APM eyes new hotel for Charlottetown
The Guardian
APM CEO Tim Banks holds an artist’s conception of his company’s proposed $22-million development project for downtown Charlottetown that would include a hotel, apartment and condominium units and commercial space.
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APM has big plans for a downtown Charlottetown property that housed the Kays Brothers building for 45 years.
Tim Banks, CEO of the construction and property development company, is working to secure a deal to proceed with a $22-million project called the Welsh-Owen Hotel and Plaza Development.
Banks is looking to develop a 120-room hotel, a parking garage with about 63 spaces, 14 fully furnished apartment units and six condominium units.
The property, cornering Queen, Water and King streets, would also house a commercial tenant in a financial institution and likely continue to lease space to the Confederation Bridge.
“Our design here has been done to be consistent with what we believe is the Charlottetown heritage look,’’ said Banks.
“We’ve had a number of people review the plans, including (historian) Catherine Hennessey. We know at some particular point we’ll be going to a public meeting with respect to the property.’’
Banks says the development will be contingent on the province proceeding with a proposed convention centre in the area. Current costing of the project must also come within APM’s original “thumbnail budget.’’
And a detail must be finalized with the Charlottetown Area Development Corporation (CADC), which purchased the Kays Building on Queen Street last year for $750,000 after the wholesale company shut down.
“They’ve (CADC) given us the clear understanding that the property is available subject to them not losing money with respect to the agreement that we have with them,’’ said Banks.
“And the reason we are actually talking (to media) about it today is if somebody has a better idea (for developing the property) they should go to CADC because we are making them a proposal and we believe that our proposal is substantive in nature.
The four-storey building was constructed by a former premier in 1872 and has been home to four Island newspapers, a tobacco manufacturer and even an egg company.
Banks says if the project is given the green light, he will work to get a licensed agreement with a branded hotel group, hopefully Courtyard by Marriott.
He sees a branded hotel, which rewards repeat customers, as a tool that is missing in the capital city’s arsenal for attracting tourists and business visitors.
“I have been consistent and strong in saying that to strengthen tourism in Prince Edward Island, we have to give them a better product at a competitive price, and that is what we are trying to do here,’’ he said.
“Why we are so strong in bringing this product to market is because there has been a void in our market here in terms of a branded hotel.’’
Banks says he wants construction to begin in early September with the hotel opening on July 15, 2011.