Regina | Capital Pointe | 29F | 11F | 91M | ?M | Cancelled

[boborider]

Originally Posted by Nathan

On the news (can't remember if it was Global or CTV) they said the developers are hoping for excavation to begin in June or July (again... can't remember which they mentioned)... but they definitely didn't say April.

I heard the same news item and they definitely said June. How does a date, which you would think had been discussed at some length by the principles changes that dramatically in a matter of days. I hope this thing goes but my gut tells me that this thing smells like month old sushi and you can take that to the Bank (couldn't resist the bad pun).

[Bdog]

Originally Posted by Spongebob

Well, the ice sculpture is a start. Would this qualify as "under construction"?

They may not have broken ground, but they have definitely broken the ice

[ceedub1170]

And it definitely smells like they've broken wind too.

[HomeInMyShoes]

I will believe a date when I actually here the name of the group investing in the hotel portion.

[Twrlvr]

Originally Posted by HomeInMyShoes

I will believe a date when I actually here the name of the group investing in the hotel portion.

I'd like to agree, but I won't believe a date until I actually see some dirt flying. Had relatives in town a couple weeks ago who said the East end hotels were all packed. I'm no business person, but I can't understand how the hotel thing can still be a problem after this long.

[kenskca]

Originally Posted by Twrlvr

I'd like to agree, but I won't believe a date until I actually see some dirt flying. Had relatives in town a couple weeks ago who said the East end hotels were all packed. I'm no business person, but I can't understand how the hotel thing can still be a problem after this long.

I work with consultants quite a bit and making last minute arrangements to have someone come to Regina is tough. Downtown hotel rooms can be hard to come by during the week unless you plan a couple weeks ahead.

[Scruff Bucket]

Somewhat tangible news ... -- Think positively, and it will happen! (Isn't that some sort of New Age or other philosophy? ) -- umm, barring they don't run out of money, or they just give up before they finish, or ...

Development moving ahead
By Will Chabun, Leader-Post February 25, 2012

http://www.leaderpost.com/Developmen...634/story.html

[Twrlvr]

Originally Posted by kenskca

I work with consultants quite a bit and making last minute arrangements to have someone come to Regina is tough. Downtown hotel rooms can be hard to come by during the week unless you plan a couple weeks ahead.

That's what I was getting at about the hotel. Regina clearly can use more hotel space, and you'd think somebody would jump at this. Then you have this quote from the article in Scruff Bucket's link: "the partners will be looking for a firm to buy and operate the development's 10-story hotel." What's up with that? Shouldn't that duck have been lined up months ago? Then again, maybe it will be an easy sell, and maybe they know that, so I may be all hyper about it for no reason.

[Scruff Bucket]

I have a feeling that Capital Pointe may want to obligate the lucky hotelier that does choose to purchase into their location to abide by some terms or contract (like a percentage of business that the hotelier might do, continual maintenance or other costs, or something like that), some of which might not be favourable for the hotelier to sustain, and thus discourage the hotelier from committing. After all, both the hotelier and Capital Pointe are operating businesses, and each would want to maximally recoup their own investments in a reasonable (quickest) amount of time! -- ie. the cost of doing business! (Or is that the way it works in the hospitality and real estate industries?) I hope that's not the case with the restaurant, too!

[Twrlvr]

What Scruff Bucket says could be the case, but I take "looking for a firm to buy and operate" to not mean like a lease of any kind. I'm sure a new owner would have to abide by the rules of, and pay franchise fees to, the Hilton chain. As far as Capital Pointe ie. the developers are concerned, I believe once they build and sell it, they're done with it. Same goes for the condo part. I live in a condo, and as soon as the new construction warranty expired, we had no further ties with the developer at all. The new condo owners will set up a corporation and be in total control of their affairs. The main reason I'm concerned about the hotel is that I worry it will be used as an ongoing excuse to delay the start of construction.

[osmo]

Hotels are not the cash cows they appear to be. They either need to be sprawling/Tall total complexes that suck off revenues from conventions, retail, etc. Or they are high priced smaller boutique type establishments. For a hotel developer they would ask "why the F#*k should I pay top dollar for land when I can build for a quarter of the price on the outskirts of town and still get the same demand".

Trends have shifted for downtown hotels, you can't hang your hat on rooms, they are cyclical and exposed to slowdowns. Many hotels are converting rooms into condos to sell off for cash, or if they are new builds building units with them. Why this is not clicking for this project is a mystery, I still don't trust the developers as they seem like rats and I feel many hotel groups don't like the terms or project if they are having issues finding somebody to come on.

