Paid in full - three steps forward for Saskatoon’s River Landing Village

Following what seemed like an endless string of starts and stumbles for the troubled River Landing Villageproject, local developer Victory Majors Investments Corp. seems to be delivering with a third forward step after taking the reins in late October when they purchased Lake Placid Development’s equity in the project. At that time, they produced evidence that financing to build the first phase of the proposed $200 million hotel and condominium complex had been secured. In the days that followed, a due diligence audit conducted by Deloitte concluded that Victory Major Investments could successfully bring the project to grade and complete the shoring, footing and foundation with the required underground parking garage.

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.

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Norm Fisher
Royal LePage Vidorra

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