Waterfront Mall purchase offers made

Summerside's Waterfront Mall could soon be in new hands with a couple of buyers from outside P.E.I. making offers on the property.

The mall has been on the block since the summer of 2009. Major development plans for it were in the news for years before that.

In 2006 an Irish developer flew into Summerside with great fanfare. The Oran Group had big plans for the Waterfront Mall, a $25 million expansion including condominiums and updating of the 37-year-old building.

But the mall went into receivership last year, though it has continued to operate. Michael Poczynek, the real estate agent handling the sale, told CBC News Tuesday it looks like there will be a buyer soon.

"Fortunately, there's been at least a couple of parties that have come forward with written offers, said Poczynek.

"One of them has been accepted subject to them performing their research as to whether the mall is in good structural shape."

The asking price is $2.9-million and Poczynek says both offers are in that neighbourhood. Century 21 says the property is appraised for 4.4-million.

Poczynek won't name the buyer. He said he's from off-Island and has experience in operating shopping centres. He is also reluctant to say too much about the buyer's plans for the mall.

"I can say that I do foresee them keeping some sustainability to the retail portion, keeping some of the stores, if not all of them, open," he said.

"I don't think there's any plans from anybody to level it."

Poczynek expects the approved offer, or the second one, to go through within the next six months.