By paNOW Staff

White knight emerges to save River Landing development

Nov 1, 2010 | 10:50 PM

Just when it looked like the blueprint was about to die on the drawing board, a $200 million development at Saskatoon's River Landing has found new life.

Mayor Don Atchison made the announcement to a throng of waiting reporters after Nov. 1 deadline passed for Lake Placid's Michael Lobsinger.

Lobsinger is out, and Karim Nasser with Victory Majors Investments, is taking over.

“The City of Saskatoon has received proper documentation, we believe, proper documentation, to be able to bring this particular project to fruition,” said Atchison.

The local businessman says he will be proceeding with the same plan as was being proposed by Lake Placid.

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“We're doing it exactly the same. It's viable, it's economical, and we're working hard to get there, as soon as we can,” said Nasser.

Work on underground parking lot will begin in the spring. Once it's built in its entirety, the massive development will be home to a 12 storey hotel, condo, office and retail space.