Outlook for Evraz Place remains upbeat
REAL seeing solid development interest despite tough economic times, city hears
Interest in commercial development at Evraz Place is still strong despite the economic impacts of COVID -19, says the Regina Exhibition Association Limited (REAL) president and CEO.
“In some ways it’s been a surprise to us ... that the existing letters of interest that we had in place related to a proposed hotel development, restaurant development, and a recreational partner — all three of those have been pushing actively to move to final lease phases,” said Tim Reid during a presentation to executive committee this week.
REAL, which operates Evraz Place, along with Economic Development
Regina (EDR), the Regina Downtown Businesses Improvement District (RDBID), and the Regina Warehouse Business Improvement District, presented council members with their 2019 annual reports and 2020 budgets, the latter of which has been upended by the pandemic.
For REAL, the impacts of COVID-19 are further proof a new strategy for the sustainability of Evraz Place is needed. That new strategy, revealed back in February, includes a shift toward a district model that emphasizes commercial development and investment to bring more services and entertainment shops to the site, including things like a grocery store, movie theatre, restaurants and retail outlets.
“I think what we’re going to see this year is just how dependent we have become on those major events,” said Reid, alluding to the many cancelled events due to COVID-19, which may soon include the Saskatchewan Roughriders’ season and the Grey Cup. “That’s not a sustainable proposition because we can’t guarantee that concerts are going to come or that the Riders are going to make the playoffs ... Because of that, we need to find more consistent longterm revenue.”
While no one knows what the full impact of COVID-19 will be six months from now, Reid is optimistic in the future of commercial development at Evraz Place. He told council members Wednesday to expect an application by the end of this week for a restaurant at the entrance to the site off Lewvan Drive and revealed that a naming rights deal for the International Trade Centre (ITC) is almost a done deal.
“Those partners we had suggested were at the table, are probably more interested than they were PRE-COVID,” said Reid.
As REAL gears efforts toward a site transformation, organizations like RDBID, RWBID and EDR showed council they are focused on recovery efforts to support their members.
“Our organization is needed now more than ever to support our members through this crisis and advocate on their behalf as we enter the recovery phase,” said RDBID executive director Judith Veresuk.
The completion of some of RDBID’S proposed projects, programs and events will depend on the business landscape POST-COVID, she said, but the organization is committed to developing a recovery strategy based on best practices seen across North America.
Similar to RDBID, the RWBID is in the process of putting together reopen packages for its members, complete with hand sanitizer made in the Warehouse District, masks made in downtown Regina, floor decals and posters to encourage physical distancing and educate members of the public in hopes of empowering consumers and reducing fear while keeping people safe.
“What we found is that customers aren’t sure how to act in this new environment,” said RWBID executive director Leasa Gibbons.
“They’re often driven by fear, and so if we can help both the business owner and the customer have a successful transaction we’ll be able to increase consumer confidence and hopefully see a full recovery.”
Early on in the pandemic, EDR launched a number of initiatives, including a webinar series on a number of relevant issues facing the business community amid COVID-19 and the Audacity Mentorship Program, which connects local business leaders with businesses going through challenges.
“Upheaval has happened and upended each one of those organizations,” said Mayor Michael Fougere after Wednesday’s meeting. “They talked about what they’re doing today ... but all are optimistic about what they’re doing in the future.”