Satdeo Inc. of Edmonton officially took ownership of the building on Dec. 18.

"We're always looking around for distressed properties," says new owner Harry Satdeo, explaining that means properties that can be turned around.

The former owner of the property, Westworth Ltd. of Ontario, experienced financial difficulties with the building, which was in receivership.

The asking price for the 16-storey building was $2.55 million, but Satdeo says it was purchased for "well below" that figure from Westworth Ltd. and its creditors.

However, he says he would not describe the high-rise as a bargain. "For the simple reason it is operating at a loss of about $40,000 a month."

Satdeo, who is originally from Guyana in South America, also has big plans for the building, saying it will mean investing $200,000 a year for the next five years.

Among the planned improvements are replacing the roof, enclosing the balconies, and undertaking a total facelift of the exterior.

Satdeo says all the rooms will also be upgraded to attract the high-income earners of the North.

"It will be the first gated community in the North," he adds, explaining it will be surrounded by a user-friendly security fence.

"In five years, it will be one of the most prestigious and desirable properties to live in the North," he predicts.

Currently, there are about 40 tenants in the building, which has a capacity of 107 tenants, including several businesses.

Fifteen of those units will become available on Jan. 1, and 10 more a month afterwards.

Satdeo, who is moving to Hay River to manage the property, also plans to find a new name for the building through a public competition. He believes the current name has a stigma because of the property's checkered past.

Satdeo Inc. has a 250-unit portfolio in Edmonton, consisting of 10 apartment buildings and a number of houses.