Heritage North's new owners confident they can make profit with old Kirkland Lake tourist site
Built for $8M in 2006, former hockey museum was sold for $799K
The new owners of Heritage North in Kirkland Lake believe they can turn a profit with the money-losing former tourist attraction.
It opened as Hockey Heritage North in 2006, an $8-million celebration of northern Ontario's rich hockey history.
But after struggling to attract tourists, the town started renting it out for weddings, meetings and miner training courses, losing about $150,000 per year.
The MBE Group recently inked a deal to buy it from the town for $799,000.
"Honestly the reason is we are already in Kirkland, spending lots of money," says president Mansoor Naqvi. "And I like the property, so we can do lots of things in Kirkland."
Redevelopment history
His company owns some 100 residential and commercial properties across Ontario, including the Senator Hotel in Timmins, and is redeveloping two vacant old buildings in Kirkland Lake.
Naqvi says he's confident Heritage North can make money.
"When the city ran and when the private sector ran is a big difference, right?" he says.
"So our goal is based on our experience, based on the infrastructure we have, to cut down on the expense and drive this toward revenue."
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