PEI

Developer wants prime waterfront property for apartment building

Charlottetown developer Tim Banks said he is frustrated the Charlottetown Area Development Corporation will not sell him a prime waterfront lot next to Founder's Hall.

Charlottetown Area Development Corporation says another developer has option on property

Charlottetown developer Tim Banks says he is ready to build this apartment building, he just needs the land. (Facebook)

Charlottetown developer Tim Banks said he is frustrated the Charlottetown Area Development Corporation will not sell him a prime waterfront lot next to Founder's Hall.

Banks planned to build a five-storey apartment building on the corner of Water and Prince Streets that would include shops on the lower level.

He said the project would create jobs, and bring more business and visitors to the city's downtown.

"We meet all the bylaws and we've got the drawing done, our plans. We're ready to proceed forward. We just need CADC to sell us the property," said Banks.

"We've offered them market value on an appraised basis. That's the business I think their mandate is to develop the downtown and hopefully we'll get 'er done."

Ron Waite, CADC's general manager said they are in negotiations with another developer who's considering leasing Founder's Hall. He added that developer has until mid-September to make a decision on the property.  

Waite said until then, the CADC board has decided not to pursue any offers on the nearby lot, including the one from Tim Banks.  

He also added CADC has a duty to consult with Aboriginal groups before disposing of any properties.  

With files from Angela Walker

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