According to the story in the Star Phoenix, the $84 million gallery was selected from “163 submissions judged by a jury of Canada’s top architects.”

The gallery will be constructed at River Landing in Saskatoon’s Central Business District beginning in 2012 with an anticipated completion in late 2014.

Read: Remai gallery receives national award.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Victory Major Investments took over the project from Lake Placid Developments last year when the developer failed to secure adequate financing. Initially, Victory promised quick action on getting the project started but later petitioned the city for changes to the previously approved project.

The approved changes have the potential building height increasing to 95 meters, from 68 meters, commercial space increasing from 30% to 40% and the allowable floor space increasing by as much as 50 percent.

The MVA is a conservation organization dedicated to conserving the natural and cultural heritage resources of the South Saskatchewan River Valley in Saskatoon. As such, all of the development at River Landing in Saskatoon’s Central Business District must meet their approval.

Read: Zoning changes approved for River Landing project.
Read: MVA greenlights art gallery, Nasar Magaproject in River Landing.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Check Dave’s blog here.

Learn more about the Riversdale area here.

Visit our Saskatoon Neighbourhood Profiles pages to learn more about what’s going on in our city’s neighbourhoods.

Norm Fisher
Royal LePage Saskatoon Real Estate

Read the Star Phoenix story here.
Read the minutes on this topic from Monday’s council meeting here.

Learn more about Saskatoon’s Central Business District here.
Discover other great Saskatoon neighbourhoods here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

As it opens, the Mendel Art Gallery will cease to operate at its City Park location where it has been since 1964. A wing within the new gallery will serve as a tribute to Saskatoon’s first gallery and the Mendel family whose generous financial contributions made it possible. A planning process for renewal of the Mendel site and Kinsmen Park is underway.

More from Global News

Visit our Saskatoon Neighbourhood Profiles pages to learn more about what’s going on in our city’s neighbourhoods.

Norm Fisher
Royal LePage Saskatoon Real Estate

The City of Saskatoon announced Thursday that the developer had met the December 2 deadline to pay the balance of the $5.2 million purchase price of “Parcel Y” at River Landing on the south edge of Saskatoon’s Central Business District. A cheque in the amount of $4,990,494 was received at city hall and documents required to facilitate the transfer of the land to Victory Majors had been provided to the developer.

Victory Majors Investments must now complete the title transfer, advise the city of a construction start date and then complete the first phase within 18 months. The developer has previously indicated that a three-year target is realistic for completion of the entire project. During the November 1 announcement that River Landing Village would move forward, Victory’s Kay Nasser indicated that the project would be built to the specifications previously approved by city council.

A look at River Landing Village is available here.
Learn more about the Central Business District of Saskatoon here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

Star Phoenix writer, David Hutton examines recent wins and the ongoing challenges in the revitalization of downtown Saskatoon in “Density in the downtown.”

Read it here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

The next deadline to be faced by Dr. Karim Nasser’s Victory Majors Investment Corporation comes in fifteen days time when the complete $5.2 million dollar purchase price of the land must be paid. Once that’s done, the city will transfer title to the land to the developer.

“I feel very, very happy and elated because the city has been waiting for that project for over 30 years,” Dr. Nasser told the Star Phoenix. “It’s an exquisite, beautiful project, which fulfils all the demands that are required in the area.”

The most recent construction estimates suggest that we’ll see a ground breaking on the downtown site in the spring of 2011 with an estimated completion of roughly three years.

Star Phoenix coverage is here.
More from the CBC here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

The larger surprise may have been the announcement that River Landing Village will proceed without Lake Placid Developments and its CEO Michael Lobsinger who originally brought the proposal forward and twice purchased the land from the city. After defaulting on deadlines in deal number one and losing his hold on the parcel Lobsinger struck a partnership with local businessman Kay Nasser who owns Victory Major Investments and managed to secure the land a second time, subject to financing approval. Instead of moving forward together, Nasser “bought out Michael Lobsinger and Lake Placid,” according to the story on the Star Phoenix website, and secured financing himself.

The financing package will now go to an independent audit to ensure that the funding that has been secured is sufficient to build an underground parkade and bring the project to grade level at an estimated cost of $50-60 million. If the auditor gives it the nod Victory Major Investments will have fifteen days to complete the land purchase by delivering a cheque for the balance of the $5 million price tag.

Star Phoenix coverage of today’s announcement is here.
A timeline of the development progress and challenges by David Hutton is here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Our Saskatoon home search tool offers MLS® listings represented by all real estate brands, presented with more detail than you’ll find anywhere else. Check it out here.

