A center landmark and a center purchased through a local progression group.
Cornwall Square, the city’s grocery shopping hub since it was built in the 1970s, was sold to Cornwall-based Weaving Baskets Group, and the sale will be finalized on Friday.
“We’re thrilled with that,” Tom Hughes, vice president of Weaving Baskets, told the newspaper Thursday. “We’re local, (and) it’s an investment in the community. “
Hughes in a press release from the Weaving Baskets Group on Wednesday said that “the retail sector is poised for greater stability as customer spending has remained strong during the pandemic and Cornwall’s economy is very strong.
“There is still a position for brick-and-mortar retail, and as public fitness restrictions ease and things return to normal, there will be renewed interest in indoor shopping. “
In the press release, Weaving Baskets Group referred to Cornwall Square, originally built in 1979 and expanded in 1989. The organization noted that in 2017, former homeowners Partners REIT the option to transform the western finish of the mall into residential apartments, “a concept that has been well earned throughout the community.
Hughes told the newspaper on Thursday that Weaving Baskets Group’s primary purpose with the installation is the advertising component, but that the progression organization will not yet reveal express plans, other than Weaving Baskets Group is looking at all features while looking for new ones. tenants.
Hughes said: “Our aim is to repair Cornwall Square in its position as a flagship destination in Cornwall. We are looking at a number of options, adding a mixed-use progression and attracting new tenants to the mall’s retail experience. “
Weaving Baskets Group, an advertising real estate developer that owns and manages several giant advertising houses in Cornwall, touted the strategic location of the waterfront square in the centre of the city centre domain. He noted that the two-level covered mall includes 23,226 square meters (250,000 square feet) of rental domain and domain for more than 60 tenants, covering a domain of approximately 9. 16 acres and including a four-level parking lot with 1,000 domains along with 180 additional parking domains on open ground.
The assets have long been the largest grocery shopping mall in the and is home to a grocery store of approximately 113,000 people.
Hughes Weaving Baskets Group plans to move its headquarters from The Village to Cornwall Square after the sale is completed.
This is the time when the square was sold in 3 years. In the fall of 2018, Montreal-based asset progression and control company Groupe Quint acquired the Partners Real Estate Investment Trust (FPI) location for $8. 4 million. than the $13. 3 million loan that Partners REIT obtained on assets in 2017.
REIT partners in early 2018 had announced that the advertising area vacated through Sears Outlet in 2017 would be converted into residential housing, basically luxury one- and two-bedroom apartments. buildings in safe conditions.
But that didn’t happen, and when Groupe Quint became the owner, he indicated that it wouldn’t go in that direction, that the purpose would be to temporarily fill the mall’s empty spaces with more grocery shopping options.
Groupe Quint in early 2019 provided an artist’s interpretation of a facelift and elegant new look for the mall’s west finish; Much of cornwall Square’s exterior has had the same overall appearance since it was built over 4 decades ago.
A year later, in January 2020, Quint Group’s vice president of development said Cornwall Square could have storefronts and entrances on the south side of the building, increased use of the St. Lawrence River area, Lamoureux Park and civic complex facilities. .
Representatives of the Quint Group told this newspaper in early 2020 that the timing of the mall’s new look had changed, as the diversity of outlets had changed. The Quint Group said it made no sense to start reprogression in a transition period, as new tenants will need to have a say in progressing the reprogression and the first phase of progression would likely take a position last spring.
But a few months later, in March 2020, a global pandemic was declared.
thambleton@postmedia. com
twitter. com/FreeholderTodd
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