Saskatoon council approves new River Landing proposal

Saskatoon city council has given the green light to a major residential and commercial development on the River Landing site.

Councillors voted unanimously Monday in favour of a business proposal from Calgary-based Lake Placid Investments to put a hotel, restaurants, office and retail space, and a 20-storey condo tower on the one-hectare (2.5-acre) parcel of land that's north of the river and west of the Traffic Bridge.

The development would be worth about $125 million, according to the proposal.

The city-owned land, called Parcel Y, has been sitting empty for months after a local developer backed out of a planned hotel project. Lake Placid wants to buy the land for $4.8 million.

Mayor Don Atchison said it's time to move ahead in developing the site.

"I don't think the citizens of Saskatoon want us to wait another two years, another three years or another 50 years, to build something here," he said. "I think people are anxious to see something occur sooner rather than later."

Some concerns about the project were raised by Coun. Bob Pringle, who said the plans fell short on environmental and accessibility issues. However, he ended up voting in favour of the proposal.

Company official Michael Lobsinger, whose family has Saskatoon roots, said the project is a chance to give back to the community.

"The main reason is that the site is just absolutely spectacular and the second reason is that my family is from Saskatchewan and we saw this as a good opportunity to go back home and add some value to the city that has given so much," he said.

City administrators said the project still needs zoning approval and permits in the months ahead. However, a sales agreement could be as close as six weeks away, with construction set to begin next fall.