SUMMERSIDE - Waterfront Place is for sale, according to Tim
Banks.
Tim Banks, president of the APM Group, said he received an
unsolicited e-mail and information on the mall from Colliers
International (Atlantic) Inc., based in Halifax.
Banks, a Charlottetown developer who owns many properties,
including malls across the Island, added he couldn't say
anything else about the matter because of confidentiality
requirements.
"I've signed a confidentiality memo. So I can't comment in
response to the information they've sent out."
But he did state the mall is in play.
"The mall is for sale."
The e-mail states, in part, "Colliers' Halifax office has
recently listed Waterfront Centre, a 115,000 sq. ft. retail
centre, located in Summerside, Prince Edward Island, for sale.
"This is a truly unique opportunity to acquire almost 11.5 acres
of urban water frontage on Prince Edward Island."
Banks, stressing again he couldn't comment on the specifics of
the proposal he was offered, said, in general, the market for
mall developments is not promising anywhere in the region.
"It's a tough market being in the development business these
days. The market, in general, is not a developer's market.