Norm Fisher
Royal LePage Saskatoon Real Estate

The developer placed a deposit equal to ten percent of the $1.5 million dollar purchase price and must still secure financing and pay the balance owing by June 30, 2011. If successful, Rivergreen plans to construct a 65-unit condominium project on the 1.4 acre parcel at River Landing Phase II.

More on this deal at David Hutton’s blog here.

Read more from the Star Phoenix here.

According to a story on the Star Phoenix website, “An agreement is now in place to develop the city’s most coveted piece of riverfront land with a new deadline and promises that financing for the megaproject will be available soon….Lake Placid CEO Michael Lobsinger said the agreement for the sale of the land paves the way for the company to secure financing.”

I’m totally confused. Here’s why.

On April 12, council voted to reopen negotiations with the developer and to conduct an independent audit to determine if Lake Placid has sufficient financing to complete the project.

On May 25, following what Mayor Don Atchison described as “the most due diligence that the city has done on any land sale,” city council, sitting as an executive committee, reached an agreement on price with Lake Placid.

The story that ran in the Star Phoenix the following day included this bit of text, “We’re ready, willing and able now to proceed with the $200-million project,” Lake Placid CEO Michael Lobsinger said Tuesday. “We have financing in place . . . and are ready to move dirt in June or July.”

Under the new agreement Lake Placid has until November 1 to provide documentation that between $50 million and $60 million dollars in financing is secure.

Huh?

All of our Lake Placid posts are here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Star Phoenix writer David Hutton is reporting that “City council, sitting as an executive committee, made the decision in private Tuesday afternoon to advertise the land sale before it was announced at the evening council meeting. The sale still requires the blessing of city council on June 14 because the purchase is for less than market value.”

Recent appraisals on the land suggested a market value of approximately $11 million. Lake Placid had previously purchased the land for $4.8 million but lost it to the city when they failed to meet payment deadlines in October of last year.

On March 22 of this year, Lake Placid CEO Michael Lobsinger appeared before council indicating that he had formed a partnership with Dr. Karim Nasser and that financing had been secured to complete the $200 million dollar River Landing Village previously approved by council.

In mid-April, council agreed to enter into negotiations with Lake Placid subject to an independent audit to ensure that adequate financing was in place to complete the project.

Council will formally vote to approve the sale at the June 14 council meeting after hearing from anyone who might be opposed to the sale. Lobsinger indicates that he’s “ready to move dirt in June or July” and believes that the project can be completed in 36-months.

Read more from David Hutton’s report here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Ken Achs sits down with Star Phoenix reporter Cassandra Kyle and shares his thoughts on downtown Saskatoon, River Landing and more.

Read: Building a legacy – Developer Achs putting unique stamp on downtown

There are two major questions that still need to be answered.

1. Does Lake Placid have sufficient financing to complete the project?

City administrators will appoint an independent auditor to undertake a due diligence process to ensure that the dollars are available.

2. Can the two parties agree on a price?

Lake Placid had previously agreed to purchase the land for $4.6 million dollars. That deal fell apart in October of last year and the developer has asked that it be reinstated. Two professional appraisers have recently been done on the land. One suggested a value of $10.4 million and the other came in at $11.6 million.

City administration is expected to report its finding to council by May 25.

Read David Hutton’s story from the Star Phoenix here.

Saskatoon, join us on facebook for an opportunity to win a free MacBook.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Saskatoon city council had been preparing for another request for proposals on the land but on March 22 Lake Placid CEO Michael Lobsinger and a new partner, Dr. Karim Nasser appeared before council indicating that funding is now available and asking for reinstatement of the previous agreement. Council will likely vote on Monday and reach a decision on whether or not they will enter a negotiation with the developer.

Lobsinger and Nasser have indicated that they are seeking reinstatement of the previous agreement and have suggested that an interest penalty for late payment would be appropriate. They’ve also stated that they will not submit a proposal for the land if the city chooses to reopen requests for proposals.

The 2.43-acre site on the riverbank in Saskatoon’s Central Business District is intended to become to primary anchor at River Landing, and currently its use is restricted for a hotel, condominiums, street-level retail, a public gathering spot and parking. Lake Placid had proposed a $200 million development that met the requirements.

The Star Phoenix coverage is here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

So, what has changed and why should we care?

