Waterfront Mall selling price slashed

The selling price for the Waterfront Mall in Summerside has dropped significantly.

The real estate agent for the property said he lowered the price to $1.9 million from $2.9 million at the request of the current owner.

The agent said he's had one new offer, on top of two earlier offers that are still in play.

Several new businesses have opened up in the Waterfront Mall in the last few months.Some say the lower rent is one of the reasons for locating there.

The mall was supposed to form part of the redevelopment of the city's downtown. The shopping centre, however, has struggled to retain and attract stores.

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 renovationat 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.

Century 21 said the property is appraised at $4.4-million.