SASKATOON – They may have broken ground at a new condo project in Saskatoon, but the developer says since then he has been riddled with a number of unanticipated costs.
Victoria-based developer Chris LeFevre is building a condo project near the Farmers Market called “The Banks” which when complete will have 135 units.
Sonnenschein Way, which borders the project, has been closed between Avenues B and C in order to construct the four building complex.
With the street closing, the city is no longer collecting meter revenue from 32 parking stalls and has asked LeFevre to pay for the lost revenue.
It’s an issue LeFevre didn’t anticipate having to deal with.
“The city, in their wisdom, want me to pay for a large loss of parking meter revenue,” said LeFevre.
The amount? Almost $140,000.
“That is unfortunate,” said LeFevre, “because you couldn’t develop this site unless you have access to it.”
While the two sides negotiate this issue, another one has arisen.
The brick work sidewalks in the area are creating a challenge with excavation. LeFevre said finding a work-a-round has also added to the cost.
The project is expected to be complete in 20 months.
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