The link was posted to this story earlier, but here is the full text of the story.
Developer seeks extension on deal to begin River Landing complex
By David Hutton, The StarPhoenix
June 20, 2009
A developer has requested an extension to complete the excavation of a River Landing site for its proposed $200-million hotel, condo, retail and office project.
Lake Placid Developments currently has until June 30 to complete the four-month excavation of its River Landing site south of 19th Street, across from Persephone Theatre.
The company sent a letter to city council, which will be discussed Monday, requesting a one-year extension.
"The fact that they're requesting this extension is positive," said city manager Murray Totland. "I can't speak on behalf of (Lake Placid CEO Michael Lobsinger), but the world credit markets have changed substantially over the last six months.
"There are financing difficulties that weren't anticipated. . . . I can't imagine how difficult it is to get financing right now."
The company is still paying interest on the $4.55 million outstanding for the city-owned site, which was due in January. The sale agreement between the city and Lake Placid allows for the developer to delay the purchase as long as it pays interest.
In a report to city council, the city manager recommends setting a deadline of Aug. 17, 2009, for the sale of the parcel of land and extending the excavation requirement to June 30, 2010.
". . . There has been issues outside the control of Lake Placid that have contributed to the delay in commencement of construction. It is prudent to provide the proponent an extension," the brief report says.
The developer was to hold a ground-breaking ceremony for the mega-project last month. It was cancelled. Construction was initially supposed to get underway earlier this year with excavation work. Digging a nine-metre-deep hole and stabilizing the ground could take four to six months and the company has already lost a large part of the construction season this year.
Lake Placid has declared in several statements the project is moving ahead. There was a major delay while the province passed legislation to allow for the land title the development requires, the letter from Lake Placid to the city manager states.
The company could not be reached for comment Friday.
Speaking broadly about the effect of the economic crisis and tightening credit market, Totland said lenders are being "very, very careful in what they get into."
That has had a negative effect on the major private developments that were set to get underway this summer in the city, including the Lighthouse housing tower that is on hold for the police station parking lot.
"Unfortunately, the environment in Saskatoon is still fairly positive, but the people making decisions on these financing deals aren't in Saskatoon or even know where Saskatoon is and what's happening here."
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...but I do recall mention of a Rona or Lowe's, and a few smaller stores, don't know the time line of construction though.
lots of options!...but can be difficult getting decent attendance, especially during lake season
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