Well, most importantly, the money is reportedly in the bank according to Lake Placid’s new partner, Dr. Karim Nasser who also attended the council meeting and provided assurances that he has the goods to immediately deliver up full payment for the parcel and to see the project through to its completion. Dr. Nasser is best known to be a respected professor and a generous philanthropist having donated $12 million dollars to the University of Saskatchewan. That kind of gesture should provide some assurance that the guy has access to cash. People don’t often give $12 million bucks away, and those that do probably feel some measure of confidence that money won’t be a big problem for them in the future. I think this guy is the real deal.

Also on hand at last night’s meeting was Manilo Marescotti, vice president of development for Marriot Hotels. Mr. Marescotti has indicated publicly that Saskatoon is a “development priority” for the upscale chain of hotels, and more importantly, that the chain is keenly interested in this particular development. This also strikes me as good news, and if I may say so, a darned good fit for this awesome project.

So what’s a city council to do?

After all, they did give Lake Placid its very “last chance” back in August of 2009 with a pay up or get lost kind of ultimatum, and who can blame them for that? At almost every given moment through the final months of the last chapter, Lobsinger claimed that Lake Placid was just days away from coming through with the cash. He said it like he believed it. I suspect he probably did. Still, council could only stand behind the guy for so long before they all started to look like clowns who had completely misread the situation. They finally dropped Lake Placid like the proverbial hot potato and brought Parcel Y back to the drawing board seeking new appraisals and beginning preparation for a new “request for proposals.” They had little choice at the time.

But…but…here he his again and this time he apparently has the cash!

I say, “Take the money baby! Take the money and run!”

Why?

1. Well, for starters, Saskatoon could really use another $200 million dollar project right now, and apparently cash is still hard to come by, at least at the quarter billion dollar level.

2. We’ve been trying hard to get something going on this land for a long, long time. Starting the process from scratch could easily take another 3 years, if someone else steps forward who wants to take a bite of this one. If it fails again, you and I could be long gone before this parcel sees further improvements. We’ve already jumped through the hoops to make this deal fly. What realistic benefit could we see by turning this opportunity away? It seems like a big risk to float given the history of “Parcel Y.”

3. Lake Placid has an ultra cool plan that has already been approved for the site and it appears that they’re ready to turn some dirt. In the world of $200 million developments, it doesn’t get much better than that.

4. The other guys don’t appear to be lining up to stake a claim. I mean, for goodness sakes, 200 million dollars doesn’t grow on trees, ya know?

5. Michael Lobsinger deserves this project. I know he really pissed us off when he kept promising to show up with the cheque but this is what we ought to expect from passionate people who put everything they have into really big ideas. They get so deeply invested that they can’t accept that they might fail. This is the kind of brain that you must have to get huge projects like River Landing Village off the ground. This is the kind of spirit and determination that it takes to crack tough nuts and do big stuff. Those failed promises weren’t lies. They were the words of a committed man who had already invested millions of dollars and hundreds of hours. Lobsinger is the kind of person who has the ability to believe even when he’s facing of the worst kinds of adversity, and that’s exactly what he faced when we fell into what many have called “the greatest financial crisis since the great depression.” And, while we were busy kicking him back to Calgary, telling him that the deal was dead, and that he’s a deadbeat, he was still getting up every day looking for $200 million dollars. He still believed that he could pull this thing off. That takes a lot of guts! There’s a certain coolness factor to that, so I love this nearly perfect ending.

Sure, let’s make them pony up with today’s fair market value. Let’s have a look at those books and make darned sure these people can pull this thing off. Let’s double check, and heck; let’s even have our smartest accountants count the cash. If and when we’re satisfied that they can do it, let’s let them go build us a village.

More from the Star Phoenix

Developers tout plan

Lake Placid still in contention for River Landing development

I’m always happy to answer your Saskatoon real estate questions. All of my contact info is here. Please feel free to call or email.

Norm Fisher
Royal LePage Saskatoon Real Estate

Release: Immediate
Date: Friday October 30, 2009
Contact: Mike Lobsinger, Chief Executive Officer Lake Placid Group of Companies

(Saskatoon, SK, Canada): Michael E. Lobsinger, Chief Executive Officer of the Lake Placid Group of Companies, announced today that Lake Placid is in a situation where delays have arisen around the deadline with the City of Saskatoon. For this, Lake Placid sincerely apologizes.

International finance is a complex and time consuming process. Lake Placid continues to work with its international financier to provide the $200 Million credit facility that is required for the development of Saskatoon River Landing.

