Saskatoon Construction

[midnightrambler]

I think the city would likely be better served to just give Lake Placid another extension on the land, Because nothing is going to be done during the winter with the land they might as well keep with the same developer and let them pay interest if they desire.

[Morogolus]

Originally Posted by Wyku

String out the process even longer by looking for public input eh? Maybe we'll get to vote on it during the next civic election...

I'm sure the site will make a great IM Park parking lot for the next God knows how many years, can't wait. /s

[kgc087]

I like the idea of giving LP another extension say until the spring, but they need to rush to secure the financing, meaning the sooner the better. I think I'm going to write council an informing letter about how public input or small scale projects will just destroy the riverlanding concept and really hinder Saskatoon's image. The city should be thinking towards the future and how we will grow into riverlanding now how we will have to expand it in 5-10 years. It really is annoying how long it is taking, find a developer and just approve and build. I'll post what I come up with before I send it.

[Wyku]

Originally Posted by kgc087

I like the idea of giving LP another extension say until the spring, but they need to rush to secure the financing, meaning the sooner the better. I think I'm going to write council an informing letter about how public input or small scale projects will just destroy the riverlanding concept and really hinder Saskatoon's image. The city should be thinking towards the future and how we will grow into riverlanding now how we will have to expand it in 5-10 years. It really is annoying how long it is taking, find a developer and just approve and build. I'll post what I come up with before I send it.

Well, they did do 2 out 3 and look where that got us? . But yeah, it's annoying/frustrating how long it is taking.

[midnightrambler]

Originally Posted by kgc087

I like the idea of giving LP another extension say until the spring, but they need to rush to secure the financing, meaning the sooner the better. I think I'm going to write council an informing letter about how public input or small scale projects will just destroy the riverlanding concept and really hinder Saskatoon's image. The city should be thinking towards the future and how we will grow into riverlanding now how we will have to expand it in 5-10 years. It really is annoying how long it is taking, find a developer and just approve and build. I'll post what I come up with before I send it.

Well it's good we agree on something. I don't think it will hurt anyone to keep lake placid in the mix.

However, the risk of giving them an extension until spring is that they have the possibility of not being able to meet that deadline as well, and we loose 6 months of consultation and marketing for the land urging a new plan to come forward.

And just putting up a "for sale sign" we run the risk of having another Toy's R Us on prime city land.

I think 275 Second Ave will go ahead indefinately, and River Landing will likely be envisioned a scale higher, as opposed to smaller, if the economic boom returns in full force to the city and province within the next 2-3 years, and some would argue that it has never really stopped, but this is rather from outside forces beyond control...

So maybe give Lake Placid a partial extension, saying that they have 3 additional months to come up with financing, but the city has to start exploring other options.

[shmakim]

I suspect LP will come back to Saskatoon regardless. They only way they're going to get their lost money back out of this project is to complete it. Even in their latest announcement to us, they _still_ said they believe financing to be imminent. Not sure if that statement is an attempt to get another extension, an honest statement, or complete b***s+++, but I can't believe they'd drop all effort to move ahead on the project simply because they missed a deadline imposed by Saskatoon.

What's the Sask Party investment corporation? Enterprise Saskatchewan? Do they have $200M to lend?

[socialisthorde]

Originally Posted by Kruzat

refinery = awesome.

I'm gonna be straight up here, the family downtown thing, not really the greatest idea. It's just not a place for kids. Closer to the river, yes. But not in the downtown core. There isn't a single family with children that I know of living in the 2nd ave lofts, but that might be because it's a loft and there aren't any enclosed rooms. The KG might be a different story I suppose, as well a the Luxe (not downtown though so...doesn't really count)

The truth of the matter is that if your gonna have kids, you need a few bedrooms and the condos downtown just don't offer that for the same price as in sub-urban areas. You pay for the awesomeness of living downtown, not the space.

Also, I don't think downtown is a place for kids to play cops and robbers until 10:30 at night haha...

