TORONTO, July 17 2015 /CNW/ - Fortress Real Developments announced today that it has executed an agreement to purchase the Collier Centre project in Barrie. This agreement is pending court approval and will give Fortress sole ownership of the mixed-use project.
The project, which began construction in 2012, is now 65% complete and is expected to need another year of work before full occupancy can take place. In the retail/commercial component of the project, there are currently leases in place with several Triple-A tenants including Bank of Montreal, who took possession of their space last year. The residential component, LakeView Condominiums, is 100% sold out. "Situated right across from City Hall and overlooking Kempenfelt Bay, this will be the best address in Barrie for residents and retailers alike when it's finished," stated Jawad Rathore, CEO of Fortress Real Developments.
Fortress has been working closely with a large-scale national builder who will be brought on to complete this project. Work is expected to begin immediately following the completion of the sale. "We've put an exceptional team in place to complete the project. This is a complex build, and we recognized early on the importance of bringing in the best," added Vince Petrozza, COO of Fortress.
Designated as an Urban Growth Centre in the Province's Places to Grow Act, Barrie has seen significant intensification in recent years. Ben Myers, SVP of Market Research & Analytics at Fortress spent time studying the market before the purchase and stated, "like many mid-sized municipalities in Canada, Barrie has embraced the condominium in recent years with over 300 suites currently under construction. We believe the residential portion of Collier Centre is one of the best locations in the City and we look forward to providing quality high-rise living to the downtown area."
Frank Margani, EVP of Strategy & Development at Fortress has been spearheading the process of putting this deal together and noted, "This has been a team effort. It's been a challenging process given what was left from the previous developer, but we have been working with several lenders and various partners to ensure a program of success moving forward for all stakeholders." Once the courts approve the sale, Fortress plans to unveil full details of its plans for completing the project.
With more than 70 projects across Canada under construction, development or already completed, Fortress is adept in seeing projects through to completion even if the original plan changes course.
"We're very fortunate to have a fantastic team that allows us the flexibility to step in and take over projects as needed. It doesn't happen often but when the situation presents itself we have the savvy and the capital strength to do what needs to be done," shared Rathore. "The best part of this deal is that, it was done to make right a situation that the previous owner had let go so wrong."
"The tradespeople will soon be back to work, the condo buyers are going to get a wonderful building, the mortgage lenders and Stakeholders have a clear plan to exit and potentially earn even more profit and, best of all, the residents of Barrie will soon have new exciting shops and businesses at which to spend their time."
About the Companies
Fortress Real Developments Inc. - Fortress Real Developments Inc. is a Canadian real estate development company that seeks out and analyzes opportunities in major Canadian markets. The company is focused on quality projects with recognizable alpha in residential low-rise, high-rise, commercial and industrial market segments. For more information on Fortress projects, visit: http://fortressrealdevelopments.com.
SOURCE Fortress Real Developments
For further information: Media Contact: Natasha Alibhai, Fortress Real Developments, Natasha@Fortressrdi.com, Phone: (905) 787-9266 ext. 235