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| Volume 9, Number 1 | August 10, 2001 |
| ‘Big-box’ may net $1.5m/yr for U of S- Bursaries, scholarships, research & technology to be big winners
The U of S made a much-anticipated announcement July 16 that the Board of Governors has approved an agreement with developers, clearing the way for the $50-million development of a three-phase ‘big-box’ retail shopping area on the University’s Preston/Attridge/Circle Drive lands. Tony Whitworth, Vice-President of Finance and Resources, told a July 16 news conference that while the agreement will cost the U of S up to $2.5 million in the first few years for water, sewer and roadway construction, within four or five years "we should start to see real benefits". Whitworth said a Land Endowment Fund will be established and could receive up to $1.5 million per year in revenue from the land lease deal – which will be used for scholarships and bursaries, as well as research and technology projects. In a July 16 news release, U of S President Peter MacKinnon said, "If we are to compete successfully with other universities to attract the best and brightest students, it is essential that we increase the scholarships and bursaries we offer and build on our research strengths. This deal provides an ideal opportunity to do both, without affecting our operating costs." The Board of Governors approved a deal with Rencor Developments, Harvard Developments and TGS Properties to lease 48 acres for the three-phase, 600,000-sq-ft big-box development. The first phase, already fully leased by retailers, will include a 100,000-sq-ft store to be built by a Canadian outlet. There will be eight other stores of 10,000-40,000-sq-ft size, plus a gas bar and a family restaurant. Rencor President Ron Renaud told reporters half the stores will be American chains new to Saskatoon. Tenants include an electronics retailer, a craft store, a linen and bedding store, a pet superstore, and two lifestyle-home-improvement stores. U of S Corporate Administration Director Judy Yungwirth says servicing of the site will take place this fall, construction will begin next February or March, and stores will open in fall 2002. Yungwirth stressed that a tyndalstone outer finish on the stores will provide "an architectural tie-in with the University", and there will be "a high degree of landscaping" with a link to the city’s bike-path system. When development is complete, it will be managed by TGS Properties in conjunction with the University. Yungwirth has said Rencor may approach the city as early as next summer, seeking approval for the second phase of the overall big-box development. The city has set out guidelines that the University development must not compete directly with downtown development, and may not include entertainment businesses, but may have one restaurant per phase. The second and third phases will each have an anchor store of at least 100,000-sq-ft.
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