Founders Hall sold to local developer Paul Madden

The Charlottetown Area Development Corporation has completed a deal for the former Founders Hall, a major historic property on the waterfront.

• Sale of Charlottetown's Founders Hall imminent

• Two market proposals for Founders Hall rejected prior to listing

CEO Ron Waite told CBC News late Thursday morning that sale was closed last week, and the buyer is developer Paul Madden.

In 2009, Madden built Hillsborough Waterfront Condos right next to Founders Hall, and has approval to build a 10-unit, four-storey development on another adjacent property.

Waite would not provide any details on the sale.

CBC News has asked Madden for comment, but was not able to reach him immediately.

Founders Hall took its name from an exhibit that operated there from 2001-14, which celebrated Charlottetown's role in Confederation.

The building, dating from 1906, was originally a CN rail car repair facility.

The property was valued at approximately $3 million.

Mi'kmaq Confederacy 'extremely disappointed'

The Mi'kmaq Confederacy said it was "very surprised" and "extremely disappointed" by the sale.

• 'It's all Mi'kmaq land': Why First Nations claim P.E.I. as their own

"The Mi'kmaq have repeatedly sent formal correspondence to CADC and the provincial Crown objecting to any conveyance until such time as a satisfactory agreement can be reached," the confederacy said in a written statement.

"While there have been discussions, there has been no agreement or resolution and the Mi'kmaq are extremely disappointed that CADC has moved ahead with a disregard for the rights and title based objections and concerns that have been stated time and time again."

The statement goes on to say that "Mi'kmaq governments will now consider all avenues available to them to address this."

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