With a new football stadium underway and the retail and industrial markets roaring, Regina has seen $332 million in building permits issued this year, but the office and residential sectors are facing a modest glut.
In July alone, $66.9 million in building permits were issued in Saskatchewan’s capital, including the construction of a new laundry plant in the Ross Industrial area and two new townhouse developments, one in Greens on Gardiner and one in Harbour Landing.
“New single-family home starts may be down, but significant increases in nearly all other types of housing show that our economy continues to grow,” said Mayor Michael Fougere. “We’re also seeing that commercial, industrial, and institutional property owners are heavily investing in upgrading and altering their buildings.”
Leading the construction pace is the $278 million Mosaic stadium that will be the new home for the Canadian Football League’s Saskatchewan Roughriders.
Officials from the city, the province and the team were on hand as the first shovel went into the dirt at Evraz Place northwest of downtown Regina in mid-June.
Sean Hamblin, district manager of construction company PCL Management, said it would take a few months to notice any above-ground work at the site. The stadium is to be completed by August 2016.
The design calls for a 33,000-seat facility that can be expanded to hold 40,000 fans for special events.
The venue is being described as "roof ready,'' meaning a full cover could be added at a later date.
PCL said the Roughriders could play their first game in the new stadium in June 2017. Four tower cranes will be placed at the site for about 17 months.
The Mosaic stadium represents the first phase of the Regional Revitalization Initiative, with the stadium anchoring a development of housing, retail and commercial space.
The second phase— the Railyard Renewal Project—on 17.6 acres that was the former CP container yards in the heart of Regina, will complement the historic location, with stores, restaurants, and entertainment linked to downtown Regina and neighbouring areas by a pedestrian walkway. That $500 million re-development there is expected to start next years.
For more on Regina’s commercial real estate market, see the September issue of Western Investor
