Royalty Developments, the largest private-sector owner of undeveloped land in downtown Regina, has launched plans for a 16-storey office tower at the corner of Rose Street and 12th Avenue in the city's financial district.

The 440,000-square-foot tower would be the largest office building in Saskatchewan if it receives approval from Regina City Council. If approved, and it appears likely it will, construction would start next year and it would complete in late 2014 or early in 2015.

The new tower would be welcomed in Saskatchewan's capital, which has the distinction of having the lowest office vacancy rate in Canada, at around 0.85 per cent.  Royalty plans to build the tower in conjunction with Harold Rotstien of Regina and PFM Capital.