New investor attached to River Landing development
Karim Nasser, a successful Saskatoon real estate investor, says he is prepared to revive a stalled downtown development project known as River Landing.
The city of Saskatoon had been working with a Calgary-based company, Lake Placid Developments, on an estimated $200 million plan to build condominiums and offices near the city's downtown.
That plan, however, has had difficulty moving forward because, according to the developer, securing necessary multi-million dollar loans has taken longer than expected.
Nasser, a retired engineering professor from the University of Saskatchewan, has enjoyed a successful second career in real estate.
He says he wants to see the project go ahead.
Nasser said he is prepared to write Saskatoon a cheque for $5 million, to keep the project moving.
"We would be very happy to pay them the money that they need right away," Nasser told CBC News. "And we will proceed and complete the project within a certain period of time."
In October, officials declared that the River Landing project would no longer be moving forward after the developer missed a deadline to secure its rights to the property.
However, Saskatoon Mayor Don Atchison held out hope that it could be revived if no other proposals come forward.
The River Landing development project is expected to be addressed by city council at a meeting on Monday.
Nasser and Michael Lobsinger, the head of Lake Placid Developments, are both slated to address council at that meeting.