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First Gull ‘reworking’ plans tor uptown mall development itst Gulf Development Corporation. Fthe company behind a proposed $230-million redevelopment of the Waterloo Town Square and the former Seagram lands. is revising their plans due to market conditions, says its vice-presi- dent of development. "We are putting together a revised plan that is based on the initial one to deal with the market realities of the theatre and bookstore." said Mark Kindrachuk. First Gulf 's vice- president of development. "We're reviewing it given the realities of the retailers - some are in and some are out - and we're reworking some things." Some of those competitive pressures on the proposed uptown development include a new multiplex cinema Galaxy Entertainment Inc. will be opening beside Conestoga Mall in June. There are also worries of a slowing North American economy. The move of a well-known destination retailer, bonnie logs children's wear. from Westmount Place to a building in the uptown core owned by First Gulf is also causing speculation that the developer is shifting its focus from the Commons of Uptown Waterloo project, that it unveiled last year, to a more manageable one. But Kindrachuk said the Mississauga- based developer has no plans to make any announcements about changes Jo its vision of uptown redevelopment until everything is in place from financing to leasing agreements. Ihat should take another 60 days, which will still allow the company to meet a City of Waterloo- imposed Aug. I deadline to have building permits for 50,000 square feet in place. "We'll have a concrete plan with fixed dates so we won't have anymore false steps and deal with the expectation issue that has come up obviously because of the development," said Kindrachuk. "When we do go public. it will be with an absolute concrete plan so we hopefully remove the expectation issue. . "We don't want to go public until we lit- erally guarantee when the shovel will be in the ground, financing is in place, tenants WATFREOQMQHLOMQE BY Bott Vmwuc Chronicle Slag Continued on m 2 WEDNESDAY, FEBRUARY 28, 2001 Youth for Understanding. an international exchange program for high school students hosted an International Youth Symposium last Saturday at St. David Catholic secondary school. Events included a demonstration of origami and salsa dancing from Venezuelan exchange student Alberto Maldonado and Jen Linan from the Cameron Heights International Studies program. Serving your community since 1856 WATERLOO, ONTARIO Salsafying $1 INCLUDING GST “with“ mom Waterloo offers a variety of March break activities. Viewpoint Letters ArtsNcus 14 I canadacoml Classified The Waterloo Warriors outlast the Golden Hawks. Saturn Saab Isuzu of Kitchener Waterloo 663 Victoria St. N. 744-5811 WHAT'S INSIDE Princess Cinema' St. Iacobs Outlet Mall' La-Z-Boy' ‘Selxted Distribution INSERTS 'iPOftTy Page“ Page 20