Founders Hall is up for sale

There'sa for sale sign on the front lawn of Founders Hall in Charlottetown.

The waterfront tourist attraction closed its door last fall, due to declining visitors, and now the Charlottetown Area Development Corporation has put the building and its land up for sale.

The asking price is $4.8 million.

• Founders Hall exhibit on Charlottetown waterfront closed permanently

"With declining visitation, it became uneconomical to continue to operate it," said CADC general manager Ron Waite. "It's now time to let the private sector try to take it to its next level."

The decision to sell came at the most recent meeting of CADC's board of directors in September.

Waitesaid the property has potential as a multi-purpose retail and business venue.

Greater year-round traffic

"I think there are any number of possibilities," said Waite. "Basically, it would make us happy to see something that would bring people down to the waterfront. Greater year-round traffic to this area would be a real plus."

Waite said CADCspent $3.2 million to improve the century-old building when the corporation obtained the property about 15 years ago.

Despite the closure,Waite said theinvestment paid off.

"It's been a significant player in the rejuvenation of the eastern end of the city," said Waite.

Waite said CADCis checking with the Mi'kmaq Confederacy for any land claims related to the site.

The historical displays that remaininside Founders' Hall relating to Canada's founding at the confederation conference of 1864 will be donated to the Confederation Centre of the Arts and to Heritage PEI.

• MORE P.E.I. NEWS |Ship to lay P.E.I.'s new electric cables arrives
• MORE P.E.I. NEWS |Running with fiddles at the P.E.I. Marathon