Saskatchewan

$200M Saskatoon development decision looms

A Monday deadline looms for a Calgary development company to show officials with the City of Saskatoon it has the cash to go forward with a major riverbank development.

A Monday deadline looms for a Calgary development company to show officials with the City of Saskatoon it has the cash to go forward with a major riverbank development. 

Lake Placid Developments has until 5 p.m. CST to show Mayor Don Atchison proof it can foot the $200-million bill for the hotel, condominium and commercial complex.

The development, dubbed the River Landing Village, would be located on the southern edge of downtown near the Remai Arts Centre on a plot of land known in the city as Parcel Y.

It has been estimated that Lake Placid must show it has at least $50 million of financing in place to complete the project's first phase.

Atchison will hold a news conference Monday to reveal whether the company has satisfied the city it has the financing to go ahead with the development.

The Nov. 1 deadline was set after an earlier Lake Placid deal to build the complex on the prime riverfront land fell apart more than a year ago.

While the city gave the company another chance, Atchison said recently he's taking a "wait and see" approach to the plan.

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