By Nigel Maxwell

Historic downtown building up for sale…again

Dec 24, 2013 | 5:45 AM

The large, red posters on the front door of the Old Canada Building can be read almost clearly from across the street.

For the third time in less than 10 years, the building is up for sale.

“We've got it listed for $949,000,” said Saskatoon realtor Kelly Kehoe, with Realty Executives.

The building was most previously bought in 2010 by two brothers in Alberta. Their plan was to carry out the vision of the previous owners– a commercial/ residential development. Five of the 13 condo suites are finished; and three of the four commercial spaces are full.

“This is a project that takes in my view a hands-on type of person, and these guys are from Alberta. They just couldn't put what was needed in this project based on the fact they are 500 miles away,” said Kehoe.

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Prior to the building's sale in 2010, it was placed in foreclosure because the owners, VL Futures, defaulted on the mortgage. Kehoe said he believed the price they have listed now is more than fair.

“If you look at the value of the suites completed, there is probably close to $750,000 to $800,000 worth of completion on the suites,” said Kehoe.

Add to that the value of the tenancies and Kehoe said the building is already worth nearly $1.2 million. Kehoe added they have had some interest from the Prince Albert area, but nothing concrete as of yet.

“We always hope that we are going to have something done sooner rather than later. As I said we have had some interest, we just haven't been able to get the right guy interested yet,” said Kehoe.

nmaxwell@panow.com

On Twitter: @nigelmaxwell