Value of Parcel Y in Saskatoon doubles since 2006

According to recent appraisals of the land known as “Parcel Y” today’s current market value is somewhere between $10.4 million and $11.6 million, well over twice its value in 2006 when it was purchased by Lake Placid Developments for $4.8 million. That deal fell apart when Lake Placid failed to paythe purchase price when it was due on October 30 of last year.

Saskatoon city council had been preparing for another request for proposals on the land but on March 22 Lake Placid CEO Michael Lobsinger and a new partner, Dr. Karim Nasser appeared before council indicating that funding is now available and asking for reinstatement of the previous agreement. Council will likely vote on Monday and reach a decision on whether or not they will enter a negotiation with the developer.

Lobsinger and Nasser have indicated that they are seeking reinstatement of the previous agreement and have suggested that an interest penalty for late payment would be appropriate. They’ve also stated that they will not submit a proposal for the land if the city chooses to reopen requests for proposals.

The 2.43-acre site on the riverbank in Saskatoon’s Central Business District is intended to become to primary anchor at River Landing, and currently its use is restricted for a hotel, condominiums, street-level retail, a public gathering spot and parking. Lake Placid had proposed a $200 million developmentthat met the requirements.

The Star Phoenix coverage is 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