People who invested thousands of dollars into the stalled Capital Pointe project are now hoping they can find a way out.
Capital Pointe was supposed to be completed in 2013 — and investors have now been waiting five years to see if their dream home will become a reality.
Ernie Meid invested around $60,000 in Capital Pointe and planned on making it his retirement home. Now he visits the Capital Pointe every week to see if they have any news about the site.
“I do know that currently until they back out or whatever happens, getting the money back outright isn’t an option,” Meid told CTV News on Monday. “So, if you’ve invested basically you got your money there, you’re guaranteed your price on a condo. But, you also can’t withdraw it now otherwise you’d probably have a whole bunch of people doing it.”
Capital Pointe’s fate is now in the city’s hands. The developer, Westgate Properties Ltd., will need to win next week’s appeal to keep the project alive.
The proposed 27-storey hotel and condominium tower has seen plenty of setbacks since it broke ground in 2010. On April 3, the city asked the developer to fill the hole due to an extended halt in construction. Westgate failed to fill the hole, and the city decided to fill the hole on its own.
The developer filed an appeal, saying construction would resume.
The city is currently accepting tenders for a contractor to fill the hole and repair the sidewalk.
As of March, the property had around $44 million worth of mortgages listed under its land title documents.
Capital Pointe did not confirm the actual number of condo owners, but the figure is estimated to represent between 80 and 110 owners.
The appeal is scheduled to start next Monday.
With files from CTV Regina's Josh Diaz
