Bidding 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 troubled project. That's less than half of what's been spent on the development so far.

The project, called The Alexis, is a seven-unit condo building that has run up about $4 million in construction costs. It's only about 60 percent finished and was supposed to cost about that much upon completion, developer Nick Mystrom said.

Mystrom bought the $2.4 million lien in November from previous lender Keystone National Group. He said that if there are no bidders for the project at 604 Ocean Place, he plans to finish and sell it in 2016. He estimates that could take another $2 million.

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

"I know it's a lot of people who were not paid," he said, "and the foreclosure process is designed to give a clean slate to a new developer or investor."

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