Watch the video above: Construction on a condo complex set to begin at River Landing
SASKATOON – The Banks project, a 134 unit condo complex and commercial development, slated to go in the gravel parking lot west of Saskatoon’s Farmers’ Market, is set to break ground next week.
Vancouver developer Chris LeFevre with LeFevre and Company said phase one will be construction of the underground parkade.
The project consists of four buildings, The Riverbend, The Edgewater, The Bridge and The Current. The buildings will go up simultaneously and are expected to be complete within 20 months.
“Many units have been sold and there’s still plenty to go. As a presale campaign, it’s the most successful one I’ve had in my career,” said LeFevre.
Bachelor suites in The Current begin at $174,900 and start at $202,900 in The Riverbend. According to LeFevre, most of the presales have been snatched up by local residents.
The City of Saskatoon is waiting on this project to get underway before issuing an expression of interest for the Pumphouse. It is located south of The Banks and was built in 1911 as part of the old A.L. Cole Power station. The city will lease out the vacant building as a historic restaurant along the river.
“We want to make sure that there’s enough people and animation to have customers come to it,” said Jill Cope, the city’s River Landing project manager.
The expression of interest is expected to be issued in 2015.
Aside from the Pumphouse, the city’s portion of redeveloping the riverbank is nearing completion. The final component is a new outdoor fitness centre which will open during the first week in August.
It is located at the westernmost portion of the River Landing development. It will include resistance, flexibility and agility training equipment which will be free for the public to use. The equipment is specially designed to be seasonal to remain outside year-round.
The River Landing makeover began in 2004. The federal and provincial governments contributed $30 million to the total $82-million cost.