Holland College buys Waterfront Mall

Holland College has purchased the Waterfront Mall in Summerside, CBC News has learned.

Provincial government sources confirmed Thursday the mall was sold in April to Holland College.

Plans to renovate the property including resurfacing and landscaping are underway.

The province is expected to contribute $1 million to help the community college with the purchase. There's no word on when the school will be able to start operatingout ofthe Waterfront Mall site.

The most recent quoted price on the property was $1.9 million, lowered from $2.9 million at the request of the seller.

The Ireland-based Oran Group bought the mall in 2006. It announced plans to build 100 condominiums on top of the mall and do a major renovation at a cost of $25 million.

Work was to begin in the spring of 2007, but the project kept being delayed. The mall was put into receivership in 2009.

More details on the purchase are expected at a formal announcement on Friday.