After about a decade of delays and work stoppages, one Regina lawyer thinks investors in Capital Pointe could have legal grounding to get their money back.
Westgate Properties, which owns the site, is currently appealing an order from the City of Regina to fill the hole at the corner of Victoria Avenue and Albert Street.
Back when the project was in its early stages around a decade ago, people invested thousands of dollars to have an opportunity to live in the high-end condo.
Regina Lawyer Robert MacKay hasn’t seen the contract signed between the investors and developer but believes there should be ways for them to get their money back.
“There should be some remedies available to them under the contract if their units weren’t provided to them under a certain period of time,” MacKay said. “That would sort of be the standard in the industry.”
Depending on the assets that are still available, MacKay said what people get back may vary.
He said people should do their due diligence to find out if they are owed the money back or not.
He said a case like this is not something commonly seen in Saskatchewan.
“I don’t know off-hand of any other development like this that has run into the same difficulties,” MacKay said.
He said it’s a shame the project has reached this point because of the potential it had.
“(It was) a big selling point for the Regina skyline. It would’ve been quite the landmark building there so the fact it’s fallen through to-date anyways has been a big disappointment,” MacKay commented.
980 CJME reached out to Fortress Development, the project’s current developer, for comment but a written statement was not provided before the article was published.