Regina city council has approved a $7.5 million deal to purchase part of the Canadian Pacific rail land near the downtown area.
The city plans to redevelop the 17.5 acres of land, located along Dewdney Avenue, into a mixed-use neighbourhood as part of its billion-dollar Regina Revitalization Initiative.
A pedestrian bridge would connect the neighbourhood to the Warehouse District and downtown.
The city will spend a total of $45.7 million to purchase the CP land and prepare the site for development. The private sector is expected to invest up to $500 million.
CP is expected to vacate the land by July 2014, ahead of its planned move to the Global Transportation Hub. Development is slated to get underway in 2015.
