PRESTON CROSSING
City sees no negative impact
A lack of retail space is driving a proposal to expand Preston Crossing by as many as 10 new buildings.
A lack of retail space is driving a proposal to expand Preston Crossing by as many as 10 new buildings.
The University of Saskatchewan, which owns the land occupied by the shopping centre as well as adjacent undeveloped property, is seeking to have restrictions on the size of potential stores for the new development eliminated, along with limits on the number of financial institutions and the size and number of restaurants allowed.
A report presented to the municipal planning committee Tuesday suggested Saskatoon has a shortfall of more than 600,000 square feet of retail space, and a vacancy rate of just two per cent.
Lifting the restrictions on the size of stores at big-box developments has stirred opposition in the past from business districts concerned that opening the door to smaller stores (those under 10,000 square feet) will hurt their own retail presence.
“I think the big scare is over,” said Alan Wallace, the city’s manager of planning and development. “The debate has really settled down.”
“THESE TYPES OF THINGS ARE FINE IF THEY’RE PLANNED AND RELEASED IN A TIMELY MANNER.”
RANDY PSHEBYLO
A preliminary concept plan for the development of the southeast and southwest parcels of land on either side of the current retail space south of Preston Avenue shows 10 new buildings, including three restaurants and a bank.
A report from the city says no negative impact on areas like Broadway, downtown and the Eighth Street corridor is expected from the proposal, which will go to city council with the committee’s backing on Sept. 9.
The proposal seeks to have the number of financial institutions allowed at Preston Crossing expanded to five from two, and for restaurants to have more leeway in size, to accommodate franchises with standard designs. Under the plan, which would mark the fifth phase of the centre’s expansion, about 108,000 square feet of space, including parking, would be developed.
The proposal appears to have sparked very little concern from business leaders despite past controversy about expanding big-box developments.
“With the growth we are seeing, Broadway does have very low vacancy,” said Sarah Marchildon, executive director of the Broadway Business Improvement District.
Randy Pshebylo, executive director of the Riversdale Business Improvement District, also sees developments like Preston Crossing as not in direct competition with areas like Riversdale.
“We see these morphing into two distinct types of business opportunities,” said Pshebylo.
“These types of things are fine if they’re planned and released in a timely manner.”
For the U of S, Preston Crossing, which was built on the institution’s endowment lands, has raised $10 million in student scholarships.
“It has been very successful for the university and it has met our goals,” said James Cook, manager of business opportunities with the U of S, who pointed out Preston Crossing is also one of the top 10 sources of property tax for the city.
Cook said the success of Preston Crossing could prompt the university to look at developing other endowment lands.
“Yes, there could be other developments on other university lands,” he said. “There’s no specific plan at this time for what those could be.”