Regina | Capital Pointe | 29F | 11F | 91M | ?M | Cancelled

[boborider]

Originally Posted by MadMax

Here's to hoping they name the pub Good Time Charlies for old time's sake.

Kashlee Parmiter




Read more: http://www.leaderpost.com/business/K...#ixzz1rSwv9Q7z

Just read the LP article. Boy, she sure fits in with the greasers at Capital Pointe. Been in the business a year and already an expert on real estate, the economy and in fact can predict the future of the housing industry in Saskatchewan. My, what credentials!!! And all the way from Toronto too. Makes you wonder why no other real estate companies were interested in marketting this white elephant. Also interesting to note she has made even more promises with a grocery store and brew pub. Maybe they will also have a casino, horse racing track, a space needle and dome stadium. What BS!!

[jlousa]

I'm so confident that the hotel in this project will not be open for the grey cup in 2013 that I'll bet anyone that wants to take the bet a meal at Beer Brothers.

[Pavlov]

With about 20 per cent of the units sold

That certainly isn't encouraging. I can't imagine that there will be shovels in the ground any time soon with sales numbers like that.

[thefourthtower]

I do believe all the financing is in place to construct this wonderful complex, we all hope so

[brithgob]

Is there some sort of competition going on to see who can be the coolest kid on the block by being the biggest naysayer of this project?

[thefourthtower]

Watching this complex rise into the future will be one on of Regina's greatest achievements ,shovels in the ground please, just as everyone thought GOR would never get started

[Nathan]

If they are only at 20% now, they're definitely having issues with people requesting deposits back. If they were telling the truth before, they had 66 or so units sold a year ago I think. It could be that GoR and Centre Square Place are stealing buyers from capital pointe just by having more action on site.

[osmo]

Originally Posted by thefourthtower

I do believe all the financing is in place to construct this wonderful complex, we all hope so

Banks won't hand over the cash until about 70% of the units are sold. This is standard practice for Condo builds.

[Chadillaccc]

Originally Posted by youngregina

This is so awesome. I talked to a few people that are fairly high up in regards to their knowledge on this project during my work experience at the Hotel Saskatchewan. They were talking about how they are expecting the hotel section to open sometime during 2015, and know for a fact that construction is to be going ahead on fairly shortly. However, it will not be open for the Grey cup. Which I thought was surprising as it would be ingenious to open for such a highly regarded event. It is confirmed that it is a Hilton Gardens Inn, and since there will be little to no convention space, it will not be considered competition for most downtown hotels. Also, the Regina Inn is currently undergoing rebranding and is looking at becoming a sheraton, ritz carlton, radisson blu.. etc. However, that one is being kept fairly secret.

Great news! Though I doubt that the Regina Inn will be able to land Ritz Carlton haha but I guess its worth a try.

[Migs]

Originally Posted by boborider

Just read the LP article. Boy, she sure fits in with the greasers at Capital Pointe. Been in the business a year and already an expert on real estate, the economy and in fact can predict the future of the housing industry in Saskatchewan. My, what credentials!!! And all the way from Toronto too. Makes you wonder why no other real estate companies were interested in marketting this white elephant. Also interesting to note she has made even more promises with a grocery store and brew pub. Maybe they will also have a casino, horse racing track, a space needle and dome stadium. What BS!!

Well now this is unfortunate, some on here have resorted to bashing Saskatchewan newcomers who speak highly of our province and are hear working hard to get this project moving forward. Seriously people, if this project brings you so much grief, how about avoiding this thread all together. Sad

[Pavlov]

Originally Posted by Chadillaccc

Though I doubt that the Regina Inn will be able to land Ritz Carlton haha but I guess its worth a try.

Now that is an understatement. Nonetheless, even a Sheraton (one of my favorite hotel brands) would be a significant improvement to this city's hotel scene.

For the record, I of course hope that Capital Pointe gets built as soon as possible. Observing that sales of only 20% of units suggests that construction is not imminent hardly makes me a "naysayer".

[thefourthtower]

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Update on Regina's Capital Pointe project
Current delays due to SaskPower duct line relocation
Reported by Samantha Maciag
First Posted: Apr 9, 2012 8:24am
Change text size: + -
The land on the corner of Albert Street and Victoria Avenue still stands empty but the developer says the Capital Pointe project should be on track soon.

On December 1, crews finally starting knocking down iconic Plains Hotel more than two years after the Capital Pointe hotel-condominium project was announced to replace it.

A 10-storey Hilton hotel and 26-floor condo complex is supposed to go up on that corner but after months of standing people driving by may be wondering exactly when construction will start.

Greg Black with BrightStar Corporation -  one of two developers on the project said they are getting closer.

"A year ago we were just coming into the project as a giant venture partner with the Kim family and we were very keen on the marketplace and very enthusiastic about the project, but we had an awful lot of work to do to move the project forward and get it back on track," he explained.

The last time we spoke with Black, Brightstar Corporation was hoping to start construction in spring.

But, as anyone who has driven past the empty lot near the downtown can atest, there's not much going on. Black said there is a reason for the slow pace.

"The first piece that we will do is actually going to be a relocation of the SaskPower electrical duct bank that goes through the middle of our property - and that duct bank services the whole downtown core," Black said.

