Saskatchewan

Saskatoon council OKs land deal

A proposed $200-million riverfront development in Saskatoon has received a new vote of confidence from city council.

A proposed $200-million riverfront development in Saskatoon has received a new vote of confidence from city council.

On Monday night, council struck a new deal with Lake Placid Developments Inc. to sell a parcel of land to the company so it can build the complex at the River Landing site at the south end of the downtown area.

A previous Lake Placid deal collapsed when financing fell through. Now, the principals say they have the money in place to proceed.

Company representative Michael Lobsinger says he's convinced a big development like the one being proposed — where the towers will surround a public plaza — is just what the city needs

"How else could you actually bring a plaza, a Rockefeller-style plaza ... that's to share with the city?" he asked. "That's not for the unit dwellers in the apartments. That's not for the hotel people that are going to be staying there. That's not for the office people. That's for the city."

All but two councillors voted in favour of the deal, which calls for the city to sell land — Parcel Y — to the developer for $5.24 million.

A series of conditions are attached to the sale, including one requiring that a deposit of $250,000 be paid within two business days.

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