TORONTO, Feb. 6, 2017 /CNW/ - Fortress Real Developments (Fortress) and Kingridge Developments (Kingridge) are pleased to announce that they have completed the sale of a 6-acre parcel to the Region of Halton.
The site is located just north of the Queen Elizabeth Way (QEW) at 1099 and 1105 Bronte Road in Oakville, Ontario fronts North Service Road to the north and Bronte Road to the west. Planned for 170,000 GFA, the development was to consist of five buildings, including retail stores, office condominiums and self-storage space.
Fortress and Kingridge co-managed the development since the lands were acquired in 2015. "We are always seeking out lands that have a strong inherent value, and in this case the region had an immediate need to secure this parcel," said Dan Marion, President of Kingridge Developments.
"With another solid year of population and employment growth in the GTA, demand for office space was up sharply in 2016, with 2.7 million square feet absorbed per Altus Group data, the highest level since 2007," said Fortress Senior Vice President Ben Myers, adding "Oakville is one of the most desirable suburbs, and we'll likely see more demand for office and commercial developments in this market, especially for projects with quick access to the QEW," added Ben Myers, SVP of Fortress Real Developments."
For interested purchasers who had expressed interest in the Bronte Development, Fortress and Kingridge are offering them opportunities to purchase a unit in their other recently completed commercial project in Oakville, Kingridge Square.
Fortress CEO Jawad Rathore remarked, "Fortress seeks out high quality real estate assets across Canada. We purchased these lands in Oakville just over 18 months ago and are pleased to have sold them to the municipality to the benefit of all stakeholders. We anticipate a very busy 2017 as our portfolio of more than 70 sites matures."
About The Companies
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
Kingridge Developments is a fully integrated development company headquartered in Oakville, Ontario, one of the most prosperous Municipalities in the Greater Toronto Area. For over a decade, the management of this dynamic and growth-driven company have acquired and developed single and multi-unit residential and commercial projects throughout southern Ontario. For more information, visit: http://kingridgedevelopments.ca
SOURCE Fortress Real Developments
For further information: Natasha Alibhai, Fortress Real Developments Inc., natasha@Fortressrdi.com, Phone: (905) 787-9266 ext. 235