An artist's conception of River Landing, which had been proposed for Saskatoon's riverfront. (Lake Placid River Landing Inc.)

River Landing, a $200-million showpiece project in Saskatoon, came crashing down Friday as proponents of the plan missed a key deadline to line up their finances.

The city of Saskatoon gave Lake Placid Developments until 5 p.m. Friday to pay $4.5 million for the land.

The deadline came and went with no cheque surfacing at city hall.

Officials said that effectively ends Lake Placid's right to take ownership of the property.

The company issued a news release late Friday, expressing optimism that it might still build.

"Lake Placid is in a situation where delays have come up on a deadline with the city of Saskatoon. For this, Lake Placid sincerely apologizes," Michael Lobsinger, the CEO of the company, said in the release.

Delay securing financing

Lobsinger said that money to finance construction had not yet been secured.

"International finance is a complex and time-consuming process," Lobsinger said. "Lake Placid continues to work with its international financier to provide the $200 million credit facility that is required for the development of Saskatoon River Landing."

Friday's deadline was the last one granted to Lake Placid.

"October the 30th, is a fair date for everyone," Saskatoon Mayor Don Atchison said Aug. 19, when city council debated granting an extension to Lake Placid. "If Mr. Lobsinger and his company, Lake Placid, haven't come to the agreement as they so stated, they're finished. It's over."

The River Landing plan was to build an upscale hotel and residential complex along Saskatoon's river bank.

The city has already spent $82 million preparing the site for development. It has built new roads into the area as well as finished pathways and parks.

The city's project manager for the site, Sandi Schultz, told CBC News that Saskatoon retains ownership of the land and will have to restart the development process.

"Do we do go forward with another request for proposal, do we break up the property into specific pieces?" Schultz said on Friday. "Is there another vision for that property? We will really be starting again."

Lobsinger's release said Lake Placid would have financing in place "imminently."

"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," Lobsinger said.

Mayor Atchison told reporters that despite missing the deadline, the Lake Placid developers may be allowed another chance at the site.