Lobsinger and Nasser want first dibs on land to resurrect River Landing Village development
By David Hutton, TheStarPhoenix.com March 22, 2010
SASKATOON — The group looking to resurrect a dead sales agreement and build the massive River Landing Village told city council Monday the riverfront megaproject could be built within three years.
“We could complete (this project) in its entirety within 36 to 38 months,” said Michael Lobsinger, CEO of Lake Placid Developments.
Lobsinger was joined at council by Karim Nasser, the retired University of Saskatchewan professor who confirmed his company, Victory Majors Investment Corp., has signed a partnership with Lake Placid to help build the hotel-condo-office project contingent on city hall reviving the sales agreement that ended last October.
The pair, in separate speeches, praised the project’s potential to create jobs, rejuvenate the downtown, add parking and improve tourism.
“The project is exciting, economical and self-sustaining,” Nasser said.
Both parties told reporters after the meeting they are not interested in participating in a request for proposals with other developers, which city administration was working to get in front of councillors on April 19.
They also would not comment on whether they are willing to pay more for the land, last valued four years ago at $4.5 million. The city has new appraisals and is working to verify the numbers, officials said.
“It will be waste of time for the city because they have been trying for over 30 years to get that project going from one delay to another delay and so on,” Nasser said. “If they really want that project to go, we hope they make the decision as soon as possible.”
“Am I interested in another (request for proposals)?” Lobsinger said. “No I am not. The process that it took me to get approval was 30 months. . . . We’re ready to get going literally in May. We can start now instead of two years from now.”
City councillors asked administration Monday to investigate the financials of the Lake Placid and Victory Majors deal and report to city council April 12 seeking direction from council on whether to enter in negotiations on the sale of the land and the terms of the development.
“We’d report back on any additional information on what we’d be able to glean,” said city manager Murray Totland. “City council will need to make a decision on how they want to proceed.
“This is totally dependent on how much information Lake Placid and partners are willing to share with us. . . . I hope they will be willing to provide a lot of information.”
Coun. Charlie Clark was the only councillor to vote against referring the group’s bid back to administration, citing his belief the deal died in October when a firm commitment was made that the agreement was null and void.
He said reviving the agreement at this time sends “uncertain messages” to the wider development community.
“It’s time to take the next step,” he said.
Other councillors asked administration to provide as much information as possible, including the updated land appraisals and due diligence on the financials of the deal.
“I believe the fact that Dr. Nasser has stepped up to the plate has caught the public imagination, but at the same time we need to make sure we’re making an informed decision,” said Coun. Pat Lorje.
“I don’t want to see a hole in the ground and then nothing goes forward.”
Lobsinger, asked about the elusive signature that he said was forthcoming within days when he spoke to council last year on financing the project, said it was “not an issue for the public.”
“Nothing has happened, I’m one signature away,” he said.
Manlio Marescotti, Marriot Hotel’s vice-president of development, said the chain is looking to develop smaller-scale Courtyard by Mariott hotels, with 150 to 200 rooms and meeting room space.
“Saskatoon remains a development priority,” he said.
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