SPMC INVESTS IN DOWNTOWN REGINA

Released on January 11, 2005

Saskatchewan Property Management Corporation (SPMC) will move its head office into renewed space in Regina's former Bay building.

"SPMC's existing head office building has come to the end of its useful life. We either needed to renovate or rebuild, and the former Bay building proved to be the lowest cost alternative," Minister responsible for Saskatchewan Property Management Corporation Deb Higgins said.

SPMC is spending $11.5 million to purchase and renovate 65 per cent of the former Bay building. Regina-based Harvard Developments will retain ownership of the remainder of the property as part of a condominium agreement with SPMC.

"SPMC's partnership with Harvard Developments is another example of the Government of Saskatchewan's innovative and award-winning approach to urban renewal and development," Higgins said. "SIAST's Wascana Campus, the Canada-Saskatchewan Soundstage and the Wascana Lake Project are just a few examples of the great things that can happen when governments, business and communities work together."

"The government's investment further enhances the economic benefits of the project to the City of Regina," Harvard Developments President and CEO Paul Hill said. "SPMC's purchase secures a long term anchor for this landmark downtown location."

"This is a major boost in our continuing efforts to revitalize our downtown area," Regina Mayor Pat Fiacco said. "This project demonstrates how creative approaches to development are working to achieve growth and prosperity in Regina's downtown."

Construction on the project is expected to begin within the next few weeks, and will take about one year to complete.

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For More Information, Contact:

Kevin Wishlow SPMC Regina Phone: (306) 787-7753