Fortress to Fund M-U Development on 2-Acre Burlington Waterfront Land in Ontario
- Jul 08, 2013
Mady’s latest mixed-use development project, sitting on 1.68 acres of prime waterfront land on the shores of Burlington, has landed a financing agreement. Fortress Real Developments executives, Executive Vice President Frank Margani and COO Vince Petrozza (both licensed mortgage agents and broker with Centro Mortgage Inc.) have announced an agreement to provide funding for Mady’s new mixed-use project.
“This is our third project in Burlington and we’re looking at more opportunities,” said Petrozza. “It’s a market that our research has identified as having strong growth metrics and our success to date on current sites here just reinforces that.”
Mady CEO, Charles Mady, lauded the site. “This property is special,” he said. “How many places can you build directly on the water, but also be downtown?” The new Burlington waterfront project will feature a seven-story condo tower, a 22-story condo tower and an eight-story four star hotel. The development will also include 11,000 square feet of retail space, three levels of underground parking and an outdoor plaza connecting the development to the waterfront trail.
Burlington on the Water is the third venture with Mady that has been funded by Fortress clients. The previous two are the Collier Centre and Lakeview Condominiums in Barrie and the recently announced mega-development in Winnipeg.
At a press conference Burlington’s mayor, Rick Goldring, talked about the project and shared his enthusiasm for its launch: “I am pleased with the improvements planned for the lakeshore,” he said, “to maintain a welcome and accessible waterfront. The Bridgewater project is an example of ways that we can continue to grow through intensification, while preserving public access and visibility of our waterfront on Lake Ontario.”
The architects of the project are Page and Steele/IBI Group. Gluckstein will be in charge of interior design, and the Condo Store is handling sales and LCL Builds. The builders of Toronto’s Trump International condo and hotel, will lead the construction.