-Jawad Rathore, President and CEO of Fortress Real Developments
www.facebook.com/FortressRDI
“We’re proud of the communities we build and the value we create in great cities across
Canada. Programs like Fortress Gives allow us to make another enduring impression by
helping youth to realize their goals and visions.”
www.fortressrealdevelopments.com
www.twitter.com/FortressRDI
Senior Vice President Ben Myers heads up the research and analytics team after his
latest stint as the editor-in-chief of a top real estate research company. Frank Margani,
EVP for Strategy & Development, is now the lead banker on the design and execution
of the capital stack for all Fortress deals after lending almost $4B in the past decade
as the construction & development finance director of Canada’s largest non-schedule
‘A’ bank . Welcome to the Fortress!
REAL DEVELOPMENTS
Developed with Lamb Development Corporation
Fortress Real Developments
makes a $60,000 donation
to the Sick Kids Foundation
in Toronto.
The executive team at Fortress is comprised of industry experts with over half a
century of collective experience. Founded by Jawad Rathore and Vince Petrozza in 2002,
the company has made several strategic acquisitions in the past year.
THE EXECUTIVE TEAM
Downtown Edmonton
November 29, 2012.
Fortress Real Developments
was proud to support the
Edmonton Oilers Community
Foundation with a $10,000
donation to support inner city
schools in Edmonton.
&
February 23, 2013.
Fortress Real Developments Inc. is a Canadian real estate development company that
seeks out and analyses opportunities in major Canadian markets. The company is focused
on quality projects with recognizable alpha in residential low-rise, high-rise, commercial/
industrial projects and land servicing opportunities.
Fortress Real Developments
was proud to support the
Covenant House at the CEO
sleeput with a $10,000 donation
to help homeless youth in
Toronto.
WHO IS FORTRESS REAL DEVELOPMENTS?
JASPER HOUSE & NORTH
November 21, 2013.
Presents
REAL DEVELOPMENTS
Fortress Gives is a charitable program from
Fortress Real Developments, committed to
giving back to the communities that they are
invested in.
PROJECTS UNDER DEVELOPMENT
OUR STRATEGY
WHY CANADA? - WHY REAL ESTATE?
PROJECTS UNDER CONSTRUCTION
Gotham
The Harlowe
Fortress focuses on large scale, blue chip development deals with established
builders, developers and property managers with decades of experience.
The Link
6th and Tenth
The Harlowe - A project with Lamb Development Corp.
The Harlowe is envisioned as as 14 storey condominium tower situated at Bathurst and
Richmond St in Toronto. This project will contain over 210 units with premium finishes,
and the red brick exterior is designed to evoke memories of the neighbourhood’s rich
and storied heritage past. The project will be opening for sales in the spring.
The Link - A project with ADI Development Group
A 3.2 acre development in burgeoning Burlington, planned for a 6 storey condominium
building with 350 units, including 43 townhomes. This contemporary development had a
successful public launch with units flying off the shelves
6th & Tenth - A project with Lamb Development Corp.
6th and Tenth is a premium condominium development in downtown Calgary by
renowned developer Brad J. Lamb. This 31 storey tower featuring over 200 modern
units with quality design and finishes is located on Tenth Avenue in the northern part
of the Beltline, just south of the main city centre.
*Shown above are a few projects in the Fortress portfolio. For more projects visit our website.*
We seek out high quality, ‘bank grade’ projects with top developers and established
builders; the best names in Canadian construction and experienced builders with
decades of experience. We research and track market trends to find valuable
development opportunities in prime locations with strong metrics and absorption.
Whether it’s commercial builds with global big box brands, a soaring tower in an
urban center, quality homes in a scenic suburb or a community to serve our nation’s
rapidly growing seniors market, you can always expect to find Fortress in the best
markets with prime opportunities.
The Collier Centre
King Charlotte
Gotham - A project with Lamb Development Corp.
Gotham is an exclusive condominium tower in Ottawa’s Centretown district. The first
project in Ottawa conceived and developed by Brad J Lamb, Gotham offers stylish
living just steps from Downtown. Gotham is well into construction. It is expected that
construction of this project will be completed by late summer 2014.
Fortress provides ongoing expertise and stewardship from inception to completion.
From analysing and buying the land, to hiring the architects, to building the sales
centre, to retaining the planners who obtain permits and approvals from the city
to improving the quality of the rental units, our development team is constantly
analysing and working to add value to projects and push them towards completion.
