Last-minute bid for Capital Pointe rejected again by the courts
Smith Street Lands had last-minute deal nixed by Court of Queen's Bench, again by Court of Appeal
Saskatchewan's Court of Appeal has rejected a last-minute bid on Regina's Capital Pointe plot of land.
Smith Streets Lands had attempted to place an offer for 1971 Albert Street while a prospective buyer had already made an offer for the site, but the Court of Queen's Bench nixed the bid last year.
Tony Merchant, proponent for Smith Street Lands' deal, argued the offer was better than the one put forward by Royalty Developments and appealed to the Court of Appeal, which heard the case last month.
The province's highest court rejected the deal for that reason but also because Smith Street Lands simply had no ground to stand on. The company had no standing in the deal and there was no reason to grant it, the Appeal Court decision reads.
"In the Court's own words, 'simply because it has made an offer to purchase the assets of the company does not entitle it to be joined as a party,'" the decision document reads.
Capital Pointe was home to the Plains Hotel for decades until it was demolished in 2011. It was to be the site of a 90-metre, 27-storey condominium skyscraper, which would be Regina's tallest structure.