Selling Capital Pointe could be a 'challenge': Realtor association
Published Tuesday, April 23, 2019 5:55PM CST
Last Updated Tuesday, April 23, 2019 7:02PM CST
It was once predicted to tower above the Regina skyline, but the Capital Pointe project has fallen well below those expectations.
With the hole at Victoria Ave. and Albert St. now up for sale, the saga could soon come to an end.
On Good Friday the site was listed for sale by the Regina branch of Cushman & Wakefield as a “judicial sale”, which meant it was court-ordered.
“The purpose of the listing is to put it out there on the market and try and attract a buyer to come and purchase the property and do something with it,” Gord Archibald, Executive Officer for the Association of Regina Realtors told CTV News.
The listing calls the site “prime vacant land” and emphasizes the location as a major selling point for potential buyers.
“The site is one of the high-profile intersections in the city and it's been an eyesore for many years,” Archibald said. “I think something like a hotel might be a fit in that location."
Archibald predicts the unfinished development could be a tough sell, given the state of the land.
“As far as big holes for sale, I think this might be the first in this city,” he said.“Given its state, it will be a challenge.”
The project was announced in August 2009, set to be the tallest residential building in the Queen City.
Excavation at the site began in 2015 after the historic Plains Hotel was torn down in 2011.
Fast forward to September 2017, the building permit expired and an empty hole continued to sit vacant at one of the city’s most sought-after downtown locations.
In March 2018 the city ordered Westgate Properties to fill the hole, a demand the developer took to the Court of Appeal.
In February 2019 the board ordered Westgate Properties fill the hole.
The deadline to fill the hole passed in March 2019, which led the city to put out a call for contractors. That call closed on April 11.
The City of Regina said it will not comment on private properties listed for sale, but that it's still reviewing options from contractors to fill the hole.
Based on a report by CTV Regina's Cole Davenport.