ALRE Properties Inc., a Montreal-based property management company, has an agreement to purchase the former ACAN Windows and Doors facility from its current owner, Leslie Amoils. ALRE president Roberto Di Giorgio says his company has waived its conditions and they expect to finalize the deal over the next month.
Job one is demolishing the existing 40-year-old building that has sat vacant since 2015.
“If there’s a way we can get it done before winter, that’ll be our Christmas present to the town, to have the eyesore removed,” says Di Giorgio.
In its place, the plan is to construct a retail centre measuring between 80,000 and 90,000 square feet.
Construction is set to begin next summer, with the first stores opening in the spring of 2019.
“We’re able to do that because of the great co-operation we’ve received from the Town of Paradise,” says Di Giorgio.
“It’s been a pleasure up to now dealing with them with regards to the availability of information and the willingness on the part of the town to assist in getting all our ducks lined up so we can make the decision to go ahead with the project.”
While Di Giorgio was unable to confirm which retailers would set up shop or how many of retailers there will be, he says they’ll be new national retailers.
“We’re trying to bring in new retailers and services that the citizens of Paradise need right now, that are missing, quite honestly,” says Di Giorgio, who will unveil more information on the project and future tenants during a news conference next month.
This is ALRE’s first venture in Atlantic Canada. Primarily its interests are located in Quebec, Ontario, Saskatchewan and Manitoba. The company is the largest branch landlord for Bank of Montreal locations in Canada.
Di Giorgio says the family owned company is interested in more than just turning a profit in Paradise. It also plans to be a good corporate citizen and has already communicated with the town about community engagement.
“We’re there to collect rent and there to make a profit as a business, but I believe its our family philosophy that when you go into a municipality or township that you have to be able to give back, you have to get involved.
“It’s not just simply writing a cheque. It’s writing a cheque, getting involved and helping out where the need is most.”
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