Niagara Falls shopping mall changes ownership
Published September 16, 2021 at 4:17 pm
Ownership of the Mount Carmel Centre shopping mall in Niagara Falls has switched from a private investment firm to a very public one.
Forest Gate Financial Corporation just bought the entire mall for $37 million.
The 30-acre site at 3930 Montrose Rd. is occupied by a shopping centre with tenants that include The Sleep Factory, Harvey’s, Food Basics, Swiss Chalet, as well as many other retailers and restaurants.
Forest Gate, a Vaughan-headquartered boutique real estate investment firm, has not announced any immediate plans for the property beyond ‘business as usual’ but at that size, the property is expansive enough to add both additional businesses and with a zoning amendment, even residential units.
Forest Gate will now manage the property, which is in close proximity to a residential neighbourhood and Mount Carmel Park.
(Photo courtesy of Forest Gate Financial Corporation)
