Fortress Real Developments and Chestnut Hill Developments Close on Prime Bayview Village Site
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 07/23/13 -- Editors Note: There is a photo associated with this release.
The neighbourhood surrounding Bayview Village's boutique shops and restaurants is set to welcome their newest resident, an upscale residential condominium from the partnership of Fortress Real Developments Inc. and Chestnut Hill Developments.
The two real estate companies closed on the major parcel earlier this month, and are currently finalising design elements before starting sales in spring of 2014. The land assembly includes parcels on Kenaston Gardens facing the subway station and homes on Sheppard Avenue East that directly face the renowned Bayview Village shopping mall.
"We're about bringing quality residences to the best communities across the GTA and Bayview Village has been in our plans for some time now. Our team has worked very carefully on this assembly for quite some time and we're thrilled to have closed on the properties. We are very excited to get started," said Ralph Del Duca, Vice President of Sales & Marketing at Chestnut Hill.
This project is the first of several planned between Chestnut Hill and Fortress. With over 30 years of experience and more than 8,000 homes completed, Chestnut Hill is a recognised and respected name in the development of low rise, high rise and mixed use projects. Fortress has been partnering with top developers and builders for several years now and brings research and marketing expertise to each project. In addition, their access to capital though syndicated mortgages and the Fortress Real Capital product make for a compelling offering.
"We've been approached by many potential partners or investment companies in the past and said 'no'. We chose to get involved with the terrific people at Fortress because we saw real passion and were very impressed by their executive team. Like us, they really care about developing great projects with the best addresses and have an excellent combination of skills in research, marketing and banking. We're thrilled to be working with the team at Fortress," remarked David Friedman, President and CEO of Chestnut Hill.
Envisioned as a high rise condominium, the project will feature retail shops at grade and a mix of units ranging from 450 sq ft to more than 1600 sq ft. All units will come with upscale finishes including granite countertops, a choice of flooring and brand name appliances. Premium suites will feature stunning walkout terraces and amazing views of the city and ravine.
"The old adage holds true... location, location, location," said Jawad Rathore, President & CEO of Fortress Real Developments. "The neighbourhood around Bayview Village is one of the best in the city and it's somewhere we knew we wanted to be. Chestnut Hill is one of the best in the business and they are everything you want in a partner; talented, tenacious and very committed to delivering an outstanding product".
Fortress EVP Frank Margani was already very familiar with Chestnut Hill before getting involved with this project. As Sr. VP of Construction Finance with MCAP for a decade, Margani saw up close how well Chestnut Hill performed and generated profits for their investors. "We've spent a lot of time discussing new ventures with Dave (Friedman), Steven Warsh (Vice President of Development) and Mark Gossin (Vice President of Finance). As a banker, I couldn't be more pleased with having them as a partner. Investors will be very well rewarded with secured principal and steady returns."
The project aims to break ground late next year and will add upscale inventory to an area already bursting at the seams with demand for quality product. Immediately adjacent the Bayview subway stop and facing a major grocer in addition to the shops at Bayview Village, one of the most desirable locations in the city finally has the luxurious new neighbour that everyone has been waiting for.
About the Companies
Fortress Real Developments Inc. - Fortress Real Developments is a Canadian real estate development company that seeks out and analyzes opportunities in major Canadian markets. The company has placed their focus on quality projects with recognizable alpha in residential low-rise, high-rise, commercial and industrial project. For more information visit: .
Chestnut Hill Developments. - Since 1981, Chestnut Hill Developments has upheld the highest standards in residential real estate development, planning, construction and management. Memorable designs, superb features and meticulous attention to detail are hallmarks of the company's real estate portfolio. For more information visit: .
To view the photo associated with this release, click the following link: .
Contacts:
Media Contact
Fortress Real Developments Inc.
Natasha Alibhai
(905) 787-9266 ext 235
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Datum: 23.07.2013 - 08:17 Uhr
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