Since construction halted in 2017, the only thing that’s changed at the Capital Pointe site is the level of snow.
But now it has an expiration date.
“I think the taxpaying citizens of Regina want to see this conclusion brought forward,” Mayor Michael Fougere said. “We’re pleased with the result so far, but we’re not finished yet.”
The landowner, Westgate Properties, has been ordered to fill the hole and remove all road obstructions by the end of March. If it doesn’t make the deadline, the city can do the work itself and tack the cost onto Westgate’s property taxes.
“This failure should not have happened,” real estate lawyer David Franklin said.
While Westgate has 30 days to appeal the decision, it has not retained a lawyer or engineer, making an appeal unlikely.
Franklin says the group has likely run out of money- which means a total loss for investors.
The project developer, Fortress Real Estate, is in the midst of a fraud investigation linked to similar projects in Manitoba and Ontario.
If anything, he believes this could prevent something like this from happening again in the future.
“Because they’re under criminal investigation for fraud, they can’t go out and make any money,” Franklin said. “Because of the publicity that’s come out, the average person will have a better understanding of this business.”
One Regina man who bought one of the proposed condos told Global News he’s disappointed the project didn’t pan out, but the writing was on the wall.
He hasn’t had any contact with Fortress since December, and on Wednesday he began filing paperwork to recover his $60,000 down payment.
The decade-long saga has also caused a fair share of frustration for those without money at stake, but humour has kept the public engaged as time drags on.
Roughly 75 people gathered just to look at the hole and say “wow” in imitation of actor Owen Wilson last October. Now there are plans to bid the hole farewell with a different message.
“At the end of March we’ll be saying ‘kthxbye'”, organizer Paula Krasiun-Winsel said. “I think it’s just best to say farewell and pop some bottles of champagne or sparkling apple juice and say a few words.”
“To approach it with humour is the only way to deal with it at this point,” she said. “It hasn’t gone up, it hasn’t gone down, nothing has happened with it for so long. What else can we do but laugh at it?”
Franklin says this is a cautionary tale for those looking to invest in real estate in the future, and believes provincial regulators bear accountability for allowing certain projects, and companies, to proceed with work.
Westgate Properties and Fortress Real Estate did not respond to multiple requests for comment.
Comments