The Merchant Law Group has filed an offer $500,000 higher than the asking price for the land where the Capital Pointe project was supposed to sit.

The $2.8-million offer was made on behalf of Smith Street Lands Ltd.

"Our vision is for the development of the site such that all taxpayers will be proud of the end result," a statement from Smith Street Lands said.

"While our proposal is consistent with the other offer being considered in that both are conditional upon approval from the City of Regina for the allowance of surface parking, parking is only the short term fix."

Redevelopment of the area was announced in 2009 and was supposed to result in luxury condominiums at the site. The project was supposed to be finished in 2015, but it wasn't until that year that excavation finally began. Work stopped on the project in 2017, leaving an empty hole in its place.

There is currently an empty lot at 1971 Albert Street, which is now listed as part of a court-ordered sale. It was previously home to the iconic Plains Hotel.

In an interview with CBC News, Tony Merchant said he envisions a hotel, an office building, or a mix of the two residing in the space.

"There are also other proposals; there are some major building [users] that need to be moved in Regina, they're old buildings, they have to be used in a different way," he said.

"We've got a number of ideas that are current, that might come together in a year, year-and-a-half, two years."

In the news release issued Tuesday, Merchant said making an offer $500,000 above what had been offered by another developer pays the city in full and "puts the property into the hands of known Regina project developers."

Saskatchewan Corporate Registry documents show Smith Street Properties Ltd. is owned by three companies; Bison Properties Ltd, which is owned in part by Leonard Goldman and Garth Frederickson; Victoria Acres Development Corporation, owned in part by Goldman and Adam Neiser Jr.; and a numbered company, which is owned by Evatt Merchant and Pana Merchant.

Tony Merchant is listed as a director and secretary with Smith Street Lands Ltd. in Saskatchewan Corporate Registry documents.

The news release said the companies have developed commercial and multi-family projects in Regina for 50 years.

Merchant said along with paying the city in full, the companies will use the land to "add to Regina's downtown business growth" and the group hopes their offer will be accepted by the Court of Queen's Bench on Dec. 12.

Smith Street Lands' offer isn't the only one vying to take control of the property, located at the corner of Albert Street and Victoria Avenue.

Earlier this month, Regina-based Royalty Developments Ltd. offered to buy the property for $2.2 million, in addition to the assumption of certain property taxes, documents from a mortgage trustee said.

The president of Royalty Developments is Anthony Marquart, who is also known as one of the co-owners of the Regina Pats.