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Old Posted Apr 18, 2013, 3:44 PM
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Echoes Echoes is offline
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Join Date: Oct 2006
Location: Saskatoon, SK
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Quote:
Originally Posted by prairieguy View Post
Oh CRAP!! Just read an article in Star Phoenix today that was discussing some of Saskatoon's current construction projects and the impact of winter on their schedules. In that article, reference is made to the Riverlanding project being developed by Victory Majors (Mr. Nassers company).

He is quoted as saying "I wouldn't anticipate anything going in the ground this year....there are hurdles, but no roadblocks, it's a lot of planning. We're really excited about this."

He also indicated that "planning is slower then expected and the company is still working with potential tenants and looking at project specifics. A detailed final plan needs approval from the city before construction begins, and that plan is likely to be submitted in spring 2014."

So, at best, we will not see any action on that site until summer or fall of 2014. My optimism for this project has now been dashed. I believe Riverfront office building will go ahead before Riverlanding on the Galaxy theatre site, and that Nasser is quickly loosing opportunities for potential tenants. Time to move on.....
It's disheartening to hear, but not terribly surprising that construction won't begin this year.

The article says they're "working with potential tenants and looking at project specifics." We don't know the full story behind what's going on. They could be working with a major hotel brand or major office tenant with very specific needs that need to be ironed out.

A $250 million project is a major undertaking for Saskatoon. That number could be higher as I believe that valuation is now years old. If I was behind this project, I wouldn't start digging until all my ducks were in a row.

For what's it worth, Nasser's comments are positive and optimistic.
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