My guess is that they will unload the project onto the hotel, it will be scaled down. But at the current terms I assume you won't make that much cash.

Get these slumldogs out of the picture so somebody whom is competent can take the site over and get something built.

[Stormer]

Some posters here are very naive. It is not a simple matter to sell an unbuilt hotel tied into an multi-use complex that has not been built. There are all kinds of issues that have to be ironed out, from separating the construction financing, to condominiumizing the hotel proprty so it has separate title, shared parking, shared amenities, hotel services for the condos and on and on. You do not just hang up a "for sale" sign.

The hotel market in regina is booming - both suburban and downtown. I have heard the Hotel Sask is spinning off about $1 million per month in net cash. There are also plans in the works for at least one new downtown hotel in addition to the Hilton.

[Twrlvr]

If I am being called naive , then I'll accept that as constructive criticism, and again admit that I don't know a darn thing about the business details. However, aren't the "all kinds of issues that have to be ironed out" what they were supposedly working on for the past 2 years? Also, since "It is not a simple matter to sell an unbuilt hotel", maybe they would make some progress if they did a little digging or something. They excell at opening presentation centers, but I think business in them would pick up, especially for the condo units, if we could see more action. I know it's easy to spend someone else's money, but if the financing is in place as they claim, what is the reason for wasting several months of good weather? I hope work on the power cable problem at least begins before the June date they most recently offered.

[thefourthtower]

Rumor has it that PCL has rented a construction office site office very close by ,it may happen more than some think

[Nathan]

Originally Posted by thefourthtower

Rumor has it that PCL has rented a construction office site office very close by ,it may happen more than some think

If the rumour is true, maybe that's why the sales centre was moved... so PCL could use that space. Here's to hoping that's what's happening; it would be great to finally see some tangible construction progress.

[Stormer]

Originally Posted by Nathan

If the rumour is true, maybe that's why the sales centre was moved... so PCL could use that space. Here's to hoping that's what's happening; it would be great to finally see some tangible construction progress.

They said they are building mock-ups in the old office on Vic.

[thefourthtower]

the rumor is that the construction site office will be on another street

[DickintheWick]

Don't want to pee on the campfire here folks, but the hotel debacle is similar to what happened to Brightstar with their development called Crate's Landing. First it was a Marriott (promised) then a Hilton, and by all accounts they may be lucky to attract a Motel 6..! These boys have not built anything ! No money....No digging...simple as that. If pre-sales are only again starting, count on it being 3 more years out, at least ! They've been at it in Keswick, Ontario since 2003 and all they have is a closed up Million Dollar Sales Centre and some really expensive dirt mortgaged up the ying yang...Good Luck with it !

[micheal]

Originally Posted by DickintheWick

Don't want to pee on the campfire here folks, but the hotel debacle is similar to what happened to Brightstar with their development called Crate's Landing. First it was a Marriott (promised) then a Hilton, and by all accounts they may be lucky to attract a Motel 6..! These boys have not built anything ! No money....No digging...simple as that. If pre-sales are only again starting, count on it being 3 more years out, at least ! They've been at it in Keswick, Ontario since 2003 and all they have is a closed up Million Dollar Sales Centre and some really expensive dirt mortgaged up the ying yang...Good Luck with it !

damb it!! I'm gonna grab a shovel and start digging

[Twrlvr]

Originally Posted by DickintheWick

Don't want to pee on the campfire here folks, but the hotel debacle is similar to what happened to Brightstar with their development called Crate's Landing. First it was a Marriott (promised) then a Hilton, and by all accounts they may be lucky to attract a Motel 6..! These boys have not built anything ! No money....No digging...simple as that. If pre-sales are only again starting, count on it being 3 more years out, at least ! They've been at it in Keswick, Ontario since 2003 and all they have is a closed up Million Dollar Sales Centre and some really expensive dirt mortgaged up the ying yang...Good Luck with it !

Well, it seems that DickintheWick has, in fact, put the fire out here. I had previously read about Brightstar's less than stellar reputation with Crate's Landing and other projects. However, and notwithstanding my earlier rants, I am still hoping that Westgate's initial work combined with the positive economy, demand, and attitude here will lead to a success story in this case. Brightstar can certainly use something to brag about too, so that should be some extra incentive. Maybe it's time to cut them a little slack, and see if anything happens between now and June.