PORT TOWNSEND — The Quimper Mercantile Co. will operate out of the location last occupied by Swain’s Outdoor.

The hope is to open this summer, company representatives said.

On Tuesday, Quimper Mercantile — known as QMC — finalized the agreement to lease 15,700 square feet of the space at 1121 Water St., which Swain’s Outdoor vacated in February 2010.

The lease does not include the adjacent 2,000 square feet that was once occupied by Ace Hardware.

Director of Operations Peter Quinn said the lease could have been signed last week but was postponed by the weather.

“This is one major step forward,” he said.

“We are ready to go.”

The terms of the lease with building owner Bill Massey were not disclosed.

Earlier this month, QMC began its initial stock offering, and response has been strong so far, Quinn said.

About $40,000 of stock has been sold at $100 a share, he said.

The goal is to raise $950,000 to open the store, with $425,000 needed by May 1, or else the money will be returned to investors, Quinn said.

QMC had a private meeting with local merchants Jan. 11 at which time the company clarified its mission, Quinn said.

“We were able to tell people what we want to do,” he said.

“We are not out to compete with anybody, only to bring services to downtown that have gone away and offer products that are no longer available.”

QMC has scheduled three public meetings to present its investment proposal.

The first takes place Feb. 1 at the Quilcene Community Center, 294952 U.S. Highway 101, followed by another Feb. 6 at the Cotton Building in Port Townsend, 607 Water St., and a third Feb. 9 at the Port Ludlow Beach Club, 121 Marina View Drive.

All of the meetings will be from 5 p.m. to 7 p.m.

For more information, phone 360-379-4693 or visit www.quimpermerc.com.

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Jefferson County Reporter Charlie Bermant can be reached at 360-385-2335 or at charlie.bermant@peninsuladailynews.com.