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

[Dalls]

I work in the real estate development industry in Canada and am very familiar with Capital Pointe. Here is what is really happening.

Brightstar, although well intentioned IMO, has been unsuccessful in obtaining construction financing for the project. They have little or no money needed to continue to market the project, nor do they have the required equity to get bank financing. They need to achieve a greater number of pre-sales as well before financing is committed. The Sask Power and permits "issues" are just buying them for time to obtain this additional financing which is several million dollars.

However, the good news is that word on the street is they have secured a joint venture for the project. I know who the partner is but am unable to disclose it. But rest assured the partner has both the financial capacity and the experience to complete the project. When the deal gets formally consummated between these parties - expect the project to start moving forward. This same partner will be partnering on the ill fated Crate's Landing project in Ontario as well.

If I had to speculate - I would assume that deposits get refunded and the new partner will go back to the drawing board and re-market and re-brand the entire thing. But that's just a guess.

[Chaps]

Originally Posted by Dalls

I work in the real estate development industry in Canada and am very familiar with Capital Pointe. Here is what is really happening.

Brightstar, although well intentioned IMO, has been unsuccessful in obtaining construction financing for the project. They have little or no money needed to continue to market the project, nor do they have the required equity to get bank financing. They need to achieve a greater number of pre-sales as well before financing is committed. The Sask Power and permits "issues" are just buying them for time to obtain this additional financing which is several million dollars.

However, the good news is that word on the street is they have secured a joint venture for the project. I know who the partner is but am unable to disclose it. But rest assured the partner has both the financial capacity and the experience to complete the project. When the deal gets formally consummated between these parties - expect the project to start moving forward. This same partner will be partnering on the ill fated Crate's Landing project in Ontario as well.

If I had to speculate - I would assume that deposits get refunded and the new partner will go back to the drawing board and re-market and re-brand the entire thing. But that's just a guess.

They JV'd once already. How does this make sense?

[Chadillaccc]

They should just kibosh this project and repropose a new one in my opinion. People in Regina have obviously lost confidence in this project and they will not get many more, if any, presales. So I think it would be best to redesign and rename the project. I know that costs a lot of money and is probably not feasible for a nearly bankrupt project, but it's a nice idea.

I want and hope for this thing to be built... but hopefully something remarkable gets built there before too long

[Dalls]

Originally Posted by Chaps

They JV'd once already. How does this make sense?

The project is large enough to accommodate a few different partnership groups - if that is what it takes to bring this to fruition.

That said, this new JV may partner with one of Westgate/Brightstar and remove the other from the picture entirely.

[Mike328]

Originally Posted by Dalls

The project is large enough to accommodate a few different partnership groups - if that is what it takes to bring this to fruition.

That said, this new JV may partner with one of Westgate/Brightstar and remove the other from the picture entirely.

I know you can't say a lot due to disclosure, but what kind of time frame are we looking at if a new JV is indeed coming in...month? 6 months? Another year??

[Dalls]

Originally Posted by Mike328

I know you can't say a lot due to disclosure, but what kind of time frame are we looking at if a new JV is indeed coming in...month? 6 months? Another year??

I would expect to see it announced within 3 months.

[thefourthtower]

Originally Posted by Chadillaccc

They should just kibosh this project and repropose a new one in my opinion. People in Regina have obviously lost confidence in this project and they will not get many more, if any, presales. So I think it would be best to redesign and rename the project. I know that costs a lot of money and is probably not feasible for a nearly bankrupt project, but it's a nice idea.

I want and hope for this thing to be built... but hopefully something remarkable gets built there before too long

Totally agreed , get your house in order and stop lying to the public , people has lost total confidence in this project , what's the next excuse anyone have any ideas I think they used them all up

[one_brick_at_a_time]

Downtown Theatre and Residential/Hotel Complex!!!!!!!!!!

[DickintheWick]

http://ckom.com/story/capital-pointe...c-permit/94214

DALLS, Since you are "very familiar" with both Capital Pointe and the "ill fated" Crates properties , perhaps you can share any information you have regarding what intent any potential new JV partner would have to deal with the abundant number of investors who have money in both of these projects, either from syndicated mortgages or limited partner investors or any other type of active/passive participants ? As you know, both deals are greatly OVER leveraged at this point...I suspect a flurry of legal activity will start when some of this paper comes due..In the meantime, bundle up !

[boborider]

Didn't think this could become much more of a gong show but apparently it has. Info on CBC news today indicated that these guys are in arrears for their property taxes. Listing of tax arrears was posted in the Leader Post a few days ago. Didn't know this until CBC took a close look at the addresses and low and behold. Man, that ought to inspire confidence in potential investors

[thefourthtower]

`

[drumuser]

there was some activity on site today. they are moving snow. maybe the recent announcement of the 2 way lane change on vic has something to do with this site? fingers crossed.

[Festivus]

Originally Posted by drumuser

there was some activity on site today. they are moving snow. maybe the recent announcement of the 2 way lane change on vic has something to do with this site? fingers crossed.

From what I understand they are going to be doing the work on the main power cables underground, finally. I am still thinking it will be for nothing (in terms of Capital Pointe), but it also would need to get done anyway for any future tower, so it's not money wasted, either.

[Cyro]

Originally Posted by Festivus

From what I understand they are going to be doing the work on the main power cables underground, finally. I am still thinking it will be for nothing (in terms of Capital Pointe), but it also would need to get done anyway for any future tower, so it's not money wasted, either.

I hope this project goes ahead...It reminds me of the problems we had in the Peg with Hydro lines that needed to be moved before heritage landing..now 300 assiniboine got underway..huge delay!

[1ajs]

Originally Posted by Festivus

From what I understand they are going to be doing the work on the main power cables underground, finally. I am still thinking it will be for nothing (in terms of Capital Pointe), but it also would need to get done anyway for any future tower, so it's not money wasted, either.

you can't do anything at all untill u move that stuff so it sits waiting for hydro witch is prolly waiting till the ground thaws to do and prolly taken some planing and permit pulling to do

[Mike328]

Originally Posted by drumuser

there was some activity on site today. they are moving snow. maybe the recent announcement of the 2 way lane change on vic has something to do with this site? fingers crossed.

Do we know for sure that the lane closure is for capital Pointe. I went by this weekend and the signs were turned off and turned sideways so they didn't say when the restriction starts. City of Regina site doesn't.say either. Anyone know when the lane closures start?

[DickintheWick]

Originally Posted by drumuser

there was some activity on site today. they are moving snow. maybe the recent announcement of the 2 way lane change on vic has something to do with this site? fingers crossed.

It was to make room for the Easter Bunny.......

[Chaps]

Originally Posted by Festivus

From what I understand they are going to be doing the work on the main power cables underground, finally. I am still thinking it will be for nothing (in terms of Capital Pointe), but it also would need to get done anyway for any future tower, so it's not money wasted, either.

Brightstar was footing the bill to have it moved. SaskPower isn't moving them for free. So either this is for Capital Pointe, or someone else is paying to have it moved...which means someone else bought the land from Brightstar. Seeing as though there hasn't been a peep about a sale...I'm guessing Brightstar is still the ones paying to have this moved.

Maybe, just maybe, there was some truth in their words.

[blacktrojan3921]

Well, I got off the phone with Capital Pointe. He tells me that they are expecting to start re-routing the powerline that runs beneath the site around this week, most likely tomorrow even. They also tell me that Saskpower has cleared the site, and that they are going to close part of the road on Albert St. and Victoria Ave.

[Chadillaccc]

While that is excellent news if it's indeed true.. however, haven't we heard exactly that a few times before? or similar?