SUMMERSIDE –APM has begun work on a new project at the site of the former Holland College property that will see three nationally based tenants coming to Summerside.
© MIke Carson/Journal Pioneer
Crews begin work on a new development that will see three nationally based tenants coming to Summerside. The project is expected to be completed by July.
Company CEO Tim Banks said the project involves an approximately 10,000 square foot building that will be the home to retail and food operations.
The project will be situated in the parking lot area but will evolve into the entire parcel being developed.
It has not been revealed who will be going into the new building. Those announcements are expected to come later from the individual businesses.
Banks did say the tenants will consist of food and retail businesses.
APM bought the former Holland College property from the province in 2008 and because of a soft market hasn’t been able to develop it but Banks said that has changed.
“It’s been a struggle,” he said. “We bought it at the height of good retail growth and then the marketplace went south on us and we’ve been sitting there with it, maintaining it as it was. Now, the good news is we’re going to start.”
Banks said eventually, the entire property, including the former college, will be developed.
The former Holland College building will continue to remain on the site but a good portion of the parking lot will be fully developed. There will be new entrances and exits in it and we are working on the phasing of developing the existing building by demolishing parts of it and redeveloping other parts of it.
Banks said the project will begin as soon as the necessary permits are in place and anticipates the project to be completed by July 2014.
Summerside Mayor Basil Stewart said the city is pleased to see that the property is going to be developed and new businesses coming to the community.
“It’s great news for that area of the city, getting that area developed and great news for the city,” Stewart said. “There will be a lot of construction jobs there over the winter and that’s what the economy needs around here in the winter. We look forward to the development.”