Construction begins on apartments, retail space in Bellanca building – Cabin Radio

The new one-bed and two-bed apartment complex and retail space will be renovated over the summer. The owners are targeting a move-in date for new tenants of December 2024 or early 2025.

Plans for the revamped building, which will be called The Nest, were approved by the City of Yellowknife in summer 2022. The Nest is owned by Borealis Development, which reportedly bought the building for $1.4 million.

Borealis Development said it needed to get permitting and financing in place before construction could begin a process that was delayed in part by last summers wildfire evacuation.

Were very excited, said Afzal Suri, one of the owners of Borealis Development.

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Hopefully this will revitalize the downtown core. I think it meets all the criteria that the city has set for the revitalization of the downtown core, and were hoping well encourage other developers to do the same.

It was an existing building that was being under-utilized, and I think it can now finally live to its full potential.

Suri said the building has been gutted on the inside, so Borealis can start afresh with new electrical, plumbing and windows.

He noted the building unfortunately had an issue with the facade part of the siding fell off the 10-storey building in 2018 so that will also be redone.

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Once complete, there will be 36 one-bedroom units and 36 two-bedroom apartments. The layouts on each floor will be the same.

All the units are going to be rentals. There will be some put aside for affordable units, said Suri.

Applications to rent the units wont become available until an opening date for the building is in sight, but Suri said Borealis is already looking for commercial tenants to fill two rental units on the ground floor so Borealis can develop those spaces to meet their needs.

When shoppers enter the building, theyll be able to turn left or right to enter a store. Residents can continue on to their apartments.

The tenants wouldnt be disturbed with the retail activity thats going on, and itll be beneficial for the retail units because theres non-stop foot traffic thats walking right in front of their front door, Suri said.

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Construction begins on apartments, retail space in Bellanca building - Cabin Radio