The construction of a new soccer stadium in Saskatoon has been halted for the time being, according to the group developing the project.
“The timing just doesn’t seem to be right,” said Prairieland CEO Dan Kemppainen. “There have been a lot of changes since this project started several years ago.”
The board of directors at Prairieland Park and Living Sky Sports decided to adjourn the project, saying other financial priorities need to be addressed.
Kemppainen said this project can’t be completed without capital campaigns, private donations and government funding.
“With ventures of the magnitude, it is important to adjust to constantly changing economic factors,” said Kemppainen. “As we progressed with project plans, we have had to make the decision to attend to other financial priorities.”
The new stadium was supposed to be built at Prairieland Park in Saskatoon in place of the Marquis Downs thoroughbred racetrack.
The plan was for the facility to hold a prospective CPL at the location some time in 2024.
The construction was projected to run somewhere around the $30 million mark.
“Interest rates have gone up significantly, certainly inflation has gone up and if you look at other infrastructure projects in the works, construction costs have gone up significantly.”
Prairieland has already invested $1 million into the project.
“Sometimes in business you have to make these tough decisions and you got to make the right ones even though you have invested a lot of time and some dollars,” Kemppainen said.
Kemppainen said that if situations improve, the directors will jump back in, and residents should remain optimistic.
“You never know what the future holds.”
There is currently no word on whether or not the project will continue at a later date.