Fortress Real Developments has arranged to acquire the Collier Centre in Barrie, Ontario, a mixed-use building that began construction in 2012 and is now 65 per cent finished.
Several high-end tenants heave already leased the retail and commercial areas of the project, including the Bank of Montreal, while LakeView Condominiums, the residential component, is 100 per cent sold out.
Overlooking Kempenfelt Bay and near City Hall, market analysts tout the location as one of the city’s best. Before the purchase, Fortress studied the market, noticing how Barrie has embraced the condominium lifestyle in recent years with more than 300 suites now under construction.
“We’ve put an exceptional team in place to complete the project,” said Vince Petrozza, chief operating officer of Fortress. “This is a complex build, and we recognized early on the importance of bringing in the best.”
Frank Margani, executive vice-president of strategy and development at Fortress, who spearheaded the deal, said once the courts approve the sale, Fortress will reveal all details for project completion.
“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,” noted Margani.