Fortress Real Developments reports significant Barrie Collier Centre progress

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Fortress Real Developments Inc. says the the Collier Centre and Lakeview Condominium project in Barrie is now more than 80 per cent completed.

Fortress says in a news release that 78 of 82 residential condominium units have been 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. The Bank of Montreal and Druxy’s are anchor 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,” Fortress president and CEO Jawad Rathore said. “Since then, as has been widely acknowledged in the press, Fortress Collier restarted construction and committed to repay syndicated mortgage lenders.”

“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,” Rathore said.

The Collier Centre is a mixed use mid-rise development in downtown Barrie with office, retail and a 7-storey residential condominium.