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.
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
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