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.
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