Former Woolworth's building in uptown Saint John has new owners

Developers appear to be playing a game of hot potato with the old Woolworth's building in Saint John's uptown.

The former department store at91 King St. was purchased by Vancouver developers Roo Chang and Siobhan Riley of Integrity Real Estate Investments early this year, with promises of transforming it into a commercial and residential property.

But Chang was "uncomfortable with the business case," according to Stephanie Turner with Partners Global Corporate Real Estate.

So ownership was transferred to FKLE Investments Inc.

"They're from Toronto and they've been looking at the Saint John market for closeto two years," said Turner of FKLEInvestments, whose principals have not been identified. "[They were] looking for a solid investment and they feel like they found it."

Turner said the new owners have a business relationship with the previous ones. They also obtained a building at22 King St., at Canterbury Street,and plan to turn it into office space.

She said the new investors' plans for the former department store are similar to the previous owners and just as vague: Either tear it down, or renovate it to be a mix of office and residential units.

The 44,050-square-foot structure is built of solid concrete and steel, but ithas been vacant since 2010. A roof leak caused water damage and mouldand ruined the paint.

Turner said the building can't be occupied yet.

"A lot of people have probably peeked in the windows. There's been a lot of water damage over the years and it's definitely a re-do if not a tear down. That is what is being investigated at this point."

Turner expects the owners will make trips to Saint John, but have no plans to relocate.