Collier Centre & LAKEview Condominiums - A project with MADY
A mature project in Barrie, Ontario with the MADY group; this mixed use development
has attracted *AAA* tenants for its commercial & retail component while the residential
component is over 90% sold out. Construction is underway.
“Canada has the strongest and most stable real estate market
in the world. Fortress is proud to bring the biggest and best
names in the development world to our projects. If you want
to know where the best trends and prime markets are, look at
where Fortress is doing business”
King Charlotte - A project with Lamb Development Corp.
King Charlotte is a stylish new condominium tower in Toronto’s King West district. The
project, conceived and developed by Brad J. Lamb is now 75% sold out. Construction is
underway with a crane erected on site and concrete work ongoing.
*Shown above are a few projects in the Fortress portfolio. For more projects visit our website.*
– Jawad Rathore, President and CEO of Fortress Real Developments.
Lamb Development Corporation (LDC) was founded in 2001
by Brad J. Lamb, one of Canada’s top condominium sales
brokers, and one of the most recognizable personalities
in Canadian real estate. LDC’s mandate is to directly
participate in the development of stylish, metropolitan
condominium projects. With nearly a quarter century of
experience in consulting, marketing, selling, and building
of approximately 100 of Toronto’s most innovative and
exciting projects, Mr. Lamb brings a unique perspective to the development
process. As one of the country’s busiest development companies, LDC targets
pioneering up-and-coming locations, while delivering a modern, urban solution to
each property.
In 2013 there were 12,659 housing completions in the Edmonton
CMA, an increase of 25% annually, while starts jumped 14% yearover-year to 14,689. Both figures were 5-year highs.
The CMA has witnessed a 39% decrease annually in unabsorbed
condominium units, falling from 621 in February 2013 to just 381
in February 2014.
Rents for purpose-built two bedroom rental apartments
increased 6.5% from 2012 to 2013, and the vacancy rate fell to
just 1.4% for the CMA.
These two projects mark the first foray into the Edmonton market for the joint
venture between LDC and Fortress. This also brings the partnerships’ project total
to 10 towers acorss Canada. King Charlotte and Brant Park in Toronto, and Gotham
in Ottawa are currently under construction while SoBa in Ottawa and 6th and Tenth
in Calgary will start construction this year. LDC has also completed projects that
are some of the hippest, most contemporary buildings in the city including Zen
Lofts, OneSixNine, Glas, East Lofts, Parc, The King East, WorkLofts and Flatiron Lofts.
By collaborating with one of Toronto’s best modernist architectural firms, Architects
Alliance, LDC is creating architectural statements that will stand the test of time. A
company philosophy of providing what would be expensive upgrades elsewhere
as standard finishes at all LDC developments has resulted in a devout following
among purchasers.
Some completed and current projects from Lamb Development Corporation
Altus Group
According to Altus’ Edmonton Market Outlook report, new
condominium sales in 2013 topped 2,500 units in the Edmonton
CMA, a level consistent with results over the past three years.
Lamb Development Corporation is planning two condominium apartment projects located off 106th
Street in downtown Edmonton. Both towers boast a strong design aesthetic that Brad Lamb projects
have become synonymous with and will feature a mix of retail at the street level.
The 36-storey, Jasper House will launch this summer and will include 260 units over 195,000 square
feet (sf) of saleable residential area, with an average unit size of approximately 725 sf. The building was
designed by Architects Alliance and features a point tower above a multi-storey podium adorned with
decorative brick columns, a modern homage to Edmonton’s industrial past. A unique ‘open air’ portion
of the podium allows sunlight into the landscaped porte-cochère area.
The Edmonton new condominium market has seen consistent
pricing, sales absorption, and demand over the past three
years. The tight rental market, tightening supplies in the MLS
resale market, and economic, population, and price growth
will continue to attract more consumers into the new housing
market. Based on these factors, Altus is forecasting 2,500 to
3,000 new condominium sales in the CMA in 2014.
The 45-storey NORTH project will include 350 units and 265,000 sf of saleable residential space, with
an average unit size of 725 sf. The tower will feature wrap-around balconies.
Work Lofts (Toronto)
East Lofts (Toronto)
THE DEVELOPER
Gotham (Ottawa)
“All our research shows Edmonton is a market we want to be in. We are thrilled to be bringing the LDC
brand here and with our NORTH project, we are hoping to possibly build the tallest residential tower in
the city!” – Brad J Lamb, President of Lamb Development Corp.
