Regina | Capital Pointe | 29F | 11F | 91M | ?M | Cancelled - Page 47

Scruff Bucket · #**921** Posted **Feb 25, 2012, 6:20 PM**

Somewhat tangible news ... -- Think positively, and it will happen!

(Isn't that some sort of New Age or other philosophy?

) -- umm, barring they don't run out of money, or they just give up before they finish, or ...

Development moving ahead
By Will Chabun, Leader-Post February 25, 2012

http://www.leaderpost.com/Development+moving+ahead/6207634/story.html

Twrlvr · #**922** Posted **Feb 26, 2012, 1:04 AM**

Quote:

Originally Posted by kenskca

I work with consultants quite a bit and making last minute arrangements to have someone come to Regina is tough. Downtown hotel rooms can be hard to come by during the week unless you plan a couple weeks ahead.

That's what I was getting at about the hotel. Regina clearly can use more hotel space, and you'd think somebody would jump at this. Then you have this quote from the article in Scruff Bucket's link: "the partners will be looking for a firm to buy and operate the development's 10-story hotel." What's up with that? Shouldn't that duck have been lined up months ago? Then again, maybe it will be an easy sell, and maybe they know that, so I may be all hyper about it for no reason.

Scruff Bucket · #**923** Posted **Feb 26, 2012, 6:47 AM**

I have a feeling that Capital Pointe may want to obligate the lucky hotelier that does choose to purchase into their location to abide by some terms or contract (like a percentage of business that the hotelier might do, continual maintenance or other costs, or something like that), some of which might not be favourable for the hotelier to sustain, and thus discourage the hotelier from committing. After all, both the hotelier and Capital Pointe are operating businesses, and each would want to maximally recoup their own investments in a reasonable (quickest) amount of time! -- ie. the cost of doing business! (Or is that the way it works in the hospitality and real estate industries?)

I hope that's not the case with the restaurant, too!

Twrlvr · #**924** Posted **Feb 27, 2012, 12:26 AM**

What Scruff Bucket says

could be the case, but I take "looking for a firm to buy and operate" to not mean like a lease of any kind. I'm sure a new owner would have to abide by the rules of, and pay franchise fees to, the Hilton chain. As far as Capital Pointe ie. the developers are concerned, I believe once they build and sell it, they're done with it. Same goes for the condo part. I live in a condo, and as soon as the new construction warranty expired, we had no further ties with the developer at all. The new condo owners will set up a corporation and be in total control of their affairs. The main reason I'm concerned about the hotel is that I worry it will be used as an ongoing excuse to delay the start of construction.

osmo · #**925** Posted **Feb 27, 2012, 5:54 AM**

Hotels are not the cash cows they appear to be. They either need to be sprawling/Tall total complexes that 🞵🞵🞵🞵 off revenues from conventions, retail, etc. Or they are high priced smaller boutique type establishments. For a hotel developer they would ask "why the F#*k should I pay top dollar for land when I can build for a quarter of the price on the outskirts of town and still get the same demand".

Trends have shifted for downtown hotels, you can't hang your hat on rooms, they are cyclical and exposed to slowdowns. Many hotels are converting rooms into condos to sell off for cash, or if they are new builds building units with them. Why this is not clicking for this project is a mystery, I still don't trust the developers as they seem like rats and I feel many hotel groups don't like the terms or project if they are having issues finding somebody to come on.

My guess is that they will unload the project onto the hotel, it will be scaled down. But at the current terms I assume you won't make that much cash.

Get these slumldogs out of the picture so somebody whom is competent can take the site over and get something built.

Stormer · #**926** Posted **Feb 27, 2012, 2:42 PM**

Some posters here are very naive. It is not a simple matter to sell an unbuilt hotel tied into an multi-use complex that has not been built. There are all kinds of issues that have to be ironed out, from separating the construction financing, to condominiumizing the hotel proprty so it has separate title, shared parking, shared amenities, hotel services for the condos and on and on. You do not just hang up a "for sale" sign.

The hotel market in regina is booming - both suburban and downtown. I have heard the Hotel Sask is spinning off about $1 million per month in net cash. There are also plans in the works for at least one new downtown hotel in addition to the Hilton.

Twrlvr · #**927** Posted **Feb 27, 2012, 10:52 PM**

If I am being called naive

, then I'll accept that as constructive criticism, and again admit that I don't know a darn thing about the business details. However, aren't the "all kinds of issues that have to be ironed out" what they were supposedly working on for the past 2 years? Also, since "It is not a simple matter to sell an unbuilt hotel", maybe they would make some progress if they did a little digging or something. They excell at opening presentation centers, but I think business in them would pick up, especially for the condo units, if we could see more action. I know it's easy to spend someone else's money, but if the financing is in place as they claim, what is the reason for wasting several months of good weather? I hope work on the power cable problem at least begins before the June date they most recently offered.

thefourthtower · #**928** Posted **Feb 28, 2012, 1:17 AM**

Rumor has it that PCL has rented a construction office site office very close by ,it may happen more than some think

Nathan · #**929** Posted **Feb 28, 2012, 2:56 AM**

Quote:

Originally Posted by thefourthtower

Rumor has it that PCL has rented a construction office site office very close by ,it may happen more than some think

If the rumour is true, maybe that's why the sales centre was moved... so PCL could use that space. Here's to hoping that's what's happening; it would be great to finally see some tangible construction progress.

Stormer · #**930** Posted **Feb 28, 2012, 4:45 AM**

Quote:

Originally Posted by Nathan

If the rumour is true, maybe that's why the sales centre was moved... so PCL could use that space. Here's to hoping that's what's happening; it would be great to finally see some tangible construction progress.