All development and legislative approvals were not obtained until May 2009. Pursuant to the lender’s written financial commitment, the financing is still expected to arrive but will not do so in time to meet the October 30 deadline. The City of Saskatoon will be advised that although Lake Placid is not in a position to meet today’s deadline, it may be in that position very shortly.

It is particularly unfortunate that circumstances beyond the control of Lake Placid have resulted in missing this important deadline. Lake Placid has spent two years and over $7 Million planning this premier development which includes payment to the City of Saskatoon of over $700,000. Lake Placid has received significant interest from the local community for the purchase of residential properties, and from commercial tenants and hoteliers. They will be contacted directly.

Lake Placid would like to thank all of the supporters of this project including the City of Saskatoon administration, City Council and the Mayor’s office for their significant support in the progress made to date. In addition, Lake Placid would like to thank the Premier of Saskatchewan and the appropriate Ministers who worked diligently to pass the necessary amendments to the Condominium Properties Act and the Land Titles Act which allow for the development of mixed use projects in Saskatchewan. Without those legislative amendments which were passed in May 2009, this project could not have proceeded.

Lake Placid believes in the future of the great city of Saskatoon and has every intention of developing there in the near future. The company thanks everyone for their patience and understanding in this matter.

In a story just published on the Star Phoenix website, Mayor Don Atchison is quoted as saying, “It’s all about certainty, and in the financial markets today it’s all about certainty, not guesswork. This is absolute certainty now. You heard me at the end there tell (Lake Placid CEO Michael) Lobsinger if he doesn’t come up with the $214,197.14, the deal is finished, or if it doesn’t come up with the money for the land, it’s terminated as well. There’s no more chances.”

Read the Star Phoenix story here.
CBC’s report is here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Real estate geeks can follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

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.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

Dear Norm,

“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.”

Star Phoenix, May 02 2009

We have very exciting news! We are now offering the Residences at River Landing Village for sale! For those of you that have reserved a unit, this is your opportunity to make that unit yours with a 10% deposit. If you have not reserved a unit we encourage you to visit our sales centre, as we have many great suites still available. Please call Richard or Gail at (306) 683-4350 to make an appointment.

As you may know, we have experienced delays due to the current land titles act. As you can see in the quote above from the Star Phoenix, we have overcome these issues.  In simple terms, the Government is going to allow multiple strata’s (owners and users) on a single title (parcel of land). We are very excited about this progress, and we will begin construction as soon as these changes are complete.

We hope to hear from you soon and encourage you to visit us, as suites are selling quickly!

Sincerely.

Lake Placid River Landing

The River Landing Village website is here.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @Norm_Fisher.

Norm Fisher
Royal LePage Saskatoon Real Estate

On Wednesday, March 12, Mr. Michael E. Lobsinger, President CEO, Lake Placid Group, will speak to the Saskatoon business community at the 14^th Annual Traders Luncheon in support of Junior Achievement of Saskatchewan. He will discuss the challenges and rewards in building in Canada’s hottest markets – Calgary and Saskatoon.

Lunch begins at 12:00 PM at the Sheraton Cavalier in Saskatoon with the speech beginning at 12:30 PM.

Flyer with additional event details.

Ticket order form.

Thanks to Darren Hill, President and CEO of Junior Achievement of Saskatchewan for the heads up on this event.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here. Please feel free to call or email.

Follow our daily updates on Twitter @SaskatoonHomes.

Norm Fisher
Royal LePage Saskatoon Real Estate

Everyone’s talking about it, but apparently nobody is complaining about local artist Doug Taylor’s snow sculpture of a pair of magic mushrooms, one of which has a stem shaped like a penis.

Taylor’s sculpture is one of seven gracing the bank of the South Saskatchewan River at River Landing. They were carved last weekend from snow blocks weighing sixteen tonnes, and standing 2.5 metres tall.

I’m sorry to say that Star Phoenix reporter Darren Bernhardt has beat me to the best lines one could possibly come up with. Darren notes in his piece published Wednesday that the sculpture was, “erected over the weekend,” and that “It sticks out from the wholesome snow sculptures…like a…well, giant penis.”

Laura Hale, a Saskatoon artist who organized the display for the Meewasin Valley Authority told the Star Phoenix, “Some people around here have said ‘I don’t see it at all.’ I guess it’s how you look at it.”

Well Laura, those people either need an eye test or an anatomy lesson because this work of art clearly resembles a penis, though as my wife pointed out, “it’s hardly a giant one.”

River Landing is located in the Central Business District of Saskatoon.