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Summerside Shipyard property gets $700K investment from developer

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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.”

 

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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