Crates Landing Development on the Shores of Lake Simcoe Is Back on Track-Fortress Real Capital

Crates Landing Development on the Shores of Lake Simcoe Is Back on Track-Fortress Real Capital
TORONTO, ONTARIO--(Marketwire - March 22, 2011) - Fortress Real Capital is pleased to announce 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.
"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."
Jawad Rathore, Chief Strategic Officer, sees a bright future for Crates Landing ahead. "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."
Located only one hour from downtown Toronto, Crates Landing is a unique investment opportunity for Fortress Real Capital's clients, with the Highway 404 extension into the area scheduled for completion in 2012. "This unique four phase opportunity includes condominiums, commercial units and a premiere hotel" says Lance Kotton, Marketing Manager with Fortress Real Capital. "Our investors will benefit from a project that already has significant pre-sales, all approvals and a distinct vision. The amount of work and progress the developers have already put in makes Crates a very mature offering."
Fortress Real Capital is an RSP and non-accredited eligible syndicate mortgage product that allows a consumer to invest directly into the proven market of Canadian real estate development and construction. Your principal amount is fully secured against the subject property where you enjoy steady interest on your funds and, where available, profit participation at the end of your term. Fixed terms, defined horizons… investing that makes sense.