Watch above: There could finally be shovels in the ground on a prime piece of property along Saskatoon’s riverbank. Aaron Streck says after sitting idle for five years a new partner has come along and tweaked the “Parcel Y” project.
SASKATOON – Victory Majors purchased “Parcel Y” at River Landing in 2010. Five years later the company was back before council in Saskatoon asking the city to make some changes to the multi-use project allowing them to develop in phases and to approve a new partnership.
“I’m in many ways very happy to see this proposal in front of us today because of the momentum that it indicates but what has been a huge concern for residents when I speak to them about this project is the possibility that we would continue to see a very slow pace of development on the site,” said Ward 7 Coun. Mairin Loewen.
“I think Mr. Nasser said it well, the investors that are investing with him, they’re not interested in having their money tied up doing nothing for a long period of time,” said Ward 5 Coun. Randy Donauer.
READ MORE: Changes proposed for Victory Majors ‘Parcel Y’ River Landing project
Council unanimously passed a motion to allow the hotel, residential, office and retail space complex to be built in steps with the assistance of Greystone Managed Investments Incorporated out of Regina and Triovest.
“The ability to phase is critical to this project, it’s probably one of the biggest things that has stood in the way of this project moving forward,” said Triovest Realty Advisors Inc. Blair Sinclair.
“They want to see something get developed down there, we want to see something get developed down there, it’s just a matter of feasibility and demand and right now we have checked off the box, we got the financing in place we have a professional developer with a world of experience,” said Victory Majors John Nasser.
There is no start date right now as to when Victory Majors will start construction, but once excavation begins the company has 18 months to complete phase one. As for the additional phases there is no timeline.
Any furthers changes to the development or design of the Parcel Y project still have to be approved by city council.
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