - is anxious to move on into Phase II, she said, but first the city will do an analysis of Preston Crossing's impact before allowing the project to proceed. "The city wants to watch the traffic flow and shopping patterns to see how they affect other retail areas in Saskatoon. We're meeting with them Oct. 22 to discuss everyone's views on how the future will unfold timing-wise." Phase II is expected to cover 9.88 acres, compared to Phase I's 22.23 acres. Another 14.01 acres will be taken up by Phase III. When complete, Preston Crossing will boast about 600,000 sq. ft. of retail space. The University expects to see benefits from the development within four or five years. It is estimated that a new Land Endowment Fund will take in about $1.5 million per year in lease revenue which will be used to improve scholarships and bursaries for students and possibly also for selected research and technology projects.
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