A long-term lease has been signed for the phase five development of the Preston Crossing land owned by the University of Saskatchewan. 

A new developer for the university Ronmore Developers Inc. has signed an agreement for the 8.8 acre area. Though no businesses have been announced as possible tenants on the land, construction is expected to begin in early 2015 with plans to finish by spring 2016.

“We are looking forward to working with [Ronmore] and know they bring the kind of expertise that people have come to expect with our retail developments,” said Judy Yungwirth, director of corporate administration at the U of S, via press release.

According to Ronmore’s website, “plans are underway to include various amenities including green spaces, bike parking areas and pedestrian-friendly walkways.”

The land in question is located west of Old Navy and will nearly complete development at Preston Crossing. A final deal is currently in discussion for the area to the east of Sobeys, which is roughly three acres in size. 

Yungworth said that $1.79 million in student scholarships are brought to the university annually through development at Preston Crossing. To date, a reported $12 million has been provided to undergraduate and graduate students through these earnings.

According to James Cook, manager of business opportunities for the U of S, the university will have to pay for costs associated with infrastructure before funds from phase five development can be used for other purposes. Cook said it is expected to take three to four years for such costs to be completely paid off. 

It has not yet been determined what any net profit available will be put toward after initial costs have been dealt with.

Since it first welcomed shoppers just over 10 years ago, Preston Crossing has expanded to include a variety of businesses including big box stores and restaurants. An estimated 690,000 square feet of the 57 acres of land available is currently occupied. 

Cook stressed that the university is excited to continue working toward final construction at Preston Crossing. 

The U of S is “very happy that the development will be expanding a little bit further. It’s been very successful for the university and the City of Saskatoon,” Cook said.

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Graphic: Stephanie Mah/Graphics Editor