Preston Crossing

Preston Crossing
Location Saskatoon, Saskatchewan, Canada
Coordinates 52°8′55.79″N 106°37′6.74″W / 52.1488306°N 106.6185389°W / 52.1488306; -106.6185389Coordinates: 52°8′55.79″N 106°37′6.74″W / 52.1488306°N 106.6185389°W / 52.1488306; -106.6185389
Address 1715 - 1747 Preston Avenue North
Opening date Fall 2002
Developer Rencor Developments Inc.
Management Harvard Property Management Inc.
No. of stores and services 15
No. of anchor tenants 4
Total retail floor area 432,000 square feet (40,100 m2)
No. of floors 1
Parking 1820
Website Preston Crossing

Preston Crossing is a big box shopping area (or "power centre") in Saskatoon, Saskatchewan, Canada. It is located at Preston Avenue North and Circle Drive.

History

Preston Crossing's development coincided with the construction of an overpass over Circle Drive linking Attridge Drive to a realigned Preston Avenue North.[1] 46 acres (190,000 m2) of land, owned by the University of Saskatchewan, was marked for commercial development. The university paid for the initial water, sewer and roadway construction; in exchange, it leases the land to retail tenants and the revenue goes into its Land Endowment Fund.[2] Preston Avenue bisects the property and is its major access road; a secondary access utilizing the original north/south Preston roadway alignment, allows access from eastbound Circle Drive.

Calgary-based Rencor Developments formed a joint venture called Preston Crossing Properties Inc. with two Saskatchewan companies, Harvard Developments and TGS Properties.[3] It completed all development, leasing and financing for the project; the architecture mirrored the gothic elements of the University campus buildings. In the fall of 2005, Harvard gained sole acquisition of the shopping center.[4][5]

Construction began in the spring of 2002 and the first stores opened in the fall of the same year.[1][6] Development has continued in phases, although full build-out has not yet been reached.[3][7][8][9] As of 2010, three building phases have been completed; a fourth phase was announced in June 2010.[10] The shopping area had already lost one of its originating tenants, with the Shoppers Drug Mart location going out of business in 2012, after 10 years of operation.

By 2013, a booming economy and low retail vacancy rate prompted plans for Preston Crossing to expand further. The property developer asked for restrictions on the size and types of businesses to be lifted. The restrictions had been implemented over unrealized concerns that the big box complex would take business away from other commercial districts like 8th Street, Broadway Avenue and downtown.[11]

In 2014, a deal was signed to build the fifth and final phase of Preston Crossing, utilizing the last of the available land. The new buildings are expected to be completed by the spring of 2017.[12]

Stores

Five stores are considered as anchors:

References

  1. 1 2 "Historical Resources". City of Saskatoon - City Archives. 2007. Archived from the original on 2009-03-07. Retrieved 2009-03-24.
  2. ↑ "'Preston Crossing' retail big-box development to be open by October". On Campus News. University of Saskatchewan. 2002-03-01. Retrieved 2009-03-24.
  3. 1 2 "Big-box Phase 2 proposal readied". On Campus News. University of Saskatchewan. 2003-05-16. Retrieved 2009-03-24.
  4. ↑ "Preston Crossing". Rencor Developments Inc. Retrieved 2009-03-24.
  5. ↑ "Saskatoon". Harvard Property Management Inc. Retrieved 2009-03-24.
  6. ↑ "Some big-box stores now open". On Campus News. University of Saskatchewan. 2002-10-18. Retrieved 2009-03-24.
  7. ↑ "City okays big-box Phase 2 for opening in late 2004". On Campus News. University of Saskatchewan. 2004-04-02. Retrieved 2009-03-24.
  8. ↑ "Lease arrangements proceed on Preston Crossing phase 3". On Campus News. University of Saskatchewan. 2007-11-02. Retrieved 2009-03-24.
  9. ↑ "Restaurant will complete Preston Crossing phase two". On Campus News. University of Saskatchewan. 2008-11-14. Retrieved 2009-03-24.
  10. ↑ "Preston Crossing to expand". On Campus News. University of Saskatchewan. June 25, 2010. Retrieved 2010-06-28.
  11. ↑ Tank, Phil (2013-08-21). "Centre's expansion plan seeks relaxed limits". The StarPhoenix. Postmedia Network. Retrieved 2013-08-21.
  12. ↑ Larson, Scott (2014-09-12). "Deal set for final phase at Preston Crossing". The StarPhoenix. Postmedia Network. Retrieved 2014-09-15.
  13. ↑ Kyle, Cassandra (August 21, 2009). "Hammer time for Rona". The StarPhoenix. Retrieved 2009-08-21.
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