REGINA

Regina developer makes $2.2M offer on former site of Capital Pointe

Michaela Solomon CTVNewsRegina.ca Senior Digital Content Producer

Published Wednesday, December 4, 2019 5:25PM CST Last Updated Thursday, December 5, 2019 12:52PM CST

A recent photo of the former Capital Pointe sign at the corner of Albert Street and Victoria Avenue. (Cole Davenport / CTV News Regina)

Text:

REGINA -- A local developer made a conditional offer to purchase the former site of Capital Pointe, subject to court approval.

Royalty Developments Ltd. made an offer of $2,205,065 to purchase the land. The property, which will have the municipal address of 1971 Albert St., has been listed for sale since April. Initially, relators Cushman & Wakefield were asking $8.5 million, but the price was slashed to just $2 million shortly after.

According to court documents, the buyer plans to build a parking lot on the site.

From day one: A timeline of Capital Pointe

An application to purchase the property was also made by Ontario based JYR Investments for $2,230,065 in November.

The application to purchase the site by Royalty Developments has to be approved by Court of Queen’s Bench, which is scheduled to take place on Dec. 12.