Fortress Real Capital has announced that the Crates Landing Development is expected to proceed in the next few weeks. The project had been delayed for nearly two years because of an appeal to the Ontario Municipal Board (which has been resolved in favour of the project) as well as the economic downturn which plagued the industry in general. Located one hour from downtown Toronto on the shores of Lake Simcoe, this four-phase project includes condominiums, commercial units and a premiere hotel.
“We’ve spent a good deal of time on due diligence, it’s our primary responsibility to our investors,” said Vince Petrozza, Chief Operating Officer and primary broker for Fortress Real Capital. “The principals of Brightstar have done an admirable job steering this project through some difficult times and have injected significant funds to keep it going. That’s the type of commitment you want to see from a developer.”
The new project developer, Brightstar Corporation, has completed a registered mailing to all current purchasers of units in the project, in order to satisfy the condition imposed by Georgina Town Council to allow water and servicing allocations to remain in place. “We have already started work on updating and fine-tuning the designs for the project,” said Brightstar chairman Alan Chapple. “We are working with the municipality and the conservation authority to confirm the final requirements for shoreline improvements and external road works that will be undertaken this summer and fall.”
“This deal has seen its share of challenges and, with the latest condition from the Town now satisfied, Fortress is proud to get on board and help see it through. We’re excited to help bring this project to fruition and feel it will be a tremendous landmark in Georgina and a site everyone in Keswick and around Lake Simcoe can be proud of,” says Jawad Rathore, Chief Strategic Officer.