Fortress buys Barrie-area mixed-use project
Fortress Real Developments announced that it has purchased the mixed-use Collier Centre project in Barrie, which began construction in 2012, is now 65 per cent complete and is expected to need another year of work before full occupancy can take place. In the retail/commercial component of the project, there are currently leases in place with several Triple-A tenants including Bank of Montreal, who took possession of their space last year. The residential component, LakeView Condominiums, is sold out.
Designated as an Urban Growth Centre in the Province’s Places to Grow Act, Barrie has seen significant intensification in recent years. Ben Myers, SVP of Market Research & Analytics at Fortress spent time studying the market before the purchase and stated, “like many mid-sized municipalities in Canada, Barrie has embraced the condominium in recent years with over 300 suites currently under construction. We believe the residential portion of Collier Centre is one of the best locations in the City and we look forward to providing quality high-rise living to the downtown area.”