The Summerside Port Corporation has bought the waterfront shops area known as Spinnakers' Landing in  a move community leaders say will help them reach their long-term development goals.

The three acre development is a collection of shops, boutiques and restaurants that catered to tourists in the summer. Now, it’s in need of some major repairs.

"We see Spinnakers' Landing as an icon here in Summerside," said Arnold Croken, president of the port corporation. "It compliments what we’re trying to do in the harbour development and brining more boat traffic into Summerside."

He said when the owners indicated their plans to sell, the corporation decided to make an offer, which was accepted. Croken wouldn’t say how much they paid for the property.

"Waterfront will always be an attraction, no matter when and where," said Summerside Mayor Basil Stewart.

"We have a beautiful waterfront, and there’s some tremendous potential in my opinion for development along the waterfront now that the port authority are the sole owners."

The port authority has also bought the old Burger King and Harbour Quay properties.

"Our objective from the get-go was to acquire as much land as we could to facilitate the development that we want to bring into play with the port corporation’s long-term plan," said Croken.

Croken said the waterfront plan will be released in the future as part of a city announcement.