It’s been more than ten years since Saskatoon city council approved Remai Ventures proposed plan to build a 200 room hotel and spa at Parcel Y. At that time, the projected cost to develop the improvements was estimated to be $40 million dollars.
That parcel of land, a jewel on the banks of Saskatoon’s River Landing, would change hands twice and suffer numerous setbacks and delays.
This past Wednesday, a groundbreaking ceremony got underway and the current landowner, Victory Majors Development Corp. announced that the first phase of the development which will include a 15-storey Alt Hotel and a 20-storey office tower will get underway in three to four weeks, as soon as regulatory approval is received. It’s expected to be complete within 14-20 months .
Subsequent phases include two additional office towers and will commence when sufficient demand warrants their construction. The total cost of the project is now estimated to be $300 million.
More from the Saskatoon Star Phoenix here.
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Royal LePage Vidorra