This story will be updated.
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, told MaineBiz that his group has been in talks with the mall’s current owner, Namdar Realty Group, for about eight months.
Right now, the corporation is conducting inspections and getting funds lined up for the purchase. But Cole told MaineBiz that he anticipates the sale could close sometime in June.
Bangor Marketplace and Residences LLC hasn’t yet been formally registered, according to a search of the Maine secretary of state’s corporations database.
That comes days after state Sen. Joseph Baldacci told the Bangor Daily News that a “mystery 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 mall has deteriorated in recent years, losing major anchor retailers like Sears and Macy’s, and Namdar Realty Group has been hit with numerous lawsuits from the city over code violations and more.
Only 30% of the mall’s storefronts are occupied today, down from 70% in 2019, according to MaineBiz.
Cole told the media outlet that the former Sears would be transformed into about 200 condos, and the revenue from condo sales would support upkeep and other improvements to the property.
Much of the parking area may be converted into green space, featuring walking paths and outdoor gathering areas, he said.
