The prospective buyer eyeing the Bangor Mall wants to convert a portion of the property into condominiums.
Michael Cole, a spokesperson for the Bangor Marketplace and Residences LLC, first told Mainebiz that his group has been in talks with the mall’s current owner, Namdar Realty Group, for about eight months.
The mall will remain a mall, Cole told the Bangor Daily News on Thursday. The plan is to make it community oriented with green space, outward facing businesses, cafes and an assisted-living facility in addition to the 200 condos, Cole said.
News of the buyer comes days after state Sen. Joseph Baldacci told the BDN that a “local buyer” was interested in taking over the mall, which has been a commercial mainstay in Bangor since it opened in the late 1970s.
The condos are going to help pay for other parts of the plan, Cole said. Much of the parking area may be converted into green space, featuring walking paths and outdoor gathering areas, he said. A parking garage, while expensive, will be a much better use of space, he said.
The mall has been a huge part of Bangor, but it hasn’t been used to its full extent, Cole said. Years ago he thought an assisted-living facility would work well there, with space for people to go do things with loved ones. That is what inspired the ideas to add green space, cafes and places for people to gather.
“We are not focused on the money,” Cole said. “We’re focused on the community and the function of this.”
Right now, the corporation is conducting inspections and getting funds lined up for the purchase. But Cole said he anticipates the sale could close sometime in June.
The mall has deteriorated in recent years, losing major anchor retailers like Sears and Macy’s, and owner Namdar Realty Group has been hit with numerous lawsuits from the city over code violations and more.
Issues with the mall are well-documented and Cole said he doesn’t foresee any building problems that will interfere with the sale. The roof is in good shape; it’s the seams allowing water leaks, which can be fixed, he said.
“This is a metal and concrete building, it’s literally just a box,” Cole said. “Drywall can be replaced.”
The plan is to revamp the whole building, including moving store entrances to the exterior, like outlet malls do, Cole said. The goal is to make the area feel more modern.
Anne Krieg, Bangor’s business and economic development director, confirmed to the BDN that she and City Manager Carollynn Lear had an introductory meeting with Cole on Monday.
“We’re excited to see something happening there, and it’s a great piece of property that’s got so much going for it. It needs a lot of investment, but we’re hopeful that this will continue moving forward,” Krieg said.
The BDN asked city spokesperson David Warren about the potential sale the day after high-ranking officials met with Cole. Warren said he could not confirm the sale and “the city might be among the last to know.”
Cole said he cannot yet share the names of the other investors, but buying a mall takes “deep pockets” and there are community-minded people who are investing.
There are commercial businesses interested in the space and Cole said he will talk to all current mall tenants. He said he wants to know what is and isn’t working and go from there. The tenants are important to the mall.
“My intention is to do what’s best for the city of Bangor and what’s best for this property,” Cole said.
Bangor Marketplace and Residences LLC hasn’t yet been formally registered, according to a search of the Maine secretary of state’s corporations database.
Only 30% of the mall’s storefronts are occupied today, down from 70% in 2019, according to Mainebiz.
Cole is distant relatives with Galen Cole, the founder of the Cole Land Transportation Museum. Galen Cole, who was once on Bangor City Council, approved construction of the mall decades ago, Baldacci told Cole.
“It just feels like a full circle and feels like it was meant to be,” Cole said.
BDN writers Annie Rupertus and Christopher Burns contributed to this report.