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T.O. condo developer grows $1-bil land portfolio

Friday, January 23, 2015

A Richmond Hill real estate investment and development company, Fortress Real Developments Inc. (Fortress), has entered into six agreements to develop high-profile sites with top Canadian developers. With these new projects on the horizon, Fortress grows its land portfolio value to over $1-billion.

The projects, their respective locations and partners include:

  • Two mid-rise buildings in Toronto and Woodbridge, Ont. (Cityzen Development Group and Fernbrook Homes);
  • A high-rise tower in downtown Toronto, Ont. (Cityzen Development Group and Fernbrook Homes);
  • Two low-rise buildings in Nobleton, Ont. (Cityzen Development Group, Fernbrook Homes and Tercot Development Group); and
  • A high-rise development in Winnipeg, Man. (EllisDon).

Cityzen Development Group and Tercot Development Group are both Toronto-based condominium developers and Fernbook Homes specializes in low-rise developments. Founded in London, Ont., EllisDon is an employee-based construction company.

“The partnership between Fortress, Cityzen and my company is very exciting and I see many more opportunities in the hot single-family market,” says Joe Valela, Tercot President. “We see tremendous growth potential and value creation for all stakeholders in this partnership, primarily within Toronto and the surrounding GTA market.”

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