Financing secured for first phase of River Landing Village in downtown Saskatoon

After a couple of years of starts, stops and stumbles, two forward steps looks like a lot of progress. Saskatoon city council, in a special meeting Wednesday, placed its final approval on the sale of Parcel Y after independent auditors confirmed that adequate financing had been secured to bring the proposed River Landing Villageproject “to grade.” The current plan calls for an underground parking structure to be built at a cost of roughly $60 million.

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 downtownsite in the spring of 2011 with an estimated completion of roughly three years.

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

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Norm Fisher
Royal LePage Vidorra