Bangor Mall Redevelopment Loses Lead Investor

The group seeking to buy and redevelop Bangor Mall has lost a key investor, leaving its proposed sale and renovation uncertain. Group leader Michael Cole says the investor stepped away for personal reasons and the group is looking for a replacement; he described the departure as a “gut punch,” though another account characterized it as a minor setback. The project would transform the struggling, roughly 30%-occupied mall into housing, assisted living, medical offices and retail, but the group reportedly needs $4 million to $6 million to close the deal. The mall has also faced city citations over code and maintenance problems.