Fortress negotiates the sale of a downtown Toronto site after the development plan for the Charlotte Adelaide Tower was rejected by the Ontario Municipal Board in October 2018 despite the backing of a team of industry leading consultants that firmly believed that the plan represented appropriate intensification for a site located in the downtown core.
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Fortress Assists in Sale of Downtown Toronto Development Site
Fortress Exits Interest in Downtown Toronto Development
James, a condo project in downtown Toronto in partnership with Lamb Development Inc. has been refinanced with Fortress concurrently exiting its interest in the project. Fortress continues to work diligently with its partners and FAAN to bring the best value forth for all projects within their portfolio. This exit is an example of retained value through an extended delay and loss of revenue from the OMB ruling.
The Story The Media Continues To Ignore
We believe that all members of the media have a duty to be fair and balanced in their reporting. Over $62M of funds have been paid back to lenders in Fortress projects since November 2018; this information is both publicly available and has been provided to the Globe & Mail, but continues to be ignored.
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