Money for Saskatoon complex coming, developer says

The man who wants to build a $200-million riverfront complex in Saskatoon is trying to jump-start his stalled project.

Lake Placid River Landing Inc., owned by Calgary-based developer Michael Lobsinger, was supposed to pay $4.5 million to the City of Saskatoon for a parcel of land by an Oct. 30 deadline.  

The company's proposed hotel, condominium and commercial project was to be the crown jewel in River Landing, Saskatoon's downtown redevelopment site. When the payment for the land, called Parcel Y, didn't materialize, the deal appeared dead.

However, on Monday night, Lobsinger told city council he'll soon have all the money he needs to not only buy the land, but also to build the Lake Placid project from start to finish.

"Today we filed with your administration the communication from the lender that we have received the necessary approval to transfer the funds," Lobsinger told council.

It's now up to council to decide if it wants to stick with Lobsinger or find another developer and project for the site.

Council will discuss plans further next Monday, when Lobsinger says he'll be back.

"I'm hoping that I can convince city council when I can show them that I have $200 million ready to build this project," he said.

But if the city makes him go through the selection and approval process again, it could cool his own enthusiasm for the deal, he said.