SOMBA K'E/YELLOWKNIFE - Bayview Estates, the unfinished townhouse complexes on Niven Drive, are now up for sale after almost two years of sitting unfinished on the lot overlooking Back Bay.

The units, on a 7.31 acre lot, are listed for $5.585 million on the Coldwell Banker real estate website.

Fisgard Capital Corporation, which loaned $3 million to the Edmonton-based Bond Street Properties, stated in court documents that the unfinished units were worth $2.27 million in total.

Lawyer Malinda Kellett, representing Bond Street Properties, said she wasn't able to comment on the specifics of the case and directed questions to Fisgard lawyer Doug McNiven, who Kellett said was handling the foreclosure process. McNiven did not return calls by press time.

Court documents from March 2009 show that Fisgard Capital, a Victoria, B.C.-based investment and lending firm, demanded Bond Street repay a mortgage in arrears used to develop Bayview Estates. A letter to the developer from Fisgard's lawyer states that, as of January 9, 2009, "the amount due, owing and in default is $3,178,217.25." This consists of $3 million principal and the rest in interest and costs.

Court files on the matter show, in a document dated March 9, Bond Street properties failed to deliver a statement of defence within the time provided by the Supreme Court of the Northwest Territories.

In early July, Raja Jam, construction manager for Bond Street Properties, said the company was still seeking financial help to complete the project.

Two dozen units were pre-sold and 16 of those units currently sit unfinished. Court documents show the completed complex would have had 92 units worth approximately $44 million.

"We already spent so much money in it, so our first priority is to finish it so we can get our money out of it," Jam said at the time in an interview with Yellowknifer. "By the grace of Almighty we should be able to carry on with it. It's just the hard market at this time."

Calls to Bond Street Properties were not returned by press time. A company listed as 809656 Alberta Limited, identified as Bond Street in court documents obtained by Yellowknifer, owes $125,000 in back taxes to the City of Yellowknife for two properties on Con Road - Shaganappy Apartments and Ptarmigan Apartments.