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Lake Placid back in the River Landing game

Following what Mayor Don Atchison described as “the most due diligence that the city has done on any land sale,” an agreement was struck with Lake Placid Developments to purchase “Parcel Y” at River Landing in Saskatoon's Central Business District for a price of $5,240,494 yesterday.


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 Vidorra

Norm Fisher, Author of the TeamFisher Saskatoon Real Estate Blog

About Norm

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.Less...

Licensed in 1993, Norm brings a wealth of experience to TeamFisher. He has worked in every imaginable capacity including sales agent, office manager, team leader, broker and now, broker/owner. Norm has written a weekly review of the Saskatoon real estate market for more than 650 consecutive weeks which may make him the most consistent industry blogger in the world.

Norm is known for his passion for technology and can most often be found exploring and experimenting with the next big thing in real estate marketing. He was the first Saskatoon real estate agent to promote a home online and has been an early adopter of new technologies ever since. “Everything about this business has changed over the past 20 years, and it will happen again in the next ten. An open mind and a curious attitude are all that’s needed to continue to find new ways to serve our clients by delivering a faster, smoother, worry-free transaction,” says Norm.

In his spare time, Norm enjoys Crossfit and cycling, some years accumulating over 2,000 kilometres on the road. He’s a strong supporter of the Royal LePage Shelter Foundation and enjoys raising funds by joining fun, fitness-related initiatives like the Grouse Grind for Shelter. In 2015, he trekked the Peruvian Andes to Machu Picchu. In 2017 he walked the southern highlands of Iceland across mountains, sand, snow, ice, lava fields and forest for seven days. Collectively those initiatives raised over a million dollars for Canadian women's shelters.
 

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