The property will become the new home of the LLRIB's economic arm Kitsaki Management. (File photo/larongeNOW Staff)

By Derek Cornet

investment

LLRIB makes $6.5 million property purchase in Saskatoon

Oct 2, 2024 | 10:10 AM

Kitsaki Management Limited Partnership (KMLP), the economic development arm of the Lac La Ronge Indian Band (LLRIB), has purchased the former HSBC building in downtown Saskatoon.

The purchase, located at at 321 21st Street East, represents a significant investment in the economic future of the LLRIB and underscores Kitsaki’s ongoing commitment to expanding its footprint in key urban centres, while also supporting the growth and importance of downtown Saskatoon.

“Kitsaki’s purchase of the HSBC Building aligns with our vision of prioritizing investments that provide long-term value and growth opportunities,” Ron Hyggen, the CEO of Kitsaki Management, said.

“Its proximity to several of Kitsaki’s group of companies offers exciting possibilities for investing in our infrastructure that supports the significant growth we’ve experienced over the last three years, including adding 1,000 people to our workforce, mainly in Saskatchewan.”

Kitsaki purchased the property for $6.5 million, and already owns the land being set aside for Kitsaki’s first Saskatoon urban reserve, located in the Marquis Industrial area through Canada North Environmental Services.

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“Building on our success with the City of Saskatoon and the transition of the Kitsaki-owned CanNorth building to an urban reserve, this investment in the downtown area opens opportunities to be vested partners in Saskatoon,” Hyggen said.

“It is also a chance to showcase the potential for successful partnerships between Indigenous businesses, especially with our downtown neighbours Yellow Quill Holdings Inc and Métis Nation–Saskatchewan, and municipal governments in achieving mutually beneficial outcomes.”

LLRIB Chief Tammy Cook-Searson explained it is important to create a space for band members to work in Saskatoon and provide them with opportunities for economic development, while also creating numerous employment opportunities through Kitsaki’s Group of Companies.

“The purchase of an additional building in Saskatoon is an important milestone for Kitsaki and for the economic future of LLRIB,” Cook-Searson said.

The property will become the new home of Kitsaki Management once the Additions to Reserve process is complete with Indigenous Services Canada.

Commercial real estate leasing opportunities will be available soon as Kitsaki finalizes the design of the property and markets the property to organizations looking for on-reserve commercial property.

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derek.cornet@pattisonmedia.com