Lease arrangements proceed on Preston Crossing phase 3
November 2, 2007
The Board of Governors recently agreed to finalize lease arrangements that will pave the way for a third phase of development at Preston Crossing.
Judy Yungwirth, director of Corporate Administration, said the University is working with Harvard Developments Inc. of Regina on the financial arrangements that would see one large big box store and possibly one small tenant build on the 10.42 acres located east of the existing Walmart store. A request for city approval to proceed is expected to go before city council in November, said Yungwirth, with construction scheduled to be complete in 2008.
The Preston Crossing development is built on University land leased to Harvard and currently generates just over $1 million a year in revenue that is directed to student scholarships. The new development is expected to earn the University an additional $312,000-$425,000 annually by 2011.
Work has already begun on plans for a fourth phase that would use land north of Walmart next to Circle Drive and a small parcel east of the existing Sobey’s store, said Yungwirth. That process involves continued consultations with the business community downtown, in the Broadway Avenue area and along Eighth Street.