CORNWALL – Cornwall Square is changing hands and will be developed by a local firm.
The 250,000 square foot mall and parking garage on nine acres is being sold by Quebec-based Group Quint to Cornwall’s Weaving Baskets Group.
Terms of the deal were not disclosed. During the last change of hands, Partners Real Estate Investment Trust sold the building to Group Quint for $8.4 million in 2018.
As for Weaving Baskets Group, Vice President Tom Hughes told the city’s economic development office that it plans to turn the Water Street mall into a “landmark destination.”
Despite the pandemic driving people to shop online, Hughes believes there’s still a place for brick and mortar stores and expects indoor shopping to bounce back.
Weaving Baskets Group is known for a number of projects around the city. Most recently, they are working on turning a former French Catholic school on Reneal Street in an apartment complex.
The mall deal is expected to close tomorrow (Oct. 1).