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7 acres of development land were purchased in 1987 to develop the site into a 65,000 square foot neighbourhood shopping centre anchored by a 31,000 square foot A&P grocery store. Although A&P signed a lease, the tenant went dark after only 2 months in operation. As a result, in the early stages of the development, the plaza lost several other tenants including a pharmacy. Subsequently, Counsel Trust went bankrupt and Terracap purchased the other 50% interest in the plaza at a time when the operating income was close to break-even. In 1995, an additional funds was put into the deal which was used to pay down the mortgage. The Company also renegotiated with A&P to reopen with their Food Basics concept. A McDonalds’ restaurant pad was added and the Food Basics was expanded from 25,000 square feet to 31,000 square feet.
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