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

[Baker58]

Originally Posted by DickintheWick

Nope, its about money and they do not have any....

You keep saying that but you are wrong there. The money is there (finally) and Saskpower is working right now. The problem is they are doing everything backwards. They didn't do research as to what problems they were going to encounter as to utilities (Saskpower even told them ahead of time but they didn't pay attention so now they are taking their sweet time), they didn't secure a hotel tenant right away and they kept saying we will be starting next month when in actuality they weren't anywhere near ready.

Now somehow, even though they did screw up time and time again leading up to this point, somehow they are ready to go (as per my sources and they are to be believed). That being said, their reputation has been ruined with the city, with multiple realtors, with multiple construction companies and with many many many investors. I am hoping we dont end up with a half completed building that somebody has to come in and finish or has to be torn down later but by all indications the project will be starting sometime late this year or early next.

[brithgob]

Originally Posted by Baker58

they didn't secure a hotel tenant right away

? It was announced right at the start as a Hilton Garden. (Actually, the original development plans had it as a Hampton Inn, but that's the same corporate umbrella. They swapped with another hotel development that's in the works)

[Nathan]

Originally Posted by brithgob

? It was announced right at the start as a Hilton Garden. (Actually, the original development plans had it as a Hampton Inn, but that's the same corporate umbrella. They swapped with another hotel development that's in the works)

They don't have an actual investor for the hotel though, do they?

[Baker58]

Originally Posted by brithgob

? It was announced right at the start as a Hilton Garden. (Actually, the original development plans had it as a Hampton Inn, but that's the same corporate umbrella. They swapped with another hotel development that's in the works)

It's funny how quickly you can make a company mad when after having good verbal discussions with that company you announce that they will be a tenant when they haven't actually put there name down on paper. As I said, they did everything backwards.

[sask1982]

This has got to be the most active thread talking about a construction project yet to begin ha ha Despite the Plains being demolished, i won't believe this project is going to move forward until the hole is dug, the lower levels poured, and there is structure above ground.

I really would love to see it go up just like everyone else but i'm not holding my breath.

[SkydivePilot]

Originally Posted by Nathan

They don't have an actual investor for the hotel though, do they?

As of 2 months ago; . . . . no investor as-of-yet. With the empty lot being imbued with a whole plethora of murals 'n such, they sure - appear - to be serious about this though.

[roccerfeller]

Originally Posted by Baker58

You keep saying that but you are wrong there. The money is there (finally) and Saskpower is working right now. The problem is they are doing everything backwards. They didn't do research as to what problems they were going to encounter as to utilities (Saskpower even told them ahead of time but they didn't pay attention so now they are taking their sweet time), they didn't secure a hotel tenant right away and they kept saying we will be starting next month when in actuality they weren't anywhere near ready.

Now somehow, even though they did screw up time and time again leading up to this point, somehow they are ready to go (as per my sources and they are to be believed). That being said, their reputation has been ruined with the city, with multiple realtors, with multiple construction companies and with many many many investors. I am hoping we dont end up with a half completed building that somebody has to come in and finish or has to be torn down later but by all indications the project will be starting sometime late this year or early next.

interesting... is this the first project for these guys? cause utilities is a big deal in this sort of development....

[Chaps]

Originally Posted by roccerfeller

interesting... is this the first project for these guys? cause utilities is a big deal in this sort of development....

I don't know how people find out about this stuff if it's not disclosed to them prior to purchasing the land. So if the real estate deal went down, and the owner of The Plains was unaware (because the conduit was deep enough, it was never a concern) then it's possible they purchased without consideration because there was no reasonable reason to believe there would be a buried conduit bunker down there...UNTIL they did their utility locates which wouldn't do until they were getting close to digging.

So maybe, just maybe, they're telling the truth here. Maybe they were getting their ducks in a row to begin digging, and the utility locate came back with some really crappy news.

The story above that SaskPower is dogging it now because they claim they gave the heads up, if true, is really pathetic on SaskPower's part. But I doubt it's true. I don't think they would be intentially slack.

[roccerfeller]

Originally Posted by Chaps

I don't know how people find out about this stuff if it's not disclosed to them prior to purchasing the land. So if the real estate deal went down, and the owner of The Plains was unaware (because the conduit was deep enough, it was never a concern) then it's possible they purchased without consideration because there was no reasonable reason to believe there would be a buried conduit bunker down there...UNTIL they did their utility locates which wouldn't do until they were getting close to digging.

So maybe, just maybe, they're telling the truth here. Maybe they were getting their ducks in a row to begin digging, and the utility locate came back with some really crappy news.

The story above that SaskPower is dogging it now because they claim they gave the heads up, if true, is really pathetic on SaskPower's part. But I doubt it's true. I don't think they would be intentially slack.

Its probably a part truth (i.e. the truth from someone's POV on their end perhaps)

But likely not the whole truth. There is probably stubbornness on both sides to a degree, assuming the finances are in place on the developers end, but from what I took regarding what Baker said is that the onus is truly on the developer for jumping the gun in some respects.

But I think the best news is that it still is something they want to get done. Its a shame they're missing this year for development as it would be prime for condo investors (given the housing market in Regina)

[Baker58]

Originally Posted by roccerfeller

Its probably a part truth (i.e. the truth from someone's POV on their end perhaps)

But likely not the whole truth. There is probably stubbornness on both sides to a degree, assuming the finances are in place on the developers end, but from what I took regarding what Baker said is that the onus is truly on the developer for jumping the gun in some respects.

