Pipe Dream Busted - Mall For Sale

Waterfront Place on sales block, says developer
BY JIM BROWN Transcontinetal Media
SUMMERSIDE – Waterfront Place is for sale, according to Tim Banks.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 waterfrontage 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.