U of S signs lease agreement with Ronmor Developers Inc. for phase five Preston Crossing expansion
University of Saskatchewan officials have signed a long-term lease agreement with Ronmor Developers Inc. that paves the way for construction of a new phase of Preston Crossing.
By Jennifer Thoma
Judy Yungwirth, director of Corporate Administration at the U of S, said the nine-acre parcel west of Old Navy and bordered by Preston Avenue that is covered by the lease will virtually complete Preston Crossing, a large retail development on university land.
"Ronmor Developers Inc. is a new partner for the University of Saskatchewan at Preston Crossing," said Yungwirth. "We are looking forward to working with this regional firm and know they bring the kind of expertise that people have come to expect with our retail developments."
The first retail outlets at Preston Crossing opened their doors just over 10 years ago. Since then, Preston Crossing has grown to include stores of various sizes along with food outlets that occupy about 690,000 square feet of space on 57 acres. Yungwirth said income from the development provides $1.79 million annually in student scholarships, with $12 million to date awarded to undergraduate and graduate students.
Doug Porozni, president of Ronmor Developers Inc. said the company is looking forward to working with the university to provide a fifth phase of the highly successful regional shopping centre.
"We will be looking at tenants for the new space that complement the existing stores and that potentially bring a new shopping experience to Saskatoon," Porozni said. He added it is too soon to make any announcement about the store brands that will occupy the new space.
Construction is expected to begin in the spring of 2015 with a completion date set for spring of 2016.
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For more information, contact:
Jennifer Thoma
Media Relations
University of Saskatchewan
306-966-1851
jennifer.thoma@usask.ca
"Ronmor Developers Inc. is a new partner for the University of Saskatchewan at Preston Crossing," said Yungwirth. "We are looking forward to working with this regional firm and know they bring the kind of expertise that people have come to expect with our retail developments."
The first retail outlets at Preston Crossing opened their doors just over 10 years ago. Since then, Preston Crossing has grown to include stores of various sizes along with food outlets that occupy about 690,000 square feet of space on 57 acres. Yungwirth said income from the development provides $1.79 million annually in student scholarships, with $12 million to date awarded to undergraduate and graduate students.
Doug Porozni, president of Ronmor Developers Inc. said the company is looking forward to working with the university to provide a fifth phase of the highly successful regional shopping centre.
"We will be looking at tenants for the new space that complement the existing stores and that potentially bring a new shopping experience to Saskatoon," Porozni said. He added it is too soon to make any announcement about the store brands that will occupy the new space.
Construction is expected to begin in the spring of 2015 with a completion date set for spring of 2016.
-30-
For more information, contact:
Jennifer Thoma
Media Relations
University of Saskatchewan
306-966-1851
jennifer.thoma@usask.ca