River Landing condo development sells out in 4 days

This weekend, a steady lineup of buyers swamped the No. 1 River Landing show suite in Saskatoon. By the end of four days, all of the condominium project's 105 suites had been sold.

John Nasser couldn't believe it.

"We were hoping we would get 30 sales in the first weekend," said the president of Saskatoon development company Victory Majors. "We're beside ourselves. It's just very exciting."

• 15-storey hotel and spa complex to fill Parcel Y at River Landing
• Big proposed changes to Parcel Y
• 6-storey condominium added to Parcel Y

The rapid sales are a good-news ending to a development that had sat empty for years.

Viewed as the city's most valuable piece of real estate, River Landing's Parcel Y was originally purchased in 2007 by Lake Placid Developments. The company wanted to build a hotel, condo tower and two office and retail buildings. However, the project didn't get off the ground.

In 2010, Victory Majors and Regina-based company Greystone purchased the site for $5.2 million.

Nasser said that the project's location was key.

"Their highest priority was the river view," said Nasser. "People must like the water."

The suites sold anywhere from $250,000 to $1 million.

Condo crisis

While Victory Majors is celebrating, the condo market across the city has seen better days.

It's estimated there are 550 unsold condo units on the market, with another 1,000 under construction.

"It's definitely a bit of a depressed market right now," said realtor Norm Fisher. "I think the success of No. 1 River Landing speaks to the point that if you develop the right product at the right time, there is a market for it."

The condo tower is expected to be completed by 2019.

A 15-storey hotel and spa complex will also be built on Parcel Y, along with two office towers.