They said they are building mock-ups in the old office on Vic.

thefourthtower · #**931** Posted **Feb 28, 2012, 2:25 PM**

the rumor is that the construction site office will be on another street

DickintheWick · #**932** Posted **Feb 28, 2012, 9:14 PM**

Don't want to pee on the campfire here folks, but the hotel debacle is similar to what happened to Brightstar with their development called Crate's Landing. First it was a Marriott (promised) then a Hilton, and by all accounts they may be lucky to attract a Motel 6..! These boys have not built anything ! No money....No digging...simple as that. If pre-sales are only again starting, count on it being 3 more years out, at least ! They've been at it in Keswick, Ontario since 2003 and all they have is a closed up Million Dollar Sales Centre and some really expensive dirt mortgaged up the ying yang...Good Luck with it !

micheal · #**933** Posted **Feb 29, 2012, 12:58 AM**

Quote:

Originally Posted by DickintheWick

Don't want to pee on the campfire here folks, but the hotel debacle is similar to what happened to Brightstar with their development called Crate's Landing. First it was a Marriott (promised) then a Hilton, and by all accounts they may be lucky to attract a Motel 6..! These boys have not built anything ! No money....No digging...simple as that. If pre-sales are only again starting, count on it being 3 more years out, at least ! They've been at it in Keswick, Ontario since 2003 and all they have is a closed up Million Dollar Sales Centre and some really expensive dirt mortgaged up the ying yang...Good Luck with it !

damb it!! I'm gonna grab a shovel and start digging

Twrlvr · #**934** Posted **Mar 2, 2012, 10:23 PM**

Quote:

Originally Posted by DickintheWick

Don't want to pee on the campfire here folks, but the hotel debacle is similar to what happened to Brightstar with their development called Crate's Landing. First it was a Marriott (promised) then a Hilton, and by all accounts they may be lucky to attract a Motel 6..! These boys have not built anything ! No money....No digging...simple as that. If pre-sales are only again starting, count on it being 3 more years out, at least ! They've been at it in Keswick, Ontario since 2003 and all they have is a closed up Million Dollar Sales Centre and some really expensive dirt mortgaged up the ying yang...Good Luck with it !

Well, it seems that DickintheWick has, in fact, put the fire out here. I had previously read about Brightstar's less than stellar reputation with Crate's Landing and other projects. However, and notwithstanding my earlier rants, I am still hoping that Westgate's initial work combined with the positive economy, demand, and attitude here will lead to a success story in this case. Brightstar can certainly use something to brag about too, so that should be some extra incentive. Maybe it's time to cut them a little slack, and see if anything happens between now and June.

Scruff Bucket · #**935** Posted **Mar 10, 2012, 8:08 PM**

Can anybody tell what, if anything is/was going on at the Capital Pointe site?! I passed by the other night, and noticed that part of the fencing along Victoria Ave. had been removed. Has it been restored since? Are they setting up to move/reroute the utilities that are buried underground? Something else? Sorry! I haven`t been able to pass it by any more recently!

Nathan · #**936** Posted **Mar 11, 2012, 12:47 AM**

Quote:

Originally Posted by Scruff Bucket

Can anybody tell what, if anything is/was going on at the Capital Pointe site?! I passed by the other night, and noticed that part of the fencing along Victoria Ave. had been removed. Has it been restored since? Are they setting up to move/reroute the utilities that are buried underground? Something else? Sorry! I haven`t been able to pass it by any more recently!

The plywood "fencing" has been replaces with the blue wire/metal fencing all around. If I'm going to take the optimistic view... I'll say it's because they need to be able to shift the fencing out further to begin site prep.

micheal · #**937** Posted **Mar 13, 2012, 2:12 PM**

Just drove by today. Financed by Fortess Capital banners all over fencing. This usually is a good sign that construction is eminent.

Scruff Bucket · #**938** Posted **Mar 14, 2012, 8:27 AM**

How terrible some people are! I drove by CP site last nite around 10:30 pm and noticed the nice, blue metal fencing has been toppled over along Victoria Ave. and onto the sidewalk! I'm sure whoever maintains the fencing will sure be happy to see that in the morning! NOT!!!

... I wonder how long it's been like that?!

I'm sure the vandals responsible also did not consider the potential hazard to pedestrians using that side of Vic Ave., esp. those who are traversing west and decide to walk on the street with traffic approaching them from behind, during morning rush hour, if the fencing has not been righted by then!

Stormer · #**939** Posted **Mar 14, 2012, 2:26 PM**

Quote:

Originally Posted by Scruff Bucket

How terrible some people are! I drove by CP site last nite around 10:30 pm and noticed the nice, blue metal fencing has been toppled over along Victoria Ave. and onto the sidewalk! I'm sure whoever maintains the fencing will sure be happy to see that in the morning! NOT!!!

... I wonder how long it's been like that?!

I'm sure the vandals responsible also did not consider the potential hazard to pedestrians using that side of Vic Ave., esp. those who are traversing west and decide to walk on the street with traffic approaching them from behind, during morning rush hour, if the fencing has not been righted by then!

I also noticed this morning that what I think are 3 new flag poles on the back of the new stage on the plaza have been vandalized - bent to the ground. I really think the City needs to consider video surveilance of the Plaza.

micheal · #**940** Posted **Mar 14, 2012, 5:20 PM**

Quote:

Originally Posted by Stormer

I also noticed this morning that what I think are 3 new flag poles on the back of the new stage on the plaza have been vandalized - bent to the ground. I really think the City needs to consider video surveilance of the Plaza.

its time to get tough on people like this rather than a slap on the wrist as most of them get.