The Toronto and Ottawa Landscape is About to Change With Three New Development Projects from Fortress Real Capital
TORONTO - Fortress Real Capital has announced three new projects in conjunction with Lamb Development Corporation; two in Toronto and another in Ottawa. "This is an exciting opportunity to bring Lamb's strong design and marketing sensibilities to Ottawa", said Jawad Rathore, Chief Strategic Officer at Fortress.
Lamb Development Corp, headed by renowned real estate expert Brad J Lamb, has recently completed a development phase on another Fortress project King Charlotte. Located in Toronto's bustling King West District, King Charlotte's innovative design and appealing price point have propelled the development forward at great speed.
The initial Fortress investors participated in a seed round in fall 2010 and were rewarded with more units than first anticipated, significant discounts and excellent profit participation. Upon opening the sales office to brokers and agents, the site was already more than 50% sold out and enjoying sales at close to $600 per square foot. Second round Fortress investors benefited from zoning advancements and the existing pre-sales. "Some investors are better suited to the start of the project where they can get a tremendous lift. Others prefer the managed returns that come at a later date", said Lance Kotton, Fortress marketing manager.
The newest Fortress/Lamb project is Gotham in Ottawa's trendy Centretown district. Near downtown, the Centretown area is an up and coming neighbourhood that appeals to young, professional buyers looking for a building that reflects their taste and style. Brad Lamb is excited to bring design-forward living options to the market. "Ottawa has always appealed to me as a city with so much potential", offered Lamb. "It's one thing to build and it's quite another to build well. I'm excited to bring Lamb Development Corp's track record of success in Toronto to the right cities. And Ottawa is definitely a city we're looking to do more in."