Fortress Real Developments (Fortress) and Kingridge Developments (Kingridge) have sold a six-acre commercial site in Oakville, Ontario to the Region of Halton.
“We purchased these lands in Oakville just over 18 months ago and are pleased to have sold them to the municipality to the benefit of all stakeholders, said Fortress CEO Jawad Rathore.
The lands are located just north of the Queen Elizabeth Way (QEW) at 1099 and 1105 Bronte Road. Since the lands were acquired in 2015, Fortress and Kingridge co-managed the development, which was to consist of five buildings, including retail stores, office condominiums and self-storage space.
“We are always seeking out lands that have a strong inherent value, and in this case the region had an immediate need to secure this parcel,” added Dan Marion, president of Kingridge.
For interested purchasers who had expressed interest in the Bronte development, Fortress and Kingridge are offering them opportunities to purchase a unit in their other recently completed commercial project in Oakville, Kingridge Square.
“With another solid year of population and employment growth in the GTA, demand for office space was up sharply in 2016, with 2.7 million square feet absorbed per Altus Group data, the highest level since 2007,” said Fortress Senior Vice-President Ben Myers, adding, “Oakville is one of the most desirable suburbs, and we’ll likely see more demand for office and commercial developments in this market, especially for projects with quick access to the QEW.