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  #2881  
Old Posted Feb 10, 2018, 7:21 PM
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^Lol.

"See the future now!"
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  #2882  
Old Posted Mar 7, 2018, 2:23 PM
Pi3141592654 Pi3141592654 is offline
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http://leaderpost.com/news/local-new...capital-pointe

The Capital Pointe project has built up a mountain of outstanding bills and postponed mortgages, prompting one contractor to wonder if he’ll ever get paid.

Seamus Carroll, president of CLC Building Solutions, said his company stopped excavation work at the site last summer. He was frustrated. According to his telling, developers behind the long-delayed tower at the corner of Albert Street and Victoria Avenue had failed to settle hundreds of thousands in outstanding bills.

He said they still haven’t made good.

“It doesn’t help to be out that kind of money. It’s very hard to keep going,” Carroll said. “We have employees to pay and equipment to run and maintain.”

CLC put a lien against the property last month, and was soon joined by two other firms. Land title documents show a total of $986,405 in outstanding claims from contractors. Asked about his level of optimism at ever seeing the money, Carroll was blunt: “low.”

But Fortress Real Developments, the company leading the project, called Caroll’s comments and figures “grossly inaccurate.” The company’s development team prepared a series of statements that a press representative relayed in a series of emails to the Leader-Post over several days.

“Anyone can register a lien on a project,” one email read. “That does NOT mean the monies are owed to them. This matter will be resolved through a process that is set out in the Saskatchewan Lien Act. As often times, liens are filed erroneously and improvidently, we believe this is the case here and we intend to defend our position.”

According to City Hall, Capital Pointe had, as of late February, also racked up the second-highest bill for late property taxes in Regina. A notice displayed at city hall last month showed the property had amassed $49,502 in tax arrears. Given the value of the land, however, the figure could have been accumulated over a single year.

Coun. Bob Hawkins, who has long expressed frustration over the “big hole” left by excavation, advised the developers to pay up.

“Like any property owner, they’re obligated to pay their taxes,” he said. “And the city can take action if they don’t.”

“How do they rationalize not paying taxes?” asked Coun. Andrew Stevens, whose ward encompasses the site.

Fortress did not respond to repeated emailed questions about when they plan to pay their taxes or if they’ve been paid since the notice was issued.

The Capital Pointe project, a hotel and condo development, first came before the city’s planning commission in September 2009 under the name “Westgate Plaza.” Construction was to start a year later, with completion slated for November 2012. The current 27-storey plan, which would become Regina’s tallest building, was unveiled in 2010. Fortress took it over in 2014.

But the developers have long struggled with building challenges and a cooling market for condos in Regina. First came trouble with electrical infrastructure, then with a sanitation line and debris from the old Plains Hotel, said Fortress.

“The housing market conditions have definitely created challenges for this development,” an email from the company read. “We have not sold all the units.”

It called the repeated delays “excusable.”

Robert MacKay, a Regina-based real estate lawyer, said all signs point to financial difficulties with the project, given the liens, although those aren’t unusual in the construction industry.

All told, the Capital Pointe property is carrying $43 million in mortgages, with 24 separate postponements on record. MacKay said postponements can be a way of reordering the priority of debt to raise new financing.

He also commented on another legal point about Capital Pointe: The company that officially owns the site, Westgate Properties, wasn’t an active corporation as of last week. It was listed as “struck off” the corporate registry. From a strictly legal perspective, that means it could not carry on business.

“If I bought a unit there now, I can’t own it, because they’re not in a legal position to actually be able to transfer me the property,” MacKay said on Friday.

He added that the issue is largely a technicality. And Fortress, which is a major shareholder in Westgate, told the Leader-Post on Monday the registry problem resulted from an “oversight” and has now been resolved.

Fortress said it has already paid $1.2 million to the city in permits, taxes and fees. It stressed that it is still committed to finishing the project and repaying its debts.

“We have never contemplated not constructing the building,” the company’s email read.

“All projects deal with mortgages, disputes that may result in liens, and at times tax arrears,” it continued. “We fully intend to make sure all the items are dealt with as we move to the next phases of construction.”

To get there, Capital Pointe must first surmount a major bureaucratic hurdle on March 15. If the developers can’t show “meaningful construction work” by that date, city hall can declare the current building permit expired.

That’s up to administration, not council. But Hawkins said he hasn’t seen anything to convince him there’s been meaningful progress.

