A proposal for a major development on Saskatoon's riverfront has received a new lease on life. Calgary-based Lake Placid Developments has teamed up with local businessman Karim Nasser and an American hotel chain on a new bid to develop a hotel-condominium-office complex on the site. (File/CBC)

A proposed $200-million development on Saskatoon's River Landing area has a new lease on life.

On Monday, Saskatoon city council agreed to consider a second bid from Calgary-based Lake Placid Developments, after the company's previous proposal for a hotel-condo-office complex on city-owned land fell through last year due to financing problems.

This time, Lake Placid developer Michael Lobsinger is getting some help. He has joined forces with the Marriott hotel chain and Saskatoon entrepreneur and philanthropist Karim Nasser.

"We are prepared to back him up, and we feel very strongly about the project itself," Nasser said.

"Our city needs a project like that, and we will do all we can to get it going. The project is economical by itself. It's sustainable and there should be no difficulty in proceeding with it."

Nasser said he's prepared to write a $5 million cheque to the city to get the ball rolling. He says work on the project — on the banks of the South Saskatchewan River, close to the downtown — could begin 45 days after the city sells the land, and the development could be completed within three years.

City officials will meet with the developer in the coming weeks, to ensure there is money in place for what could be one of the biggest development projects in Saskatoon in decades.

The River Landing proposal is expected to be back before council at its next meeting in April.