APM buying Kays Building
The Guardian
Published on April 5, 2012
Dave Stewart
APM is in the process of buying the former Kays Building in downtown Charlottetown.
Tim Banks, CEO of APM, had argued last summer in favour of preserving the structure after another Charlottetown businessman, Danny Murphy, had applied to the city corporation to demolish it.
The city deferred a vote on demolishing the Kays Building while an engineering assessment was carried out first.
Murphy is now out of the picture while Banks confirmed his company was in the process of buying the building in an earlier interview with The Guardian.
The Guardian learned on Thursday that APM's deal appears to be contingent on the company leveraging $1 million in stimulus money that had been earmarked for restoration of the building. That money was set aside until it was required.
The Guardian was told Thursday that APM is in talks with the provincial government about the stimulus money so the deal hasn't been completed yet.
Banks was not available for comment on Thursday.
APM's plans for the building
would not include a hotel.
Mayor Clifford Lee said he isn't privy to APM's interest in the old Kays Building but did say that the engineering assessment carried out on the building determined it is structurally sound.
Lee said no one has come forward, since Murphy's initial application, to ask that the building be demolished.
"I would hope that city council would not even entertain the idea of demolishing the building,'' Lee said Thursday."
"That probably has to be one of the most significant (and) historically important buildings in that end of Charlottetown.''
Lee said some people will interpret that as a roadblock since the perception would be that it would limit the interest.
"I disagree strongly with that. I think you can have development and protect your heritage assets at the same time. I think Charlottetown has done a tremendous job of that.''
If a developer walks away from a project because the city won't let them knock it down, Lee is optimistic someone else will walk into the picture.
That's exactly what happened in this case. Murphy walked away and Banks, who argued for the preservation of the building all along, has entered the picture.
"I want Charlottetown to maintain its uniqueness and heritage preservation. That's a major part of what makes Charlottetown the city that it is.''