River Landing Village delayed again: Star Phoenix
Posted by on June 20, 2009
According to a story in today’s Star Phoenix, Lake Placid Developments is seeking a one-year extension on the current deadline to complete the excavation of the building site for its proposed $200 million River Landing development.
In a letter to the city, the developer requested an extension to June 30, 2010. City manager, Murray Totland will recommend to city council on Monday that the extension be granted.
Read the Star Phoenix story here.
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Norm Fisher
Royal LePage Saskatoon Real Estate
4 comments so far. We'd love to hear your thoughts.
June 20th, 2009 at 8:04 PM
Seems like this project is DOA again due to financing issues. I can’t imagine that the lending environment will have significantly improved in 6-12 months time. Norm, do you know if the sales presentation for June 26 advertised in the most recent Homes&Land is still on?
Developer seeks extension on deal to begin River Landing complex, 20-June
“The fact that they’re requesting this extension is positive. There are financing difficulties that weren’t anticipated. . . . I can’t imagine how difficult it is to get financing right now.”
‘Strata legislation’ passed, 2-May
“The legislation needed to move forward with two of the biggest private developments in the province, both slated for downtown Saskatoon, was passed this week. Lake Placid Developments CEO Michael Lobsinger has told the city his company has secured financing on his $200-million-plus Urban Village at River Landing. Construction on that project is expected to start soon.”
Construction Delay, 12-March
“Lake Placid Developments CEO Michael Lobsinger has told the city his company has secured financing on his $200-million-plus Urban Village. But both projects need a change in legislation that would introduce “strata” land titles to allow for separate condo corporations to operate on the same site.”
River Landing complex going ahead despite missed deadline, 10-Jan
“‘We are moving forward,’ Lobsinger said. ‘There’s a lot of people looking at Saskatoon and there’s a lot of interest even outside Canada. We’re not too worried.’”
Posted on TeamFisher…, ?-January
In response to posts of rumours that the River Landing project is dead due to failure to obtain the necessary financing: “It takes time to amalgamate 5 pieces of property, and register title. Lake Placid is moving forward, and thanks all the supporters.”
June 23rd, 2009 at 3:41 PM
This is not surprising at all.
Jason, thanks for the new stories. I’ve been following this one closely since its inception, and I knew from the get-go that this was a pipe dream. I’ll eat my hat if that project ever gets built.
June 24th, 2009 at 1:58 PM
We’ll apparently find out for sure August 17 (deadline when Lake Placid has to deliver on the $4.55M for the land). That is, unless the city grants another extension. I found this blog which has some fairly extensive (and detailed) background on the River Landing Village project.
http://owlsandroosters.blogspot.com/2009/03/river-landing-village-city-denies.html
June 27th, 2009 at 12:02 AM
There sure are a lot of condos for sale in Saskatoon. Dumbfounding that they cost as much as a starter house, or a luxury house = luxury condo in price.