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CHARLOTTETOWN, P.E.I. —

The Charlottetown Mall property is getting a revised look with the addition of up to 300 residential units.

The residential units are part of Killam Apartment REIT’s acquisition of a 50-per-cent interest in the Charlottetown Mall from RioCan REIT for $23.7 million. Under the agreement, RioCan will continue to operate the retail side of the 32-acre property, while Killam will develop and manage a residential component with up to 300 units. The deal is expected to close on May 17.

Charlottetown’s Tim Banks is a trustee with Killam and one of the company’s original directors.

“We’re very excited. It’s a very good news story for P.E.I. showing that there’s a significant investment being made by a public vehicle. And, I think it bodes well for P.E.I. It shows that investors believe in it.”

He said the plans for the development would be disclosed at a later date.

“As with any development, you have your concept planning, you have your costing, then you have your permitting. Once we get past the permit stage, then we’ll probably disclose just where and what we’re going to do on the site.”

Banks, also the CEO of APM, said rezoning wouldn’t be required to accommodate the residential development.

“You’ve got two public companies coming up with an investment strategy to redevelop the Charlottetown Mall (property). And, it will be, in my view, plus, plus for P.E.I. – both from a retail perspective and from a residential perspective,” he said.

“Our intention over time (is) to see 300 new residential opportunities on the site. And, we look forward to having that completed.”

Killam announced the acquisition on Wednesday in its first quarter results for the period ending March 31.