But I think the best news is that it still is something they want to get done. Its a shame they're missing this year for development as it would be prime for condo investors (given the housing market in Regina)

Slight exaggeration on my part. It is moreso I think they just figured saskpower should be done by now where the only way they could really do that is if they had tons of guys working on it 24/7 with as many ppl as they could get down there.

[DowntownRiderFan]

Originally Posted by Chaps

I don't know how people find out about this stuff if it's not disclosed to them prior to purchasing the land. So if the real estate deal went down, and the owner of The Plains was unaware (because the conduit was deep enough, it was never a concern) then it's possible they purchased without consideration because there was no reasonable reason to believe there would be a buried conduit bunker down there...UNTIL they did their utility locates which wouldn't do until they were getting close to digging.

So maybe, just maybe, they're telling the truth here. Maybe they were getting their ducks in a row to begin digging, and the utility locate came back with some really crappy news.

The story above that SaskPower is dogging it now because they claim they gave the heads up, if true, is really pathetic on SaskPower's part. But I doubt it's true. I don't think they would be intentially slack.

I think I remember hearing that they knew about the conduit and had planned to simply encase it in concrete and basically build around it (not sure how this would have worked exactly). But as things progressed, SK Power decided they wanted to move it instead. Im too lazy to look for the source but am pretty sure I read that somewhere, not sure if it was an article on the project or just someone here posting.

[DickintheWick]

Originally Posted by Baker58

You keep saying that but you are wrong there. The money is there (finally) and Saskpower is working right now. The problem is they are doing everything backwards.

Baker, if the money was "there" to build, it would have been announced by Brightstar, and Fortress would have been all over it with their own press releases. The utilities issue is one thing that they can hide behind, as they pulled off in the Ontario project by blinding investors, purchasers and local government for years with silly rhetoric about why they couldn't start construction! (By the way, just refer to their website and look at all the previous press releases) In the end, its always about money and unfortunately for the developer, its impossible to come by without authentic sales and perhaps more importantly these days, a true track record !

[Chaps]

Originally Posted by DowntownRiderFan

I think I remember hearing that they knew about the conduit and had planned to simply encase it in concrete and basically build around it (not sure how this would have worked exactly). But as things progressed, SK Power decided they wanted to move it instead. Im too lazy to look for the source but am pretty sure I read that somewhere, not sure if it was an article on the project or just someone here posting.

That sounds familiar, yes.

And if that is the case, that's pretty hard to blame CP for.

[DowntownRiderFan]

Originally Posted by DickintheWick

Baker, if the money was "there" to build, it would have been announced by Brightstar, and Fortress would have been all over it with their own press releases. The utilities issue is one thing that they can hide behind, as they pulled off in the Ontario project by blinding investors, purchasers and local government for years with silly rhetoric about why they couldn't start construction! (By the way, just refer to their website and look at all the previous press releases) In the end, its always about money and unfortunately for the developer, its impossible to come by without authentic sales and perhaps more importantly these days, a true track record !

I have no dog in this fight, but if the money wasn't there and they are looking for more, why would the project be listed under 'past projects' on the Fortress website and not still a 'current' project?

[blacktrojan3921]

Well, called Capital Pointe. They said that they are still waiting on Saskpower to move the conduit and are expecting it to start next week, but they also said that it would take 6-8 weeks for them to move it if everything is perfect.

I also noticed that they updated they're website, in which they now list on which condo units are sold and which still on sale. Seems as though there are a lot more sold rooms then I thought

[DickintheWick]

Originally Posted by DowntownRiderFan

I have no dog in this fight, but if the money wasn't there and they are looking for more, why would the project be listed under 'past projects' on the Fortress website and not still a 'current' project?

DRF...the Fortress money appears to be limited to the stated $7.5M which I understand has been raised in total. That would be enough to cover soft costs and the interest reserve required by Fortress (and nothing for actual construction) to be paid to the "investors". Looks like security is a second mortgage. Lamb Developments who actually get projects into the ground, have used Fortress on many deals. Those investors will be fine.

[TechnicalRecession]

If the CP people were smart, they'd sell the hotel peice of the land to Alt Hotels, who are currently looking to build a hotel in downtown Regina..

[Chaps]

Originally Posted by TechnicalRecession

If the CP people were smart, they'd sell the hotel peice of the land to Alt Hotels, who are currently looking to build a hotel in downtown Regina..

Considering a big part of the CP sell is the "hotel ammenities" for condo residents, and the luxurious lifestyle portrayal, I don't think the ALT brand of "no frills" hotels fits well with the project.

[DickintheWick]

Originally Posted by Chaps

Considering a big part of the CP sell is the "hotel ammenities" for condo residents, and the luxurious lifestyle portrayal, I don't think the ALT brand of "no frills" hotels fits well with the project.

You could only hope that the ALT brand would come to Regina...would never happen...certainly not a "no frills" chain. Just my opinion of course...

[Nathan]

Originally Posted by DickintheWick

You could only hope that the ALT brand would come to Regina...would never happen...certainly not a "no frills" chain. Just my opinion of course...

They put an ad in the Regina paper, so it's not exactly far fetched... They also described themselves as "no frills", soooo.....

http://shopping.leaderpost.com/ROP/a...?advid=1706231