A source told The Guardian back in March that Madden was close to a deal to purchase the property and it was confirmed on Thursday that the deal has been finalized.
“The sale has closed and it was Mr. Madden that purchased it,’’ said Ron Waite, general manager of the Charlottetown Area Development Corporation (CADC).
It isn’t known what Madden’s plans are for the property. Efforts to reach him Thursday were unsuccessful.
Madden is no stranger to the immediate area. He built the waterfront condominiums next to Founders’ Hall in 2009 and then purchased the property between the condos and Founders’ Hall for a 10-unit, four-storey development in 2013.
CADC put Founders’ Hall up for sale in October. The asking price for the former tourist attraction, which opened in 2001 at a cost of around $4 million, was $4.8 million. That price reportedly dropped by more than $1 million.
The sale includes Founders’ Hall and the vacant lot at the corner of Prince and Water streets. Founders’ Hall closed its doors in May 2016.
The sale didn’t sit well with the Mi’kmaq Confederacy of P.E.I.
Don MacKenzie, executive director of the confederacy, said they are very surprised at the news.
“The Mi’kmaq have repeatedly sent formal correspondence to CADC and the provincial crown objecting to any conveyance until such time as a satisfactory agreement can be reached,’’ MacKenzie said Thursday. “While there have been discussions, there has been no agreement or resolution and the Mi’kmaq are extremely disappointed that CADC has moved ahead with a disregard for the rights and title-based objections and concerns that have been stated time and time again. The Mi’kmaq governments will now consider all avenues available to them to address this.’’
Coun. Greg Rivard, chairman of Charlottetown’s planning and heritage committee’s, said Founders’ Hall was subject to a development agreement that outlined a number of requirements related to the uses that were proposed.
Specifically, the agreement references the required parking related to the uses that were requested at the time, which included an exhibit arena, theatre, restaurant, boutique area and more.
Madden would to have had to work with the city to amend the agreement.
