[Haliguy]

Unclear if deal will keep unfinished apartment complex off auction block


Sat. Nov 3 - 6:57 AM

It was still unclear late Friday afternoon whether a deal would be completed to save an unfinished Halifax apartment building from the auction block on Monday.

Southwest Properties Ltd. of Halifax was negotiating to acquire the 10-storey, 109-unit building on South Street.

Construction of the building was halted recently after Banc Properties of Dartmouth initiated foreclosure through the courts to recover $3.64 million it was owed on a second mortgage.

Steve Tsimiklis Holdings Ltd. and its principal, Steve Tsimiklis, were developing the $15-million building when the company ran into financial problems.

At least a dozen companies that worked on the property have registered liens against the property.

Gordon Laing, CEO of Southwest Properties, confirmed Friday his company was in discussions to acquire the building but said nothing has been finalized.