Bid Price Set for Bootlegger Cove Development Foreclosure Auction

Through Annie zak

Updated: May 31, 2016 Posted: 4 January 2016

Auctions will start at $ 1.67 million for an incomplete condominium development in Anchorage’s Bootlegger Cove neighborhood when a foreclosure auction begins Thursday, according to the developer who took over the struggling project. That’s less than half of what has been spent on development so far.

The project, called The Alexis, is a seven-unit condominium that cost around $ 4 million to build. It’s only about 60 percent complete and was supposed to cost that much in the end, developer Nick Mystrom said.

Mystrom bought the lien for $ 2.4 million in November from previous lender Keystone National Group. He said if there were no bidders for the project at 604 Ocean Place, he planned to complete and sell it in 2016. He estimates it could cost an additional $ 2 million.

Mystrom also told the Alaska Dispatch News in December that about $ 1 million was owed to contractors and subcontractors on the project. He’s not sure how many people this figure might include.

“I know a lot of people haven’t been paid,” he said, “and the foreclosure process is designed to give a new developer or investor a clean slate.”

The project has been stalled for about a year, Mystrom said.

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