By Brent Bosker

Downtown condo project back on track

Oct 19, 2010 | 6:18 AM

A group of Calgary investors have bought the historic Canada Building in Prince Albert and plan to carry out the previous owner's vision.

A major remodel of the building's suites came to an abrupt halt last year, when the building went into foreclosure.

The previous owner, VL Futures, reportedly defaulted on the mortgage and numerous trades bills were not paid.

Vice president of business development Shaun King, is well aware of the property's past history and is attempting to make things right.

“What we've tried to do is although we have no relation to the previous ownership. We've tried to reach out to those entities and try and reengage with them and hopefully offer some opportunities for them to participate,” said King.

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Solid Rock Carpentry and Renovation is one of the contractors that are still owed money from VL Futures.

But they're putting the past behind them and have agreed to do the demolition and some of the refurbishment work for the new owners.

“Shaun King out of Calgary contacted me and I met with him and everything seemed good so we decided to give it a shot,” said Dennis Ehlert with Solid Rock.

King says the project was attractive for several reasons.

“It was a residential development that was happening in the downtown core, which we know from talking to many people in Prince Albert, has been missing in the area.” said King.

The new ownership group plans to have the high end condominiums move-in-ready by next spring.

bbosker@rawlco.com