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Tuesday, January 10, 2012

Still No Deal For Main End Properties

Wasaga Beach | by Catherine Thompson  

Still waiting game for closure of deal to buy properties at Beach One in Wasaga Beach.

Still a waiting game for the closure of a deal to buy a number of properties at Beach One in Wasaga Beach.

Mayor Cal Patterson says there is one single buyer for the properties in receivership that include Bananas, the Dard and Copa Cabana as well as the retail space under the bars.

The first closing date was in November and then December 14th came and went with no deal.

Mayor Patterson says one of the mortgage holders pulled out of the deal.

He adds he's no longer going to give out any dates, but he is confident the deal will go through by May so the businesses can open for the summer season.

The Mayor tells us the bankruptcy court has instructed the remaining mortgage holders to work with the purchaser on a revised deal.

As for the buyer's vision for the main end, Patterson says that isn't clear yet.

 

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