A prominent building on Summerside’s waterfront is getting a $700,000 makeover by a developer.
The sale of the Summerside Shipyard property is part of the city’s decade-long plan, unveiled last month, to revitalize its downtown area and waterfront.
“I’m really excited to see another project develop, another step forward,” said Mayor Dan Kutcher. “It feels a bit like the end of the beginning because we’re starting to get that momentum here.”
Corfam Investments Inc. purchased the building from a city-run non-profit, Sustainable Tourism Inc., for just $1 after being selected through a request for proposals process.
“We’ve been doing [this] now for 18 years in the full-service business and feel very confident that Summerside needs more of that,” said Corfam’s president, Duke Cormier.
“So that’s why we jumped on this project.”
Cormier, who also owns the restaurant FiveElevenWest in Credit Union Place, made the announcement alongside city staff Monday morning. He said he wants the venue to become a year-round restaurant and events space.
Duke Cormier is president of Corfam Investments Inc., which bought the Shipyard from the city for $1. (Mare McLeese/CBC)
Currently, the building hosts weddings and has a restaurant that’s open only seasonally.
“We’re going to break the space up into two and have the ability to have meetings for up to 100 people and have a restaurant that’s able to seat 100 to 110 people,” Cormier said.
With a patio open during the summer months, that number could increase to as many as 160.
A comfortable spot
Cormier said the plans are to create a comfortable atmosphere, not something pretentious.
“In the summertime you can show up with your sandals, you can show up with your soccer team,” he said. “You can show up with a group of guys or a group of girls, or a date night, or whatever the case might be.”
The interior will feature propane fireplaces and televisions and modern technology for servers and meeting guests, but will maintain a seaside feel.
Summerside’s Shipyard to be transformed under new ownership
Summerside Mayor Dan Kutcher says the revamping of the Summerside Shipyard property is just one step in revitalizing the city’s downtown. The building’s new owner Duke Cormier says the year-round restaurant and events space will include a menu that’ll satisfy as many people as possible.
“The decor part is making you feel that you’re in a rustic waterfront location; that technology is kind of invisible,” Cormier said.
As for the menu, seafood will be front and centre, but there will also be pasta, chicken, ribs and options for those who are vegan, gluten-free and others with dietary restrictions.
‘Time to roll up our sleeves’
Kutcher hopes announcements like Monday’s will continue.
“We really want our downtown to be a vibrant hub for our city to connect our historic downtown Water Street to our waterfront,” he said. “I think this is a great step in that journey.”
Kutcher said the city is trying to prioritize its residents, but at the same time draw in more visitors.
Summerside Mayor Dan Kutcher says he’s excited to begin the next steps in the transformation of the city’s waterfront and downtown. (Mare McLeese/CBC)
“We’re focusing on trying to retain and attract young workers and families to create that vibrant atmosphere in our downtown core,” he said. “But also to make sure that our older adults and seniors have places to go and mingle and meet.”
Cormier said the venue will employ about 30 people. He hopes to start renovating the exterior later this summer, but said weddings and other events already booked through the current operator won’t be impacted.
Interior renovations will happen over the fall and winter, with the re-opening planned for spring 2025.
“We’ve already done a lot of work, but we have a lot of work to do,” Cormier said. “So, it’s time to roll up our sleeves and get at it.”
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
