Banks eyes Stratford as future headquarters

Company had plans to redevelop the former Woolworth property on Queen Street, which was rejected by Charlottetown council.

BY DOUG GALLANT

Developer Tim Banks said he now plans to sell the former F.W. Woolworth property in downtown Charlottetown he had hoped to redevelop as the new corporate headquarters for his APM Group.

Banks said he will now look at locating his company's head office in a new building he proposes to build on land the company has optioned in Stratford.

Banks had proposed a major renovation for the former department store but city council did not share his vision for the property. "We felt we had a good plan," Banks said. "We felt it was good for us and good for downtown Charlottetown, but council voted unanimously against it. So we've moved on.

"We're in the business of retail development, we've got $30 million worth of development underway from Kingston, Ont., to Digby. We've got major projects in Halifax, in Cape Breton. We'll focus our energies on other projects."

Banks said he thought it was time to do some things in downtown Charlottetown but city council seemed to have other ideas. "They were in a different mode than we were. I don't want to put APM in an us-versus-them situation so we'll just move on to other projects."

Banks said he will continue to invest in Charlottetown In the future because, after all, it is his home, he likes this city and APM has a lot of money invested here. "But, for now we'll look to another PEI community for development opportunities."

"Stratford is in a good location for development. It's close to the Charlottetown airport, it has many of the same amenities that Charlottetown does, there's a new golf course under construction, a lot of new home construction, and it has a lower tax rate than Charlottetown."

Banks noted his company recently purchased the Southport Home Hardware property and has plans for that area. And his company has optioned a six-acre parcel of land on the corner of the Kinlock Road and the Trans Canada Highway. That’s where it hopes to establish the companies head office.

Banks said he would like to see a mix of development on that property, which is why he applied to have the property rezoned.

As for the queen Street property, Banks is currently renting the property to a business, which is utilizing the building as a clearance centre.