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The people who want to build on the old Capital Pointe location say it could take a while for their plans to materialize.
That’s why they’re applying to the city’s planning commission to rezone the site so they can use it as a parking lot for a year.
Approval would allow them to keep up with municipal taxes without going further into debt.
The applicants say pre-development of the land could take up to two years and it could be up to 2 1/2 years before they start to build something.
In the meantime, they would like the city’s approval to make the site at the corner of Albert Street and Victoria Avenue into a parking lot.
The plan calls for 87 parking stalls as well as eight stalls for motorcycle and bicycle parking.
The lot would be fenced and gated, and would allow right turns into and out of the lot onto Albert, provided the company also builds a median on Albert to stop southbound drivers from turning left into the lot.
City administration recommended the plan be approved for one year. The Regina Downtown Business Improvement District also offered its temporary support to the plan in a letter to the city.
“We support the Regina Downtown Neighbourhood Plan (RDNP) recommendation that no new surface parking be allowed; however, we also recognize the realities of current market conditions,” the RDBID said.
“Private investment and development should be encouraged in Downtown Regina. As this is an important entry into downtown, we ask that the applicant be required to provide enhanced landscaping, as a buffer, along the edges of the parking lot.”
The property was to be the site of the Capital Pointe condo and hotel, but that project fell through. In 2019, the city filled a hole on the property that had been dug by the developers.
The planning committee is to meet Wednesday afternoon.