He explained this step can't happen until SaskPower is ready and at this point the start date has been pushed back probably until the middle of May.

"The city and SaskPower have not yet agreed on the route of the relocation - nor have they given us a budget for doing that work so we're a little bit at their mercy at the moment," Black said.

Black said during the first set of meetings last fall with SaskPower the original plan was to have the duct bank continue to run through the property encased in concrete in the underground parking facility. In the middle of February the city and SaskPower changed their minds and decided to relocate the duct around the property.

He is still waiting to see the final plan for the new route, but from what he can tell they will have to start somewhere on Albert Street and run north or south around the corner property.

"Undoubtably there's going to be some digging of city streets and/or sidewalks involved in that process and it sounds like it may well be a six week process to complete that," Black commented.

Black says the developers and city met last week to talk permits, and he expects all of the applications for the stages of permits to be into the city by the end of May.

"Before the end of June, the City will have responded to all of those documents but we've had a very good working relationship with the city so far and that's been very encouraging," he said.

He acknowledges the attitude of frustration with how long the project is taking.

"It's difficult to speak to the past and what went wrong. We've tried our best to get this project going as quickly as we can," Black said.

This includes making progress on the technical construction side and the marketing and sales perspective which includes trying to find a buyer for the new Hilton Garden Inn. There is no confirmed buyer for the hotel property at this point, but black said the hotel real estate company is working with a number of groups.

This means that opening the doors to the hotel in time for the 2013 Grey Cup is looking doubtful from both a timeline and operational perspective.

They are still hoping construction timelines for getting the hotel and the lower units of the condominium occupied will happen in 2013 but it will be 2014 before they finish up to the 26th floor.

Edited by News Talk Radio's Adriana Christianson

[boborider]

Originally Posted by brithgob

Is there some sort of competition going on to see who can be the coolest kid on the block by being the biggest naysayer of this project?

As one of the so called "naysayers", this outfit gives one good reason to be very suspect of there ability. Case in point - in the LP article of April 5th, the real estate rep for them, Kashlee Parmiter, is quoted as saying that they were on track to have the hotel portion open for the 2013 Grey Cup. Not three days later, Greg Black from BrightStar Corp states the exact opposite. So if they can't even get their communication straight, how can one have any faith in their other abilities.

[thefourthtower]

Did you buy into this complex if not why a negative nelly sometimes things happen this is not small potatoes it's a big deal aim sure they would not be investing in this project if they thought it was a joke ,try and bring some positives with you at least once and a while

[boborider]

Originally Posted by thefourthtower

Did you buy into this complex if not why a negative nelly sometimes things happen this is not small potatoes it's a big deal aim sure they would not be investing in this project if they thought it was a joke ,try and bring some positives with you at least once and a while

I might respect what you say more if you could possibly string together a coherent sentence.

[Nathan]

He does have a point though fourthtower. You're right, it is a big deal, all the more reason to make sure communication on all fronts is consistent. I want to be optimistic on this project, but I gotta say, that 20% sold figure took me off-guard; I had thought they were much higher than that.

[blacktrojan3921]

Originally Posted by Nathan

If they are only at 20% now, they're definitely having issues with people requesting deposits back. If they were telling the truth before, they had 66 or so units sold a year ago I think. It could be that GoR and Centre Square Place are stealing buyers from capital pointe just by having more action on site.

Not really- http://www.centresquareplace.com/1st-floor.html . If you look at all of the ten floors; you would see that many of the condo units are still for sale . So it makes an even bigger question on why CSP is under construction while CP is not.

[Pavlov]

Originally Posted by blacktrojan3921

Not really- http://www.centresquareplace.com/1st-floor.html . If you look at all of the ten floors; you would see that many of the condo units are still for sale . So it makes an even bigger question on why CSP is under construction while CP is not.

Indeed. It looks like 20% or less are sold. If that is accurate (and it may just be that the website hasn't been updated), it would be quite shocking that they would proceed with construction. Even in established condo markets like Toronto and Vancouver, that kind of speculative condo building is unheard of. To have two projects under construction hoping desperately to sell 80% of their units before completion in a condo market as small as Regina's would be a debacle of monumental proportions.

[RPM4]

Originally Posted by Nathan

If they are only at 20% now, they're definitely having issues with people requesting deposits back. If they were telling the truth before, they had 66 or so units sold a year ago I think. It could be that GoR and Centre Square Place are stealing buyers from capital pointe just by having more action on site.

From what I know they were at 50% sold but have since dropped down to 10%. Refunding deposits has definitely been an issue. Though when I asked for a refund - 4 days after Greg Black mentioned the possibility of refunds in the LP article - they told me no. I think they are now totally desperate to hold on to anyone that they can.

From what I can tell (someone at CP never learnt how to BCC emails) ... they now have 14 units sold.

[youngregina]

Those numbers sound horrifyingly low considering the marketing that took place to bolster the image of the condominium. The only issue that I have with the people who think this isn't going to be built at all is the the sheer fact that Hilton is still signed on as a hotelier in this specific project. They want shovels in the ground because Regina's hotel industry is quite tight as of late, and there is much in regards to lost revenue because of the lack of hotel rooms in the city. I can see the hotel and shared amenities being built, which surely will inject some confidence into the buyers... which will hopefully lead to more sales and the rest of the project can go underway. Any thoughts??