Nunasi and KC invest in Iqaluit building complex

The two birthright development corporations, Nunasi Corporation and the Kitikmeot Corporation, are investing $1 million each in Iqaluit’s Inuksugait Plaza project.

Nunasi and KC will each own about 12 per cent of the project in addition to shares held by the Nunavut Investment Group.

The Inuksugait Plaza project involves the construction of a four commercial and residential buildings on a tract of Inuit-owned land leased from the Qikiqtani Inuit Association.

“We believe strongly in investing in the future of Nunavut. Part of that is ensuring sufficient commercial and residential space exists to support the growing economy of the territory and our capital,” said Nunasi’s chairman, Peter Tatty.

A four-storey building with 57 housing units and commercial units has already been completed. The entire project will be built by the end of 2006.