Merchant Law Group files a $2.8M offer on former Capital Pointe property
REGINA -- The Merchant Law Group has filed a $2.8 million offer on the former Capital Pointe property, $500,000 higher than the asking price.
The offer was made on behalf of Smith Street Lands Ltd., a group made up of Bison Properties Limited, Victoria Acres Development and a company owned by Tony and Pana Merchant.
“What’s important about it is two things. First, it pays the city out in full, and second, developers who are prepared and want to take this property and make it into something are now coming forward,” said Merchant. “This will be good for the City of Regina. You don’t want Victoria and Albert to be a parking lot forever.”
Earlier this month, Royalty Developments Ltd. made an offer of $2,205,065 to purchase the land. According to court documents, the company plans to build a parking lot on the site.
The property, which will have the municipal address of 1971 Albert St., entered the real-estate market as a court-ordered sale in April. Initially, it was listed at $8.5 million, but the price was slashed to just $2 million once the City of Regina filled the site.
An application to purchase the property was also made by Ontario based JYR Investments for $2,230,065 in November.
Merchant said the $2.8 million offer was filed on Tuesday, two days before the application to purchase the site by Royalty Developments was set to be approved by Court of Queen’s Bench. The hearing has now been pushed to Dec. 17.
“We came to the realization that this was undervalued, and an opportunity. But, that opportunity is good for Regina because it will get better developers there, and developers who want to turn this into a hotel, (or) a business structure of some sort,” Merchant said.
The real estate company, Cushman & Wakefield, told CTV News it is aware of the offer, but could not comment any further.