Another offer has been received when it comes to the former Capital Pointe site in downtown Regina.
A group called “Smith Street Lands Limited” is offering to buy the piece of land at Albert Street and Victoria Avenue for $2.8 million dollars which is $500,000 higher than the asking price.
That group is made up of Bison Properties Limited, Victoria Acres Development and a company owned by Regina lawyer Tony Merchant and his wife Pana.
In a statement, Merchant says “City council members are rightly concerned about recovering the full debt owed to taxpayers over the ten year problem at Capital Pointe. Offering over $500,000 more than Royalty Developments Ltd.’s offer pays out the City in full as well as puts the property into the hands of known Regina project developers.
Another group, Royalty Developments Limited which is led by Pats co-owner Anthony Marquart, made an offer of 2.2 million dollars.
It is not known what plans the Merchant-led group has for the lot if they are given ownership, but the statement says it is our vision that all taxpayers will be proud of the end result and that this land will add to Regina’s downtown business growth.
A hearing was to be held on the matter in Court of Queen’s Bench on Thursday, but that hearing has now been pushed back to December 17.
