Regina developer makes $2.2M offer on former site of Capital Pointe

REGINA — A local developer made a conditional offer to purchase the former site of Capital Pointe, subject to court approval.

Royalty Developments Ltd. made an offer of $2,205,065 to purchase the land. The property, which will have the municipal address of 1971 Albert St., has been Initially, relators Cushman & Wakefield were asking $8.5 million, but the price was slashed to just $2 million shortly after.

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According to court documents, the buyer will take on the outstanding property taxes.

An application to purchase the property was also made by Ontario based JYR Investments for $2,230,065 in November.

The application to purchase the site by Royalty Developments has to be approved by Court of Queen’s Bench, which is scheduled to take place on Dec. 12.

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