Doug Ashbury
Northern News Services

NNSL (Feb 10/99) - Most construction companies don't end up owning the buildings they build.

But that's how it's turned out for Hovat Construction (1985) Ltd.

Hovat now owns the Raven Pub building on the corner of 50th Street and 51st Avenue.

"We've never had a situation like this," Hovat co-owner Eric Sputek said.

Hovat Construction, owned by Peter Hovat and Sputek, fought in court to take over the building from businessman Cory Wong.

They won the four-year legal battle and took ownership of the building Dec. 18.

Wong had hired Hovat Construction to put up a new building after the original structure was destroyed by fire. Wong failed to meet the payment schedule so Hovat Construction took legal action, Sputek said.

Taking ownership meant paying off the building's mortgage -- Sputek preferred not give the exact amount, but it's well into six figures -- as well as about $80,000 in legal fees and city back taxes.

"This was one of (Hovat's) darkest projects. It's been ugly for four years but at least we now own the building. I'm glad we stuck with (efforts to take ownership)," Sputek said.

"(But) we are not in the real estate business. We are trying to sell and/or lease the building and we have one tenant," Sputek said.

That one tenant is looking to restart the Raven Pub.

"The Raven Pub will be re-opened. It could open within a few weeks."

Jim Sturge of Yellowknife will run the pub.

Sputek also said Hovat Construction bought the pub equipment from the former tenants, a group of Vancouver businessmen, who leased the pub space from Wong.

Sputek is optimistic about the building's ability to attract new tenants and possibly a new owner.

The location's pluses include its central location. As well, it's a fairly new building, he said.

There is room for one, possibly two, more tenants in the 614 square metre (6,600 square foot) building.

It remains to be seen if a buyer emerges.

The building's price tag is likely over $750,000.

The Raven Pub building is one of several commercial properties on the market. The Edgson's building, the Urbania Building on 51st Avenue and 4912 49th St., located beside the Black Knight pub, are among other commercial properties up for sale.