WOW ! This is a great piece of news.
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Lake Placid revival
Local firm eyes partnership to develop site at River Landing
By David Hutton, The StarPhoenixMarch 18, 2010 2:05 AM
Saskatoon's most-discussed real estate development may be revived by the University of Saskatchewan's largest-ever donor.
Karim Nasser, the man behind a $12-million property donation to the university last month, the institution's largest ever, says he is working on a plan to revive Lake Placid's $200-million River Landing megaproject.
"The project is a fantastic project for the city," Nasser said in an interview Wednesday. "We liked it from Day 1 and were dissappointed when (Lake Placid CEO Michael Lobsinger) wasn't able to proceed with it."
Nasser, a retired civil engineering professor who heads Victory Majors Investment Corp., confirmed he has entered into negotiations with Lake Placid to restart the development. But he said everything hinges on whether city council decides Monday to consider reinstating an expired sale agreement with Lake Placid.
"If they agree, the money is available, whatever the city says is the amount . . . right away we will give them the cheque," Nasser said.
"We'll be very happy to be able to do it."
Nasser, who said he would not go into details until negotiations are finalized, will speak to council Monday night alongside Lobsinger about their proposal for the site.
A partnership agreement for the entire $200-million hotel-office-condo project is being negotiated, he said, and should be finalized by the end of the week.
"We'll be working together," Nasser said.
The city's agreement to sell the prime riverfront land to Lake Placid for $4.5 million ended in October, but many councillors said in November if Lobsinger was able to secure the money, they'd move to re-enter negotiations with the company.
At that time, Lobsinger told council he was "one signature away" from securing long-awaited funds for the entire project from overseas. He said the money had been tied up in regulatory limbo.
City officials have since begun crafting a new request for proposals for the land in an effort to make the requirements for developers more flexible.
That includes getting an updated appraisal on how much the land is now worth.
Sandi Schultz, special projects manager for the city, said regardless of what Lobsinger and Nasser propose, councillors "would not be in a position to accept outright whatever their proposal might be.
"The best their proposal could hope for is that it's referred to the administration to report back," Schultz said. "The proponents will make their case and answer any questions and councillors could accept it through a referral to administration or not entertain the proposal at all."
The proposal is different than others because it has already gone through the approval process once and could get moving faster, Schultz said.
"That puts this in a different light," she said.
Coun. Glen Penner, who backed selling the River Landing land directly to Lake Placid Developments in November if funding came through, said he's still interested in striking a deal but first needs assurances the money is actually coming.
"We would have to have the kind of assurance that is undeniable and absolutely secure and if that were the case, I'd be prepared to have another look," he said. "There can be no more playing around with this city or city council."
Nasser is not new to the city's development industry.
He built a real-estate portfolio of apartment buildings and commercial properties in Saskatoon during the 33 years he taught engineering at the University of Saskatchewan before forming Victory Majors Investment Corp., which went public in 1999, to manage the properties.
Last month, Nasser, his wife Dora and their five children donated $12 million worth of property to the university, the value of which will be channelled into student awards, two new campus buildings, the college of engineering and the Edwards school of business.
"We're basically very loyal to our university, as well to our community, and we would like to do all we can for both our university and our community whenever if there is chance," Nasser said.
Nasser said he hopes his involvement ends the 30-plus years of false starts developing the site and gives a needed boost to River Landing.
Saskatoon is ready for a megaproject of this scope, which he said has always reminded him of Rockefeller Center, which he recalls fondly from his time in New York City.
"It's something fantastic," he said. "The city has never had a project that has attracted everyone's attention like this."
Nasser's involvement "can only be seen as a positive," Penner said.
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