THE DEVELOPMENT
Market Comparables
Aside from a clear void in Edmonton’s high rise
market, there are several reasons we chose it as
the next city to develop in. It is one of the richest
cities in Canada with an average household income
of $90,000 and has great economic indicators, like
low unemployment numbers and low vacancy rates.
Fox One
• 102 Avenue & 104 Street Northwest
• Langham Developments
• 28 storeys, 142 units
• 90% sold out in 13 months
• Launched 2012, under construction.
Brad J Lamb, President of Lamb Development Corp.
Ultima Condominiums
• 10244 103rd Street Northwest
• Westrich Pacific
• 32 storeys, 199 units
• 75% sold out in 1.5 years.
• Launched 2012, under construction.
YEAR 1
• Complete land transaction
• Zoning and Official Plan application
• Marketing program commencement
• Finalize site plan and floorplans
• Sales Launch
YEAR 2
• Continue Sales and Marketing
• Zoning and official plan approvals
• Finalize working drawings
• Secure construction financing
YEAR 3
• Start excavation
• Construction
YEAR 4
• Construction completion
• Occupancy
DEVELOPMENT TIMELINE
JASPER HOUSE & NORTH
Downtown
Edmonton
Corona
Station
Beaver Hills
House Park
MacEwan
University
According to Downtown Business Association’s (DBA) report from 2013, Edmonton’s downtown has seen a major influx in residential development between 1998
and 2013. Over the previous 15 years, 57 residential buildings have been constructed, totaling over 5,200 new units, and an estimated $1.1 billion in building value.
The nearly 1,500 units of actively selling downtown condominium apartment projects within the 8 x 16 block area that comprises the downtown, represents
over $500 million in additional residential complexes according to the DBA. According to MacLeod Project Marketing, there is approximately 1,250 more
residential condominiums units planned for central Edmonton, excluding the 600 planned by Lamb Development Corporation at Jasper House and North,
and is an indication of the level of demand developers and builders expect downtown going forward. The tremendous future supply should help meet the
nearly 8,000 more downtown units required to satisfy demand over the next 30 years.
The downtown Edmonton rental vacancy rate was 1.5% according to CB Richard Ellis’ Q4-2013 Edmonton Multi-Housing report and demand for rental
properties remains strong among students. DBA’s report speculates that rental property will only increase with MacEwan University, University of Alberta, and
NorQuest College consolidating some of their programs into downtown campuses.
According to McLeod Marketing’s McLeod Report, there were 111
condominium projects in Edmonton (actively selling or currently
marketing/announced); McLeod is reporting the active projects
are 58% sold, an increase from 55% in 2011, and above the longrun average of 49% (as tracked by Essex Appraisal in select
years since 2001).
The median index price for high-rise condominium apartments in
the Central submarket of Edmonton was $494 price per square
foot (psf) as of the end of Q3-2013, with an average end-selling
price of just under $600,000.
®
Resale home prices increased 4.7% annually in Edmonton as of
March 2014 according to the Teranet-National Bank House Price
Index.
THE CITY OF
According to Edmonton Indicators February Labour Market
Report, very robust growth in employment helped to boost
weekly earnings in the Edmonton CMA (up over 4% since
February 2013) providing a very solid foundation for continued
growth in 2014 as consumers will be well positioned to increase
spending for housing, automobiles, clothing and appliances.
MARKET TRENDS
Unique Design:
Edmonton is primed for something new and these
new towers will bring to the city some cutting edge
design and offer modern urban living that is within
reach. Amenities, ground floor retail and convenient
suite layouts will be offered to residents of both towers.
Prime Location:
Jasper House and North are located in downtown
Edmonton, near MacEwan University, a few blocks
from City Centre Mall, the financial district, and the
new Arena District. The immediate area features
plentiful amenities including a farmers market,
several LRT public transit stations, retail shopping
opportunities, and entertainment venues.
Developer:
Lamb Development Corporation (LDC) has grown
exponentially in recent years, completing 523 units
in four buildings in 2012. LDC has four high-rise
condominium towers currently under construction
totaling just under 1000 units.
AREA STATS & COMPARABLES
Lamb Development Corporation is entering the Edmonton market with two sleek highrise towers
located in the bustling downtown core. Jasper House and NORTH will soar 36 and 45 storeys high
and feature high design at great value. The two projects will offer retail services at street level and
really integrate with what is already happening in this walkable area of downtown. Residents will
also enjoy all the amenities and finishes expected from a Brad Lamb development.
PROJECT SUMMARY