Yellowknife’s YK1 school district is selling the Nordic Arms, a 24-unit downtown apartment building the district has owned and operated since the 1970s.
A motion to sell the building was passed at a meeting of YK1’s trustees last month. Nobody from the district was available for comment about the sale this week.
The Nordic Arms, at 5415 Franklin Avenue, is rented “mainly to staff” according to YK1 budget documents. However, the district says demand for the housing is falling.
In a request for proposals from realtors to help sell the building, YK1 states: “There are available rental properties in Yellowknife and there is no high demand for staff accommodations.”
The Nordic Arms was built in 1971 and acquired by the district in 1976, the same request for proposals states.
Budget documents show the building generates around $380,000 in revenue for YK1 annually, but the cost of maintaining the building has been rising.
In 2016, expenses came in at just under $200,000. By this year, expenses were forecast to reach $266,500.
Earlier this year, YK1 had been contemplating an evaluation of the building to “prepare for future repairs and maintenance for the building.” It’s not clear if that work went ahead.