Work finally set to begin at Capital Pointe site
Project director Greg Black of BrightStar Corp. speaks to reporters at a news conference Friday in Regina.
Published Friday, November 16, 2012 12:29PM CST
Last Updated Friday, November 16, 2012 4:43PM CST
After two years of delays, the developer of Capital Pointe in Regina says work will soon get underway at the site of the hotel and condominium project.
Project director Greg Black of BrightStar Corp. says SaskPower is set to begin work next week to remove an underground electrical duct bank running through the site.
The high-rise hotel and condo building was initially slated to open by the end of 2013, but a series of delays has pushed that date back to fall 2014.
Black says BrightStar shares the frustration of condo buyers who put down deposits prior to the delays.
“I think all of us are tired of waiting,” Black said. “People have been involved as purchasers for a couple of years now, and the only news we can give them is good news that we finally are moving forward.”
However, he added that those with a deposit on a condo won’t have the option to pull out of their contract.
Kevin Wong is one of those people. He says news of a possible construction date is exciting, but he remains cautiously optimistic, saying he’s gotten his hopes up before.
"I'm committed to the project," Wong said in an interview Friday. "It will be worth the wait, assuming they actually ever get this thing built."
So far, about a third of the condo units have been sold. Black says the hotel hasn’t been sold yet, but BrightStar has been in discussions with a few potential buyers.
He says the building design will be revised to ensure the $65-million project stays on budget.
The new development plan that will be submitted to the city adds two more floors to the hotel and increases the number of condo units to 180 from 145. The underground parking area will also be reconfigured to lower construction costs.
Traffic at the corner of Albert Street and Victoria Avenue will be affected for several weeks when SaskPower begins work at the site.
Construction on the project is expected to wrap up by mid-2015.
With reporting by Morgan Campbell, CTV Regina