Saskatoon riverfront land sale completed

It's been a long time coming, but the City of Saskatoon has finally sold a key parcel of land that it hopes will be developed into a $200-million riverfront complex.

On Thursday, local entrepreneur Kay Nasser paid the city $5 million for the lot on the River Landing area called Parcel Y.

Nasser and a group of investors plan to build a hotel and condominium complex.

"We have been trying to get this project for the last over 30 years," Nasser said.

"Its location is fantastic for the city and it will show the faith that we have in our city and that we would like to keep going straight forward."

Nasser, a retired engineering professor from the University of Saskatchewan, took over the project after another developer, Calgary-based Lake Placid Developments, ran short on cash.

Construction, using Lake Placid's original designs, should begin next spring, Nasser said.

It will take at least three years to complete the project, he said.