The Island Regulatory and Appeals Commission released its decision Tuesday, (June 19) ruling in Madden's favour and overturning city council's 7-3 vote to reject the developer's application.
Madden said he figured IRAC was going to side with him to begin with.
"I haven't put much thought into it, to be honest,'' Madden said of IRAC's decision late Tuesday afternoon when reached by The Guardian.
Madden said construction crews won't be down on the waterfront anytime soon driving poles into the ground. The development is still in the concept phase.
"I do have approval to (proceed) but I want to see where this is at at the council and planning stage. It's getting pretty late in the year to start anything.''
Madden already has one condominium up now and has been attempting to get a second building up between the existing one and Founders' Hall. He's proposing a mixed bag of retail, a spa, apartments and a marina.
Despite the fact that the planning department recommended council green light Madden's proposal, council still voted it down.
Councillors who voted to reject Madden's concept talked about the need to protect the waterfront and feeling the pressure of public opinion against development on the waterfront.
David Hooley, counsel for the city, told IRAC during the hearings into this matter that the waterfront that the waterfront concept plan in 2006 called for one building three storeys high, measuring 36,000 square feet. Nowhere in that plan, he said, was there any mention of a second building.
IRAC felt differently.
"This development, given it is between the other two building[s], appears to be good infill development and provides year-round occupation and activity and is stepped back far enough from Founders' Hall windows to allow a future different use for that building and use of the windows on this side. It is also stepped back from views from Prince Street of the harbour,'' the commission said in its decision.
Madden said there is the possibility he could sell that piece of land.
"If the opportunity presents itself I'd certainly look at it. If the right deal comes along. I'll keep my options open.''
Madden said nothing is going to happen until he returns to P.E.I. sometime in August. Construction won't start until the fall, at the earliest.
Madden said he might see that the piles are driven in and the shell of the building is enclosed before the winter.