SASKATOON – The company looking to build a 15-storey hotel along with a condo development and office space at Saskatoon’s River Landing is asking the city for a tax break. Triovest wants the same tax incentives as are available for any downtown development for its Parcel YY development.
If approved by city council, the annual tax incentive would be equal to the property taxes.
City administration is recommending Triovest be given a five-year tax abatement “for the phased development of a residential building, two office towers, and structured parking.”
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The cost of the abatement is not known at this time, however administration said in its report that the property tax be granted back to Triovest “in exchange for the construction, maintenance, and operation of a public plaza.”
The company hopes to start building the parkade for both the hotel and condo tower this year.
Several companies are partnering work on the project, which is estimated at roughly $300 million.
READ MORE: 15-storey Group Germain Hotel to go up at Parcel Y in Saskatoon
In January, Montreal-based Group Germain Hotels announced plans for the 155 room Alt hotel.
The city has been trying to get a major development at river landing for more than a decade.
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