“What I’m hoping to see is some activity indicating that the project is moving forward,” he said. “It’s no more complicated than that. There’s a feeling that nothing is happening.”

Fortress argues that foundation work has taken place, pointing to progress on forming and shoring the excavation site. That work is 97 per cent complete, according to the company, which says it’s preparation for pouring concrete.

“Major works will begin once weather permits,” the email stated.

Fortress now says the tower will be built within 18 to 24 months. It’s far from the first new completion date provided for Capital Pointe. And Coun. Stevens is skeptical.

“They expect to have the project done in two years, every two years,” he said.

awhite-crummey@postmedia.com
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  #2883  
Old Posted Mar 7, 2018, 3:35 PM
prairieguy prairieguy is offline
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Wow.....what else can one say about this joke....except it is NOT funny....
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  #2884  
Old Posted Mar 7, 2018, 3:43 PM
Festivus Festivus is offline
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Quote:
Originally Posted by Pi3141592654 View Post
The Capital Pointe project has built up a mountain of outstanding bills and postponed mortgages, prompting one contractor to wonder if he’ll ever get paid.
Narrator: He won't.
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  #2885  
Old Posted Mar 7, 2018, 4:16 PM
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Poor Regina. So glad Winnipeg wisened up to these crooks before SkyCity Centre broke ground.
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  #2886  
Old Posted Mar 7, 2018, 4:30 PM
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On the positive side, the backtaxes might give the city the power to take the land back. Although the owner could then pay the taxes within the rather long period of time to reclaim ownership.

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  #2887  
Old Posted Mar 8, 2018, 4:34 AM
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Seems like a good place to put all the snow from this weather bomb we just had.
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  #2888  
Old Posted Mar 8, 2018, 5:57 PM
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Wow.....what else can one say about this joke....except it is NOT funny....
I know I shouldn't have, but I laughed.
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  #2889  
Old Posted Mar 8, 2018, 7:46 PM
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Question for someone with more knowledge than myself. Is it possible for another serious, financially sound developer to acquire the site under these circumstances?
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  #2890  
Old Posted Mar 8, 2018, 8:06 PM
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^The short answer is yes.

Fortress could sell the land ot the city could do a tax sale of the land because of taxes in arrears.

Of course a tax sale would mean that Fortress could still claim ownership of the land if they pay the taxes within some timeframe, usually six months to a year, but I don't know the city or provincial laws on that.
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  #2891  
Old Posted Mar 14, 2018, 9:42 PM
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CTV: Capital Pointe developers owe $50,000 in back taxes

- The City of Regina has confirmed that the developers owe close to $50,000 in unpaid property taxes.

- The most recent building permit issued for the site expires on Thursday, and it remains to be seen if the city will renew it.

- The developers had owed CLC Building solutions nearly $500,000. The balance was paid as of Tuesday.
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  #2892  
Old Posted Mar 15, 2018, 3:53 AM
Regina Boi Regina Boi is offline
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Quote:
Originally Posted by Roger Strong View Post
CTV: Capital Pointe developers owe $50,000 in back taxes

- The City of Regina has confirmed that the developers owe close to $50,000 in unpaid property taxes.

- The most recent building permit issued for the site expires on Thursday, and it remains to be seen if the city will renew it.

- The developers had owed CLC Building solutions nearly $500,000. The balance was paid as of Tuesday.
Sounds like a good excuse for the city to reclaim the land and finally fill that hole in.
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  #2893  
Old Posted Mar 15, 2018, 5:24 PM
Kegger Kegger is offline
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https://twitter.com/DavidJBoles/stat...35111687651328

Looks like the city is moving pretty quickly on this. Requiring it to be backfilled by the end of May as the current shoring is supposed to be only temporary.
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  #2894  
Old Posted Mar 15, 2018, 5:41 PM
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Looks like the city is moving pretty quickly on this. Requiring it to be backfilled by the end of May as the current shoring is supposed to be only temporary.
Last year Fortress said that the project would reach ground level by November 2017. Last month they said it would reach ground level by September 2018.

Suddenly that claim has credibility!
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  #2895  
Old Posted Mar 15, 2018, 6:24 PM
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At the press conference, a reporter asked about CP's claim the site was winterized and the city basically answered that they expected work to continue through the winter.

