Judge rules Capital Pointe lot sale can move forward

The sale of the Capital Pointe lot can proceed after a judicial ruling on Wednesday. 

Justice Bev Klatt ruled that the judicial sale of the property is granted. Now the successful bid can apply and move one step closer to acquiring the land. 

There are currently two offers on the property. 

The first was by Regina-based Royalty Developments Ltd. The company put forward an offer of  $2.2 million in addition to the assumption of certain property taxes, documents from a mortgage trustee say.

The president of Royalty Developments is Anthony Marquart, who is one of the co-owners of the Regina Pats.

The second offer was by the Merchant Law Group. The group filed an offer $500,000 higher than the asking price for the land. The $2.8 million offer was made on behalf of Smith Street Lands Ltd.

"Our vision is for the development of the site such that all taxpayers will be proud of the end result," a previous statement from Smith Street Lands said.

"While our proposal is consistent with the other offer being considered in that both are conditional upon approval from the City of Regina for the allowance of surface parking, parking is only the short term fix."

The Capital Pointe site is a key intersection in Downtown Regina: the corner of Albert Street and Victoria Avenue. 

The land was posted for sale in April of this year with an asking price of $8.5 million. The price was then slashed to $2 million earlier this year. 

Over $2 million in property taxes and other costs are owed to the city by the Capital Pointe owner. That includes the cost of filling the hole. 

A FAAN Mortgage document published Nov. 22 indicates that if the $2.2 million figure is approved, there won't be enough of a profit from the sale to pay back everyone who was an investor in the project. FAAN Mortgage Administrators is acting as a trustee in the case.