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APM to begin development of former Holland College site

Nov 15 2013

SUMMERSIDE - 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.

“It is an exciting project because we are putting a building up and we’re going to have three new tenants in it and we’re going to start developing that old Holland College property,” he said.

Banks said the project will be situated in the parking lot area but will evolve into the entire parcel being developed.

“It’s been a tough road to try to find new growth in that marketplace but it appears that it’s starting to happen,” he said.

Banks wouldn’t reveal who will be going into the new building, leaving those announcements to the individual businesses.

“They are retailers and, as always, we’re just the developers,” he said. “We build them the building, lease it to them and they make all of their announcements of what they’re going to be doing. It will be food and retail.”

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’s changing.

“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.

“At this particular point, the (former Holland College) building will continue to remain 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.

“I always tell everybody that we have to wait until we get our ‘i’s’ doted and our ‘t’s’ crossed but it’s getting pretty close,” he said. The thing about this is, all of the tenants are national tenants. That’s the exciting part of it. There’s recognition by the national marketplace that there is some growth opportunities in Summerside. That’s important to understand and our staff are cognizant of that. It will help us to market to others that there is something going on here.”

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.”

ORIGINAL ARTICLE Carson, Mike. APM to begin development of former Holland College site, the Journal Pioneer 15 November 2013


Media Contact: MediaReleases@apm.ca