Quote:
Originally Posted by LeaderPost
“The city is preparing to take action to require the property owner to backfill the site,” Folk said, explaining that would mean they would need to “fill the hole” left by stalled excavation work.

But there are several steps before that point. It all hinges on the engineering firm working on the project: Isherwood Geostructural Engineers. She said the firm is requiring “specific action” by April 30 and a plan by March 30.

“What this means is by March 30, the property owner has to advice their engineer that it intends to resume construction in April,” said Folk.

She did not comment further on what kind of action would be required.
http://leaderpost.com/news/local-new...capital-pointe

I would love to know what CP has to do specifically to avoid the city backfilling. I'm hoping the city is finally at the end of their rope with this.
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  #2896  
Old Posted Mar 15, 2018, 6:29 PM
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It's not that easy filling a I don't know how many metre deep hole. What is it, 20m-30m down? You don't just dump dirt in there.

This also affects future developments as the ground has been disturbed quite deep. never mind they'll probably leave that shoring system in place. Those typically stay in place permanently. Future developers will have to work with what is there.
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  #2897  
Old Posted Mar 15, 2018, 7:08 PM
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Originally Posted by bomberjet View Post
It's not that easy filling a I don't know how many metre deep hole. What is it, 20m-30m down? You don't just dump dirt in there.

This also affects future developments as the ground has been disturbed quite deep. never mind they'll probably leave that shoring system in place. Those typically stay in place permanently. Future developers will have to work with what is there.
It will cost a fortune to fill in. The material will need to be hauled form outside of town.
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  #2898  
Old Posted Mar 15, 2018, 8:31 PM
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Sorry, but I think everyone is being waaaaaaaay less skeptical than necessary, given the track record here.

The City basically said that Fortress has to pinkie-promise to the engineers (hired by Fortress' contractor) that they'll start construction April. Really? C'mon.

The specific wording, according to the LP is that Fortress needs “to advise their engineer that it intends to resume construction in April” [my emphasis]

‘advise’ and ‘intends’ are weasel words - they hold very little legal weight.

No concrete plan needed (pun intended).
Intentions & reality are often miles apart... as demonstrated by this project over the past 7 years (every year I advise my wife that I intend to go to the gym more, and drink less beer... hassn't happened yet).

Guess what Fortress gets for "advising" their engineers (curiously, not the City) before March 30th that they intend to start construction in April? A permit extension! For 180days! during which they will... do nothing. as usual.


AND - as noted, filling in the hole isn't a little project. So, even if it gets to that, what are the chances that Fortress will be able to do it in under 3-4years (if ever)?

Fortress is ready for a legal fight (“At this time we are not in a position to make any further comments regarding what we consider has now become a legal matter” (Fortress to LP by email today)), good thing the City's had at least 5 years to get their legal position shored up & ready to battle... everyone's known it would eventually end up in the courtroom. All of the clear communication & decisive action the City's taken over the past several years will assist in their court case.
[FTR: nearly everything in this paragraph is sarcasm. Solid bet the City's lawyers have barely been involved/are nowhere near ready for a court battle; and the City's wishy-washy complacency in this gong show will only benefit Fortress when this ends up in court]
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  #2899  
Old Posted Mar 15, 2018, 9:27 PM
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I didn't read anything. But from my knowledge of geotechnical issues, there are time limits on certain items. It's a temporary vs. permanent thing.

The shoring may be designed for a temporary condition, or a condition where as they run risk of shoring failure if they leave it sitting too long. Ground water pressures change due to excavation, etc. I've seen some failures on recent projects where the contractor let excavations sit too long, and they failed. Including a shoring wall.

Anyways, if the geostructural people feel they are running a risk, they wont sign anything regardless who their client is. Then the City will fill the whole to prevent a failure.

If it's strictly a permit thing, why would the geotech people be involved?



Edit: I read the article and this stood out from the consultant.

Cody Robb is the project manager with Isherwood Geostructural Engineers. He declined to specify which action his firm is demanding from the property owners, except to confirm that the project site is currently safe.

The bold underlined. Currently. I see the whole being filled in the next few months or they'll be some more working on bracing the shoring. Prolonging this whole saga indefinitely.
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  #2900  
Old Posted Mar 15, 2018, 9:40 PM
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Wouldn't filling the Capital Pointe pit with water create the new largest lake in Saskatchewan? Think of the possibilities for downtown Regina recreation, stock it with fish, build some diving platforms, etc.
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