Do you have kids? Have ever lived anywhere but the prairies? People all over the world raise perfectly happy and healthy kids in apartment buildings in the centre of cities. You are welcome to your opinion, but it is just that, an opinion and unless you can back it up with evidence or at least experience, it is not a well informed one. As I said in my earlier post, most of those I hear arguing for the status quo have no experience with anything else. This is where the inherent conservativism of this community that is regularly complained about in this thread comes from. I don't mean to speak for you or to pigeonhole you, so please correct me if I'm wrong.

[rrskylar]

Originally Posted by midnightrambler

I think the city would likely be better served to just give Lake Placid another extension on the land, Because nothing is going to be done during the winter with the land they might as well keep with the same developer and let them pay interest if they desire.

You talk like Lake Placid is the only developer available, all Lake Placid has proven is that they talk the talk but can't walk the walk. Their project in Calgary has been a hole in the ground for six months and their only accomplishments to date are a building in Kelowna and renovating their head office space. Just how many delays and extensions does a developer need to prove that they can't handle much? It really wouldn't surprise me to hear that Lake Placid is no longer a company in very short order.

[Ruckus]

I suspect this event may be of interest to some of you...

[dsim249]

Originally Posted by rrskylar

You talk like Lake Placid is the only developer available

If you look back a page or two, you will see what Remai came up with for the coveted River Landing parcel of land. Remai and Lake Placid were the only developers who came through with proposals (that I'm aware of, someone correct me if I'm wrong on that.). So between Remai, nothing, and Lake Placid, one can see why we're still rooting for LP, despite their current track record. After all, they did come up with a pretty awesome design, IMO.

[macca]

Originally Posted by jas321

I agree with these statements and, like you, am in favour of higher-density, multi-use development. However, the market reflects people's tastes. Unfortunately, there will need to be a great rumble in people's attitudes to turn them away from suburban lifestyle. You can plan and promote for new urbanist communities all you want, but a market must also exist for it. Until something persuades families to move downtown (ie. high transportation costs, high land-rent in suburbia, etc), they will be inclined to purchase houses in Briarwood.

Free-market economies and consumer choice are not so black and white, which seems to defy logic. Consumer choice is a complicated thing, and you will find no shortage of literature indicating that "market-think" is somewhat blind to the fact that true freedom of choice is not really presented even in a completely free, unregulated economy.

[macca]

275 Second website has been updated: http://275second.com/

No timeline for construction, although it seems the project has been split into to phases. Phase I is the 12 storey tower, Phase II the 4 storey building on 20th and 1st.

[midnightrambler]

Originally Posted by rrskylar

You talk like Lake Placid is the only developer available, all Lake Placid has proven is that they talk the talk but can't walk the walk. Their project in Calgary has been a hole in the ground for six months and their only accomplishments to date are a building in Kelowna and renovating their head office space. Just how many delays and extensions does a developer need to prove that they can't handle much? It really wouldn't surprise me to hear that Lake Placid is no longer a company in very short order.

That's not true: I said

"However, the risk of giving them an extension until spring is that they have the possibility of not being able to meet that deadline as well, and we loose 6 months of consultation and marketing for the land urging a new plan to come forward.

And just putting up a "for sale sign" we run the risk of having another Toy's R Us on prime city land."
So maybe give Lake Placid a partial extension, saying that they have 3 additional months to come up with financing, but the city has to start exploring other options

And Another good point lake placid makes is:

All development and legislative approvals were not obtained until May 2009. Pursuant to the lender's written financial commitment, the financing is still expected to arrive but will not do so in time to meet the deadline imposed by the City of Saskatoon. The City of Saskatoon will be advised that although Lake Placid is not in a position to meet today's deadline, it may be in that position very shortly.

Of course they were waiting on the government to approve their project because of the DCD guidelines, and the Provincial Government's control over development as well. We made them wait. Maybe if we would have had our collective sh%# together back before the finnancial collapse this thing would be half built already. Government is the thing that has slowed this down the most. Like 30 Years... At least give Lake Placid more than 5 months to get their sh$# together.

[midnightrambler]

Originally Posted by macca

275 Second website has been updated: http://275second.com/

No timeline for construction, although it seems the project has been split into to phases. Phase I is the 12 storey tower, Phase II the 4 storey building on 20th and 1st.

