CORNWALL, Ontario – The Weaving Baskets Group (WBG) has entered into an agreement to purchase the Cornwall Square from Quebec based Group Quint.
A press release from Choose Cornwall on behalf of WBG states that the deal is expected to be finalized by Oct. 1.
“The retail industry is poised for greater stability, as consumer spending has remained steady during the pandemic, and Cornwall’s economy is very strong,” said Tom Hughes, Vice-President with Weaving Baskets Group. ” We believe there is still a place for brick and mortar retail, and as public health restrictions ease and things return to normal, there will be a restored interest in indoor shopping.”
Hughes went on to explain that WBG is considering multiple options to grow the Cornwall Square, including multi-use development. The Square’s previous owners, before Group Quint, Partners REIT, had also considered turning part of the Square into residential space.
“Our goal is to restore Cornwall Square to its position as a landmark destination in Cornwall,” said Hughes. “We are looking at a number of options including mixed-use development along with attracting new tenants to enhance the retail experience of the mall.”
The Square measures at 250,000 sq.ft. with room for 60 retailers. Additionally, on the nearly 10 acre property is a four-storey parking garage with 1,000 parking spaces in addition to the 180 open-air parking spaces outside.
WBG is a Cornwall based property management and development company that manages a variety of properties in Cornwall and the United Counties of SD&G including the 703 & 709 Cotton Mills, Mac’s Marina, The Fines Home Hardware building, and the Seaway Shopping Centre.