Saskatoon Construction

[Stormer]

Saskatoon's River Landing project dead


Oops. Newstalk really messed up this headline: It is definitely misleading, although I guess it is part of River Landing.

Saskatoon's River Landing project dead

Global financial crisis being blamed
Reported By Chris Carr
Posted March 16, 2011 - 3:40pm
The global financial crisis is being blamed for the demise of a major development at Saskatoon's River Landing.
The blueprints called for a mix of condo, and retail space with some offices. The development was being touted as an environmental friendly, and socially responsible project. It was to be built across from the farmers market, but after several years of planning the brains behind the Rivergreen Eco Village project says he's pulling the pin.
Paul Hanley with Prairie Ecovillage Development Corporation says he has not been able to come up with the cash for the estimated $35 million project within the mandated time line set out by the city.
"I guess something similar happened with the Lake Placid project. They weren't able to put together the financing, and someone came forward and helped them out. We were not able to find that person," said Hanley.
The company blames the global financial crisis and the resulting "radical change" on the urban condo market. Deposits paid on about 100 condos are now being returned. At the same time, PEDCO will also be turning down 15 expressions of interest on commercial space.
But the news may not be all bad, at least for the city. River Landing Project Manager Sandi Shultz says the city will now likely sell the land for nearly double the $1.5 million it would have sold it to PEDCO for under the original agreement. That's because the value of parcel 'A' has increased exponentially since 2007 when the deal was first struck with PEDCO.