I seen that too. I am excited for this project.

[shmakim]

All development and legislative approvals were not obtained until May 2009. Pursuant to the lender's written financial commitment, the financing is still expected to arrive but will not do so in time to meet the deadline imposed by the City of Saskatoon.

WOO! I missed that detail too. I'm a little gunshy about believing assurances from LP, but spelling it out like that makes a compelling point. As well, the bolded bit above seems to indicate that not only are they pursuing lenders (in Cyprus perhaps) but actually have written commitment from someone, and it's just working through the steps to completion. If that's true, that's very exciting. It sure didn't stand out to me when I first read their announcement though. You'd think if they had written confirmation from a lender, they'd be waving that (confidentially) in the air to council, in an attempt to get another extension. You'd think they wouldn't have waited until last minute to announce some kind of progress. The lack of communication from them has made us believe the worst.

So I continue to ask "who knows...."

[rrskylar]

I think Enron (bankrupt company) would have an easier time raising capital than LP. LP isn't even quite sure what to do with their massive empty hole in the ground in Calgary that keeps filling with water. And for those of you who quite surprisingly are still cheerleaders for LP and want to give them extensions to May 2010, Feb 2012 and July 2015 get over it, the project is dead. LP will be lucky to still be a company in 2010!

[Stormer]

Originally Posted by shmakim

All development and legislative approvals were not obtained until May 2009. Pursuant to the lender's written financial commitment, the financing is still expected to arrive but will not do so in time to meet the deadline imposed by the City of Saskatoon.

WOO! I missed that detail too. I'm a little gunshy about believing assurances from LP, but spelling it out like that makes a compelling point. As well, the bolded bit above seems to indicate that not only are they pursuing lenders (in Cyprus perhaps) but actually have written commitment from someone, and it's just working through the steps to completion. If that's true, that's very exciting. It sure didn't stand out to me when I first read their announcement though. You'd think if they had written confirmation from a lender, they'd be waving that (confidentially) in the air to council, in an attempt to get another extension. You'd think they wouldn't have waited until last minute to announce some kind of progress. The lack of communication from them has made us believe the worst.

So I continue to ask "who knows...."

Lender's commitments can be subject to considerable conditions, some of which may not have been easily achievable. Further, lenders will only finance a portion of the cost. They still have to come up with substantial equity.

[midnightrambler]

Originally Posted by rrskylar

I think Enron (bankrupt company) would have an easier time raising capital than LP. LP isn't even quite sure what to do with their massive empty hole in the ground in Calgary that keeps filling with water. And for those of you who quite surprisingly are still cheerleaders for LP and want to give them extensions to May 2010, Feb 2012 and July 2015 get over it, the project is dead. LP will be lucky to still be a company in 2010!

I'm not advocating they give LP extensions to the end of time. All I was saying is: what is the hurt in giving them another extension if they are paying interest on the land?

Now we have nobody paying interest, an empty lot, and no future developer on the table other than LP with setbacks in finnancing. So, considering all the hoops that were jumped through to get this project to the approval stage it would be well worth our while to grant another extension for payment of the land with interest accured.

It is kind of odd how tight the credit markets are these days... The Bank of Canada's overnight lending rate is at %0.25 and the banks are still granting mortgages and loans for %3.25, not to mention making silly profits on ATM usage and whatnot. Sure there are a few that got caught up in the US Housing crash and finnanical crisis, like CIBC... This is exactly why I think Lake Placid should be a publicly traded company...

Issue shares to recieve financing, that way you don't have to depend on solely one source. I see this happening before the company goes "bankrupt." It seems to make the most sense to me.

[midnightrambler]

I figured that the city would have the South Bridge construction underway by this point. Looks like that will be 5 years in the making, or even 10...

[iron883]

Originally Posted by midnightrambler

I figured that the city would have the South Bridge construction underway by this point. Looks like that will be 5 years in the making, or even 10...

City website says construction to start 2010, with an opening date of Oct 1 2012.

I can't wait. It'll be great. That's going to be a huge change for the city.