Developer Victory Majors Investment Corporation has inked a deal with Group Germain Hotels to build a 15-floor hotel right next to the Remai Modern Arts Gallery of Saskatchewan.
The Alt Hotel will stand on the plot of land known as Parcel Y, located on the northeast of the intersection of Spadina Crescent East and Second Avenue in River Landing.
The hotel will feature 155 guest rooms right on the South Saskatchewan River. The property will also house 4,000 square feet of meeting space, a fitness centre and a restaurant. In addition to the hotel, the 2.84-acre extension will feature a condominium development and two properties housing a mix of office and commercial space.
“We are very excited for the City of Saskatoon regarding the direction this project is taking,” said John Nasser, president of Victory Majors Investments Corp.
Construction is expected to go ahead this year in hopes to be finished by 2018.
“It’s an exciting day here in Saskatoon,” Mayor Don Atchison said, adding he has not yet seen the final plans. “It’s a vote of confidence in the city of Saskatoon and our economy.”
Group Germain development director Hugo Germain said their hotel will feature a no-frills modern style. He said the company has had their eye on Saskatoon for a while.
“If you look at the travel pattern, Saskatoon has been, at least in the last decade, a very strong hotel market,” he said.
Victory Majors is expected to present their plan to the municipal planning commission and then the standing policy committee on planning, development and community services on March 7. Finalized plans will go to city council for a vote on March 21st and to the Meewasin Valley Authority on April 1.
Parcel Y is owned through a joint venture partnership between Greystone Managed Investments Inc., and Victory Majors. Triovest and the City of Saskatoon. Victory Majors purchased the site from Lake Placid Developments in 2010. The 36-acre riverfront district already features attractive parks, pathways, residential developments, businesses and retailers.
Last April, Victory Majors was approved to develop the land in phases after they said the city’s market for commercial real estate made it difficult to build all in one go.