SASKATOON – It’s been a parking lot for years but on Wednesday a Saskatchewan First Nation announced its commitment to constructing a $40-million commercial office complex in downtown Saskatoon.
“Yellow Quill intends to build a class “A” architecturally-inspired office building to the highest environmental and efficiency standards,” said Tom McClocklin, Colliers International Saskatchewan president/managing director.
It’s been a four-year process but Yellow Quill has secured reserve status for the property and is looking to secure additional tenant leasing commitments before starting construction.
The First Nation Bank of Canada has already signed on.
“We are standing officially on Yellow Quill First Nation’s land here in the city of Saskatoon. The first in downtown Saskatoon and the first to take lead in the developments downtown,” said Chief Larry Cachene, Yellow Quill First Nation.
Federation of Saskatchewan Indian Nations (FSIN) Chief Perry Bellegarde applauded the announcement Thursday and conveyed his support of the new urban reserve.
“This is a perfect example of First Nations peoples taking control of their economic destiny,” said Bellegarde.
“By sharing proven methods of development success we, as First Nations peoples, travel a path of greater economic sustainability. And as we do that, we position ourselves for greater self-determination,”
The office complex, located at 240 4th Avenue South, is intended to generate long-term revenue for the First Nation to reinvest into its community.
Bellgarde says there are over 50 urban reserves in place across Saskatchewan and they have shown success.
Yellow Quill First Nation is approximately 195 kilometres east of Saskatoon.