SASKATOON – A parking lot in Riversdale will soon be the site of a new development.
On Monday evening, city council approved an urban renewal project in the parking lot west of the Farmer’s Market between Avenues B and C.
Called ‘The Banks,’ the development includes four buildings housing 160 residential units in a mix of studio, one and two bedrooms units and townhouses.
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Prices of the studio units are slated to start at under $200,000.
There will also be around two thousand square metres of commercial space and an underground parkade.
Developer Chris Le Fevre is looking forward to moving ahead with the project.
“I believe the project will transform the energy in the Riversdale/River Landing precinct, yet at the same time, the scale respects the neighbourhood surroundings,” said Le Fevre.
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“Once you bring more people to a neighbourhood, it brings energy and I think this will just amp up that vibe as opposed to changing the vibe.”
The lead architect for the project is Joost Bakker, who was behind Granville Island in Vancouver.
Construction is expected to start in the spring of 2014 with occupancy in the fall/winter of 2016.
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