The city has sold Shoreway Shopping Center for nearly $1.8 million to a group of New Your investors.
As part of the deal, the city retains ownership of three properties which formerly were the post office, bowling alley and drive-thru beverage store. Mayor Dennis Bring said this is a primary reason the sale was lower than the listing price.
The new owners told city officials they will keep the center open, and make repairs to the building and parking lot. Bring said keeping the center open was a key element of negotiations as he believed it was important that Apples and Rite Aid continue to operate, in addition to other current tenants.
He said over the past six or seven years, the city had been approached by several prospective buyers but negotiations fizzled because some wanted to tear the center down, while others wanted the deal to include the city’s Boat Launch and Domonkas Library properties, none of which Bring believed was in the best interest of residents or the city.