Two market proposals for Founders Hall rejected prior to listing

The Charlottetown Area Development Corporation rejected two proposals to turn Founders Hall into a community market before deciding to sell the building.

Business plans were submitted by two groups, one private and one community-based, in 2013. Both groups wanted the space to be a market for local foods and artists' work, along with a restaurant space.

CADC general manager Ron Waite said the community group's proposal would have required about $2 million in renovations, and would have made a profit of no more than a couple of thousand dollars a year.

"To say that it was financially marginal would be, I guess, the best way to characterize it," said Waite.

"It was going to require significant amount of investment up front and then the annual revenues and expenses would take it to basically a break-even point, and that was, based on what we saw, that was sort of the best case scenario. So if you're starting out at a break-even point, you're in a pretty risky venture."

Waite said the private group submitted its request late in 2013, and it would have meant shutting down Founders Hall heading into the 150th anniversary of the Charlottetown Conference, something CADC didn't want to do.

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