SASKATOON – As the parcel ‘A’ development project downtown gets the green light and sets a 2015 completion date, a much larger project approved years ago has yet to start construction.
Parcel ‘Y’ at River Landing has the potential to host Saskatoon’s largest sky scraper.
Approved for 27 stories, the $200 million mega project includes separate residential, hotel and office towers as well as an underground parkade and a community plaza.
The land was sold to the developer in 2010.
“There was a sense this was taking off and now there’s been no action on that site so there is that sense of anticipation and a bit of frustration in not being aware what the status of the project is at this point” said City Councillor Mairin Loewen.
The City originally sold the land to Calgary’s Lake Placid Developments in 2007. Lake Placid failed to meet financial deadlines and the land was purchased by local developer, Victory Majors, in the fall of 2010.
Global News was unable to get a hold of a representative from Victory Majors to arrange an interview.
Our last conversation with the company took place in February, at which point we were told the project was in the design phase and construction would begin this fall, although the latest time frame points to a start date in the spring of 2014.
The land has been plagued by delays over the years, but according to City Councillor Darren Hill, this latest wait does not signify trouble.
“I have complete faith that they will develop this,” he said.
But Hill does agree, the community is getting anxious.
“We are not realizing the tax potential off of this parcel until it is fully developed.”
Talk about redeveloping Saskatoon’s riverbank dates back to the ’70’s and ’80’s and in 2004 the old Gathercole building was demolished, creating a clean slate for major developments.
The parcel ‘Y’ lot was to be the catalyst and although some areas won’t be developed until this project is under way, the rest of downtown is surging forward while this prime land sits waiting to realize its potential.
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