- Construction of the non-residential building will be complete in 2016
- Residential units close to 100% sold, occupancy expected to begin in January 2017
TORONTO, Aug. 30, 2016 /CNW/ - Fortress Real Developments Inc. ("Fortress") is pleased to announce that the the Collier Centre and Lakeview Condominium project ("Collier Centre") in Barrie, Ontario, is now over 80% completed.
Fortress is also pleased to announce that 78 of 82 residential condominium units are sold, and occupancy is currently scheduled to begin in January 2017. Fortress and EllisDon are currently working with purchasers to finalize selection of colours and finishes. Fortress is also pleased to welcome the Bank of Montreal, and most recently Druxy's as commercial tenants.
"The substantial progress in the Collier Centre project is even more significant when you consider where the project was just over a year ago when Fortress stepped in to rescue it during CCAA proceedings. Since then, as has been widely acknowledged in the press, Fortress Collier restarted construction and committed to repay syndicated mortgage lenders," said Jawad Rathore, President and CEO of Fortress.
"Our commitment to this project since purchasing the Mady Collier assets has never wavered. In addition to the amount paid to purchase the Collier Centre, Fortress Collier has invested to-date an additional $5 million into the project. Fortress Collier will only realize profit on the project should the sale price exceed the amount of outstanding principal and interest owed under the mortgage given to the Mady Collier syndicated mortgage lenders," continued Mr. Rathore.
The Collier Centre is a mixed use mid-rise development in downtown Barrie with office, retail and a 7-storey residential condominium. The commercial retail and office components of the project have attracted major anchor tenants like the Bank of Montreal and Druxy's. Both the office and residential buildings will have spectacular views of Kempenfelt Bay and Barrie's picturesque downtown.
About Fortress Real Developments
Fortress Real Developments Inc. is a Canadian real estate development company that seeks out and analyzes real estate development 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 visit: http://fortressrealdevelopments.com
SOURCE Fortress Real Developments
For further information: Natasha Alibhai, Fortress Real Developments Inc., natasha@Fortressrdi.com, Phone: (905) 787-9266 ext. 235