Land sale agreement reached with Canadian Pacific
The City of Regina is realizing its long-term vision to revitalize Regina’s core by purchasing 17.39 acres of Canadian Pacific Railway (CP) land along Dewdney Avenue to make way for new housing, businesses, and retail.
The City will purchase the land from CP for $7.5 million. An additional $2.1 million will also pay for environmental remediation and site clearing to allow for future development. That cost also includes removing two bridges across Broad Street that will no longer be needed.
The City has chosen not to purchase the full 33-acre parcel of CP land. This would add around $30 million to the cost of the land purchase and require relocating the remaining CP functions into an existing residential neighbourhood.
The deal is expected to be complete by the end of January. The City will start working with the community on a long-term plan to redevelop the area in 2013 and CP will relocate its operations by July 2014. The site is anticipated to be available for private development starting in 2015.