Changes proposed for Victory Majors ‘Parcel Y’ River Landing project

SASKATOON – The long-delayed River Landing project may be getting a big boost. A report heading to Saskatoon city council Monday is recommending councillors consent to the transfer of an interest in ‘Parcel Y’ to a limited partnership.

Victory Majors wants to partner with Regina’s Greystone Investments to develop the parcel that is currently being used as a parking lot. The transfer would allow the development to be built with cash instead of loans.

Under a clause in the current memorandum of sale, the city has to approve any sale or transfer of the land that exceeds 49 per cent of Victory Majors interest in the property until such time as an approved development has been constructed.

If approved, there would also be a change in the way the project is developed.

The original plan was to develop a 10-storey hotel, a 27-storey condominium and a 17-storey office building with the addition of restaurants and retail shops at ground level.

The report going to council recommends changing that to a “phased mixed use development which may include one or more office phases … a hotel phase and a residential phase” along with underground parking.

READ MORE: Parcel ‘Y’: Victory Majors developer asking for patience

There would also be a requirement that excavation of the first phase of the parking structure to be completed within 18 months of shovels in ground. The current contact stipulates excavation for the entire project must be completed within this timeframe which, the report states, “is not compatible with a phased project.”

There is no clear indication when construction on the long-awaited project will start.