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A tentative deal has been reached for the sale of a lot at the corner of Albert Street and Victoria Avenue in Regina that was to be the site of Capital Pointe.
According to documents on the FAAN Mortgage Administrators website, a deal has been reached for the lot at 1971 Albert St., but it must be approved in the courts.
According to the document, the realtor received two offers for the property. The offer from Royalty Developments Ltd. for $2.2 million, plus the assumption of certain property taxes, was accepted.
The property was originally listed at $8.5 million but was lowered to $2 million in August with the requirement that any buyer takes on the property taxes associated with the lot. Despite the lower price, no offers were received until Nov. 7.
The documents said the city is owed more than $2 million in property taxes, which includes the costs to backfill and remediate the site.
The City of Regina said it is aware of the pending judicial sale and is monitoring the situation. It will not make any comments as the matter is before the courts.
