SOMBA K'E/YELLOWKNIFE - The Canada Post building on Franklin Avenue is the very centre of downtown Yellowknife - a literal treasure trove of history, actually, having once been used to store gold (in its basement, underneath the main floor from which Canada Post now operates).

The current owners of the historic Canada Post building on Franklin Avenue have recently posted For Lease signs on the windows of the building's second floor, though no tenants have emerged yet. - Guy Quenneville/NNSL photo

More than a year ago, Dene-held firm Denendeh Investments, in partnership with developer Homes North Ltd., purchased the building for $1.1 million.

Earlier this summer, 'For Lease' signs began sprouting on the building's second floor.

Yellowknifer called Denendeh's chief operating officer, Margaret Gorman, to get an update on the partners' plans for the popular downtown building.

Yellowknifer: When were the signs put up?

Gorman: Earlier this year. It's not very often that you look up. Did you ever notice that there's a third storey on that building?

Yellowknifer: Really?

Gorman: There's a little penthouse up on the top floor. It used to be used by the judges when they did the circuit court. There's a little apartment up there. I never knew that. I've been in Yellowknife for 20 years. When we went and did a tour of the building when we were looking at it, (I thought), 'How many years did I not look up?' Whether or not we can use it now ... That was used 20 years ago, so we'd have to make sure that it's a legal suite, because there's only really one exit.

Yellowknifer: What's the size of the second floor?

Gorman: It's 6,000 square feet. There's an old library up there from the courthouse. There's a walk-in safe that's built like Fort Knox.

Yellowknifer: What are the partners' plans for the building?

Gorman: As you can tell with the For Lease sign, we're trying to rent out the top floor. It hasn't been occupied for about 10, 15 years. It's got those old-fashioned power poles, things like that.

It's actually a very beautiful space. We've considered moving into it ourselves but it's a bit too much space for ourselves.

Yellowknifer: Does the interior need work?

Gorman: As (with) any space, when you walk into it, you retrofit it according to your own needs. We haven't done anything because, for example, if a tenant or potential tenants wants to come to our floor, the way you would approach those renovations would be different than if we had (rented it) to three different renters.

Yellowknifer: If you got interest from a potential leaser, that might spur the corporation to perhaps do some retrofits?

Gorman: Any time you get into a lease with a tenant, they cover the renovations, in terms of what they need. Unless they want it as is, which is very seldom done. Until we know if we've got one or three or four tenants, it's very difficult for us to start planning hallways, washrooms.

Yellowknifer: Have you received any expressions of interest?

Gorman: We've gotten a couple of inquiries, but mostly people just looking for 200 square feet, not looking for as much as 6,000. So if we don't get somebody who's looking for the entire square footage, then we'll look at, 'OK, maybe we should just go in and start building four offices or something out there.'

On the Canada Post office:

Gorman: Their lease is up in 2011 ... They have to give us a year's notice but they haven't indicated one way or another ... We won't know until December.

On filling up the bottom floor if Canada Post doesn't renew its lease:

Gorman: I don't think (it) will be too difficult for the bottom floor. It's such a central location.

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