Posted May 1, 2017, 12:18 PM
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Join Date: Jun 2015
Posts: 122
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Notice a trend with Fortress projects? They don't get built.
Harmony Village spinning its wheels
http://www.thebarrieexaminer.com/201...ing-its-wheels
Quote:
Harmony Village continues to hit a flat note on Barrie's development scale.
While the Bradford Street property was sold late last year, its future as a high-rise residential project is no closer to being built or even planned.
It's been more than three years, March of 2014, since development plans were floated for seven towers ranging from eight to 25 storeys and 1,170 residential units.
And there's still no application before the city's planning department to build it.
The future of this project, and even this 8.6-acre property, remains unclear.
It could also be sold, again.
Natasha Alibhai, of Fortress Real Developments, said Fortress Kempenfelt Bay Developments - an affiliate of Fortress Real Developments - successfully bought the site through a power-of-sale on Nov. 30, 2016.
“Since purchasing the land, Fortress has been evaluating multiple options for development and a phase one and two environmental assessment is currently underway,” she said.
“In terms of next steps with the development, Fortress is currently exploring options for sale of the site and will know more when the listing is ready, which is expected at the end of the month.”
It's worth noting, however, that Fortress helped present details at that public information meeting in March of 2014 that laid out the then-latest plans for Harmony Village, which also included restaurants and cafes, a hotel with 152 rooms and a grocery store at 51-83 Bradford St. and 20 Checkley St.
Further complicating Harmony Village's future is a statement of claim in the Ontario Superior Court of Justice which names Fortress, Harmony Village-Lake Simcoe Inc., along with Jawad Rathore, president and CEO at Fortress Real Developments, and Vincent Petrozza, chief operating officer at Fortress, among the defendants.
The plaintiffs are Bryan Madryga and Eileen Wallace, who are also representative of 358 others in the proposed class-action claim – which involves investment in a syndicated mortgage, a partnership involving two or more investors in a specific mortgage.
The statement of claim says 'Fortress' marketing of its syndicated mortgages misleads investors with respect to the security of their investment.'
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