Madden told The Guardian on Tuesday that he’s had his eye on the now-vacant property for a few years.
“Pretty well since the time I’ve been here,’’ said Madden who has been working on projects in Charlottetown a lot longer than Founders’ Hall has been available for sale.
“I told (CADC) if they ever went through the public process that I would be bidding on the property.’’
CADC was originally asking $4.8 million for the building, but that price dropped. Madden said he paid more than $3.1 million for it, slightly more than its appraised value.
The location of the building appealed to him, as did the fact that he owns the condominiums right next to it. This means he essentially owns everything between Water Street and the water.
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Time line
1906 – Opened as railway car shop
2001 – Opened as Founders’ Hall
2016 – Founders’ Hall closed
2017 – Bought by Paul Madden for $3 million-plus
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The retail boutiques will be about 450 square feet each. He wants to put, on the Water Street side, a 16-foot boardwalk along the building that goes 160 feet and a 12-foot boardwalk on the water side at 200 feet in length.
“Each shop can have a doorway so people can enter through a main doorway or enter through their shop. (Stores) can open and close when they want. We’re hoping that they’ll be able to present some of their wares on those boardwalks.’’
Madden also has plans for a six-storey, 135-unit micro-condominiums between Founders’ Hall and his current condo structure, on land he already owns. That building will also include a retail component on the ground level. It could be used for students during the winter and tourists in the summer. Micro-boutique rates tend to range from $99 per night to $625 a month.
There has been some chatter that Madden might include a microbrewery in the mix.
“I don’t know. We’ve had talks about it, and people are enquiring about a microbrewery. From initial chats, a microbrewery would go well down there, but we don’t have anyone signed up yet. I think it’s a great location.’’
Redeveloping Founders’ Hall is expected to cost him up to $10 million while the micro-condos will cost another $13-$15 million.
Even though it’s still only May, Madden says he has lost the construction season, so work won’t start in earnest until next year.
As for the businesses currently operating out of the building, Madden said Coles Associates, Avis, Dave’s Lobster and the Visitor Information Centre will stay put. When asked about the Chip Shack, he said there is no long-term commitment there.
