Preston Crossing could be growing.
The land underneath the big box stores is owned by the University of Saskatchewan, and the school wants to open up more land parcels to attract bigger stores, which would mean more money for the university.
“That development has contributed over ten million dollars in student scholarships for the university so we're looking to expand our presence on the available land that's there and generate more revenue for the university," said James Cook, the manager of business opportunities for the U of S.
Additional revenue could help ease the financial strain on campus. A number of staff have been let go this year as the University tightens it’s belt to deal with a major projected deficit.
The new shops could benefit shoppers and the university, but benefits could go beyond that as well.
Saskatoon has one of the lowest vacancy rates in the country, and that includes a shortage of retail space. New stores and homes have popped up in Stonebridge, Willowgrove, and Blairemore. But experts warn not to build too fast.
“You just don't want to throw caution to the wind and start building because then you're having that situation where you've overbuilt and instead of having a healthy competitive market which would be in the five per cent range, you're having something around seven or eight per cent and then you have a lot of vacancy,” said market research analyst, Alvi Campos.
While Preston Crossing is the main focus right now, the University of Saskatchewan owns a huge piece of land in the middle of the city.
Development of that land, be it housing, office space, or more retail outlets, could mean a different look for Saskatoon in the coming years.
