Oct. 2, 2024
SASKATOON, Sask.—Kitsaki Management Limited Partnership (KMLP), the economic development arm of the Lac La Ronge Indian Band (LLRIB), has purchased the former HSBC building at 321 21st Street East in downtown Saskatoon, further solidifying its presence in the city.
The purchase 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,” said Ron Hyggen, CEO of Kitsaki Management. “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.
“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,” said Hyggen. “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.”
“It is important to create a space for LLRIB band members to work in Saskatoon and provide our community with opportunities for economic development, while also creating numerous employment opportunities through Kitsaki’s Group of Companies,” said Chief of the Lac La Ronge Indian Band, Tammy Cook-Searson. “The purchase of an additional building in Saskatoon is an important milestone for Kitsaki and for the economic future of LLRIB.”
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 in the near term as Kitsaki finalizes the design of the property and markets the property to organizations looking for on-reserve commercial property.
For more information, please contact:
Jennifer Thoma
Director of Marketing and Communications
jennifer.thoma@kitsaki.com
306-270-4513