Local developer plans to purchase Sears property, turn it into retail centre

A local developer is planning to purchase the Sears propertyin Charlottetown and convert it into a "power centre" featuring retail stores.

"We've got a contractual agreement with the trustee to purchase the building," said Tim Banks, CEO of APM Group.

Also included areabout six hectares of land, Banks said.

'Other developable land'

"So there's some other developable land with it," he said. "Essentially we're buying the property and we're going to de-mall it, essentially what that means is that area out there is more in tune to a power centre as opposed to an indoor mall."

Banks said he expects to take possession of the property in the next week or so, and stores could start to open in the spring.

He said stores will include national tenants that have yet to move to P.E.I., as well as stores in the province that he expects to relocate there. By subdividing the 109,000-square-foot Sears building and developing the accompanying land, Banks said there could be room for at least 10 stores.

Royalty Power Mall

The development will be called the Royalty Power Mall, he said.

"I think Islanders will be excited when they see the final product."

APMGroup received a loan from the province of $4 millionfor the purchase.

Banks declined to say how much the property is being purchased for, but it was listed, at one point,at $7 million.

APM Group originally built the building and sold it to Sears about 10 years ago.Sears officially closed its doors in January.

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With files from Nicole Williams