A Saskatoon condo development set to take up a prime piece of real estate on the east end of the Broadway Bridge has been put on hold.
Construction for Highpoint at 604 Broadway Ave. could have begun as early as this fall.
Urban Capital and Victory Majors Investments Corporation, the companies behind the build, said they’re delaying the project because of pandemic-induced economic uncertainty.
They’ve pre-sold nearly 40 of the 113 residential units, but selling the rest won’t be easy, the companies said in a statement online.
“The economic climate is a bit challenging right now,” Victory Majors president John Nasser told Global News.
“Everything just kind of dropped off in the New Year.”
Original plans for the building in the historic Nutana neighbourhood include retail and office space.
A redesign will begin this fall, Nasser said, which will likely include less office and retail space.
“It would definitely lower the cost of the podium and the structure, which would lessen the cost per square foot of the price for the condos,” he said.
“It was a pretty aggressive plan on our part.”
The revised design is expected for next year.
‘An amazing opportunity’
Ward 6 Coun. Cynthia Block said the delay is disappointing, but understandable, given the circumstances.
“They have to make sure that the market is in the right place for them at the right time,” she said.
“I have no doubt it’s going to be a successful project for our community.”
Block said the build contributes to city goals to support Broadway businesses and increase density on the upcoming bus rapid transit route.
“It’s an amazing opportunity for our community and for our city,” she said, “and really a big part of where our future needs to be.”