The developer who wants to convert part of the Bangor Mall into housing just lost a key investor.
Michael Cole, whose Bangor Marketplace and Residences LLC is behind the bid to redevelop the mall, told CBS affiliate WABI that the departure of a key investor delivered a “gut punch” to the plan.
Attempts to reach Cole for comment weren’t immediately successful Monday morning.
Earlier this year, Cole went public with a plan to buy the mall and redevelop it into an assisted living facility, housing and stores.
That news was met with excitement after a yearslong decline at the mall, which has lost key retailers such as Macy’s and Sears and by one estimate has a 30% occupancy. The mall’s current owner, Namdar Realty, has been embroiled in a legal fight with the city over code violations.
Cole had hoped to close the sale back in June, but that got delayed by months. Now it’s uncertain how this latest development may affect the sale of and redevelopment prospects for the aging retail hub.