The 122-unit Mackenzie Place highrise in downtown Hay River has been sold to a SA国际影视传媒渓arge Western Canadian company,SA国际影视传媒� according to an Edmonton-based real estate company.
The building has been uninhabited since a March 15, 2019 fire on the 11th floor led to extensive damage and forced 125 residents to be evacuated.
Bradley Gingrich, senior managing director of investments with Institutional Property Advisors, said in an interview with the Hub that he closed the sale of the downtown building on Jan. 21 between Harry Satdeo, owner of Satdeo Inc., and a company that he wouldnSA国际影视传媒檛 name.
Neither would he disclose the price.
SA国际影视传媒淭he group thatSA国际影视传媒檚 coming up there now is more sophisticated and will treat it like the building it deserves and will spend the proper money,SA国际影视传媒� Gingrich said. SA国际影视传媒淭he building was the heartbeat of the town and this group is hoping to bring it back to the heartbeat of the town.SA国际影视传媒�
Gingrich, who specializes in selling multifamily apartments in Western Canada, said he facilitated the transaction when Satdeo bought the company in the early 2000s.
According to the Town of Hay River, the assessed value of the apartment building had been reduced from $5.9 million in 2019 to $2.9 million in 2020, largely due to the fire.
Gingrich said the buyer recognizes that there is an immediate need for extensive renovations to the structure.
SA国际影视传媒淭heySA国际影视传媒檙e going to get at it right away SA国际影视传媒� in the next 30 to 40 days,SA国际影视传媒� he said. SA国际影视传媒淭he new purchaser intends to strip it down and rebuild it and that will include new cabinetry, new floors and whole new common areas.SA国际影视传媒�
He predicted that upgrades will SA国际影视传媒渄efinitelySA国际影视传媒� be completed within a year.
SA国际影视传媒淭he beauty of this project is that there are no weather restraints,SA国际影视传媒� he said. SA国际影视传媒淵ou can work from the inside all winter long. YouSA国际影视传媒檙e closed in. When the summertime comes you can change up the windows and patio doors.SA国际影视传媒�
Last August, the town attempted to auction the building but was unable to complete a transaction at that time.
Between then and this month, Gingrich said he worked with Satdeo to try to sell the property. Market studies were completed and correspondence was exchanged with the Canada Mortgage Housing Corporation, the GNWT and the municipality.
Gingrich noted that he visited the site recently, on more than one occasion.
SA国际影视传媒淲e were also able to sneak private jets into town on the weekends, and no one noticed and we were up there a few times,SA国际影视传媒� he said. SA国际影视传媒淎fter visiting it, my impression is that itSA国际影视传媒檚 a beautiful building and thereSA国际影视传媒檚 lots of potential. It just needs money and it needs a vision...SA国际影视传媒�
In August, the town said that Satdeo owed close to $400,000 in back taxes. Gingrich acknowledged that several outstanding bills were dealt with in the sales process.
Town of Hay River senior administrative officer Glenn Smith stated that the municipality hadnSA国际影视传媒檛 officially been made aware of a change in property ownership as of Jan. 28.
He added, however, that a sale of the building would be positive for the community.
SA国际影视传媒淎ny sale and acquisition of title to the property would mean that property tax arrears have been dealt with SA国际影视传媒� this would be a good news story for the town and taxpayers in general,SA国际影视传媒� Smith said. SA国际影视传媒淭he town would be interested in meeting with any new buyer to understand their plans for the property.SA国际影视传媒�
