The Hay River high rise did not find a buyer after it was put up for auction on August 12, with nobody bidding to take over the property.
The town says it is planning to have the building go up for auction again sometime in 2022. Property taxes will continue to be charged on the building.
The property had been up for auction in the Town of Hay River’s tax arrears auction — where building owners that have unpaid property taxes have their property auctioned off.
The owner of the building at 3 Capital Drive, Harry Satdeo, has unpaid property taxes totalling around $170,000, according to the town’s Senior Administrative Officer Glenn Smith, who spoke with Cabin Radio.
The town could start a process to “redeem the property once certain conditions have been met,” according to Sam Mugford, Director of Finance and Administration with the Town of Hay River.
The building had been initially placed for sale in June but was removed 24 hours later because there were multiple registrations against the unit.
The apartment block, which has sat vacant for two years since a fire forced residents to evacuate, was priced at $1.45 million — the value determined by GNWT assessors.
Mugford said that price tag would stick until the GNWT re-evaluated the property, something they do annually.