A new condo development in Saskatoon offers homeowners a chance to cut down on the cost of owning a car with a unique ride-sharing program.

On Friday, North Prairie Developments Ltd., officially marked the opening of its nine storey, 94-unit condo building dubbed Shangri-La, located in the city's downtown on the corner of 4th Avenue and Queen Street.

Marketing and Events Coordinator Krista Nakonechny said the ride-sharing service is the first of its kind for a private condominium in Saskatoon.

"This car-share program gives residents access to a vehicle when needed without the cost of vehicle ownership," Nakonechny said.

"This offers a smart way for residents to live, work and play in the downtown core."

Shangri-La is a condo development by North Prairie Developments Ltd. It's a nine-storey, 94-unit building located at the corner of 4th Avenue and Queen Street in Saskatoon. (CBC)

Saskatoon Mayor Don Atchison, alongside North Prairie Developments president John Williams and his wife Bernice, congratulated the owners on the opening of the new condo and thanked them for the investment in the city of Saskatoon.

"Today, some of these condos that are here, some will be able to buy their very first home," Atchison said. "We may call them condos but they are true homes that people live in — that's where they have their lives — and to be able to live in such a wonderful location."

Currently 50 per cent sold, Shangri-La offers residents a five-year tax abatement program up to $10,000.