Yellowknife condo development revived

Bayview Estates in Yellowknife may be coming back to life, as an Edmonton real-estate developer has taken over the stalled condominium development.

Mike Mrdjenovich of Nova Builders, a well-known real-estate developer in the North, told CBC News he will be in Yellowknife this month to start planning work on the scenic waterfront property, overlooking Back Bay near Niven Drive.

"It rekindles the spark of optimism," Mayor Gord Van Tighem said of Nova Builders, which he said has a proven track record.

"Housing is needed here."

Construction began on the 92-unit condo development in 2006, but the half-built units remain boarded up today. The bank foreclosed on its original developer, Bond Street Properties of Edmonton, when that company ran out of money.

But questions remain about the revived version of Bayview Estates, from how work will resume, to when it will be completed. Some also ask if the construction that has already been done can still be of any use.

"We will ask for some structural engineering review to be done to ensure that the foundations are still sound and the structures themselves are, you know, fit for development," said Jeff Humble, the city's planning and development manager.

Mrdjenovich said he does not yet know what the new Bayview Estates will look like, but there is already some interest in the revived project from at least one buyer.

"I never have given up until the last time that I knew that the company was going to go [into] bankruptcy, so I was very disappointed," said Angela Law, who had bought into the original condominiums on speculation.

The original buyers of Bayview Estates did get their money back, but never got to move into the condos they had wanted.

"I pay high rent for five years, and waiting and waiting for five years," Law said.

"So at least now there's somebody who's come up and [will be] finishing the project. That's good."