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.

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.