A well-known Prince Edward Island developer is set to buy a prime piece of Summerside real estate from the province, CBC News has learned.

APM Group president Tim Banks confirmed to CBC Monday night that the company is expected to close a deal for the old Holland College building on the city's Granville Street early next month.

Banks said the land will be split into commercial and residential development.

He said APM submitted the highest bid for the property when it was put out to public tender, but said he couldn't recall what the company paid for the land.

The 7.3-hectare plot of land, which has been vacant for close to four years, was a topic of conversation at Monday night's monthly council meeting.

Coun. Ron Dowling wants the property developed as soon as possible.

"The best-case scenario, they'll have the equipment in there in the spring and they'll put a nice new wonderful facility in there and continue to grow the area," said Dowling.

"It's a prime location within the city and that's partly I guess why it's so sad to see it in the shape that it is."

Another councillor who lives near the property called it an eyesore.

"It's got graffiti, it's all boarded up, if you didn't know that it was almost in the centre of town you'd think it was almost on the outskirts of a place that was going downhill or something," said Vance Bridges.