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  #3041  
Old Posted Aug 24, 2018, 11:03 PM
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Quote:
Originally Posted by Crisis View Post
And when they don't recommence work by Dec. 8th? Any clearly defined repercussions?
Under the governing legislation, the City can step in and perform, which I take to mean they can pick their preferred option - fill in the hole.
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  #3042  
Old Posted Sep 7, 2018, 12:27 AM
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The city is appealing the latest ruling. Sept 27 court date.

Quote:
Originally Posted by CBC
The city argues that the Saskatchewan Building and Accessibility Standards Appeal Board made an "unreasonable decision" which was unsubstantiated when it determined the site was not unsafe.

Another argument made by the city is that the board did not have the power to authorize continued construction.
https://www.cbc.ca/news/canada/saska...nues-1.4813244
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  #3043  
Old Posted Sep 18, 2018, 1:04 PM
Pi3141592654 Pi3141592654 is offline
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https://www.theglobeandmail.com/busi...r-many-of-its/


Troubled developer Fortress searching for buyers for many of its properties as legal woes mount
Janet McFarland and Jeffrey Jones
5-7 minutes

Troubled real estate developer Fortress Real Developments Inc. is searching for buyers for many of its projects as the list of mortgage lenders launching legal action grows.

Among the latest moves, two senior lenders have filed lawsuits seeking to take control of Fortress’s Triple Creek housing subdivision project west of Calgary, while another lender is seeking to seize Old Market Lane, a condominium and townhouse development in the Toronto suburb of Woodbridge.

Fortress is also facing a lawsuit from Toronto-Dominion Bank, which is seeking repayment of $190,000 it says it is owed on the company’s corporate credit cards. The bank’s claim says the borrowing was personally guaranteed by Fortress founders Vince Petrozza and Jawad Rathore, so the pair are also named in the suit.

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Many of Fortress’s other projects are also up in the air, facing delays or possible sales, and the company says it is working on a new development plan for its business.

“Fortress is currently in the process of restrategizing their project portfolio,” company spokesman Scott Davidson said in an e-mail.

A sale of Fortress’s Brookdale condominium project on Avenue Road in Toronto – which was put up for sale in June by receiver RSM Canada – should be announced shortly, Mr. Davidson said, “and represents a substantial land price for the [Greater Toronto Area] with significant benefit to secured land holders.”

He said Fortress also expects to sell Old Market Lane shortly.

“Fortress anticipates several significant transactions and announcements in the next 30 days as part of the successful repositioning of their portfolio,” he said.

Fortress, a real estate developer based in Richmond Hill, north of Toronto, is facing a flurry of legal actions from lenders, many launched after the RCMP searched the company’s offices in April as part of an investigation into syndicated mortgage fraud.

Fortress’s projects are financed by syndicated mortgage loans arranged through mortgage affiliate Building and Development Mortgages Canada Inc. (BDMC), which is based at Fortress’s head office address in Richmond Hill. (A syndicated mortgage is an investment in which two or more investors lend money to a borrower, often a developer building a new project.) BDMC raised more than $560-million from 11,000 individual investors to finance 44 projects for Fortress or other third-party developers working with Fortress.

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A court-appointed receiver took control of BDMC in May and warned in a June report that some of the projects are under “considerable stress” and lower-ranking syndicated lenders could face “significant losses.”

The development projects have mortgage loans from senior financial lenders that rank ahead of the syndicated loans. Some of those senior lenders have been moving to seize land this spring and summer, concerned about the spate of other legal action facing the company and the growing list of loan defaults.

Two lenders filed lawsuits in Calgary seeking to recover funds and take control of Fortress Triple Creek Inc., which is planning a housing subdivision on 155 acres of land in Rocky View, west of Calgary.

Romspen Investment Corp., which holds a first-ranking mortgage on the property, says it is owed $3.1-million on a loan that is in default, while Eagles Edge Capital Corp., the second-ranking mortgage holder, says it is owed $2.6-million. Both companies have also named Mr. Petrozza and Mr. Rathore in their lawsuits, saying the men personally guaranteed the Triple Creek loans.

Fortress was also notified this summer that the senior lender for its Old Market Lane project, JYR Real Capital Mortgage Investment Corp., was demanding payment on its $694,778 mortgage loan by Aug. 29, or it would take legal steps to seize and sell the property.

In addition, the company’s Union Waterfront project in St. Catharines, Ont., was put into receivership in August after the project’s lender moved to seize the property. Meanwhile, a power-of-sale process for Fortress’s Harmony Village Sheppard project in Toronto was completed in June and the court accepted a purchase offer from a developer. The company has also defaulted on loans for its Glens of Halton Hills project in Georgetown, west of Toronto.

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The lender for Fortress’s Collier Centre office complex project in Barrie, Ont., is also pushing for a sale of that property, and Fortress is in talks to sell its Mississauga Meadows townhouse project. It is also trying to complete the sale of The Kemp condominium development project in Barrie. The potential buyer of The Kemp requested an extension until this fall to complete due diligence.

Fortress, meanwhile, is still in a legal fight with the City of Regina over its Capital Pointe condo project at the prominent intersection of Alberta Street and Victoria Avenue in downtown Regina.

The city ordered the developer to fill in a foundation hole on the long-delayed project site, but an appeal tribunal ruled in August that Fortress had the option to finish construction or build more stable shoring at the site.

In early September, the city filed an appeal of the tribunal decision in Saskatchewan Court of Queen’s Bench.
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  #3044  
Old Posted Sep 28, 2018, 11:44 PM
Draftsman Draftsman is online now
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It's not April Fools Day is it? Or is this the joke of the day?

Report from CKRM News...

Capital Pointe project to move forward with construction after appeal.

https://www.620ckrm.com/2018/09/28/c...-after-appeal/
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  #3045  
Old Posted Sep 29, 2018, 12:38 AM
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Quote:
Originally Posted by Draftsman View Post
Report from CKRM News...

Capital Pointe project to move forward with construction after appeal.

https://www.620ckrm.com/2018/09/28/c...-after-appeal/
LOL.
And OJ's still searching for the killer.
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  #3046  
Old Posted Oct 1, 2018, 9:50 PM
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Blah, blah, blah...same information from a different source.

Developer says it will build Capital Pointe, city takes further legal action


I have this strange feeling of deja vu.
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  #3047  
Old Posted Oct 1, 2018, 9:55 PM
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Sure this time things will be different.
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  #3048  
Old Posted Oct 2, 2018, 5:56 AM
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It will be interesting how the progress deadlines imposed by the court will affect the typical story from Fortress.
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  #3049  
Old Posted Oct 2, 2018, 3:43 PM
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It absolutely blows my mind that the board didn't impose that as a condition of choosing the option of re-starting construction that the developer had to prove they had the funds available to complete construction - because they clearly don't.

This property is going to end up going into receivership based on whats happening with the rest of Fortress' projects. What does than mean? Probably another two years of legal battles (after the project misses its construction deadline) while creditors and lenders fight it out for securing any remaining funds, and the average Joe who invested anything in these syndicated mortgage scams loses everything.
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  #3050  
Old Posted Oct 2, 2018, 5:41 PM
prairieguy prairieguy is offline
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The system is definitely broken to allow Fortress to get away with this for so long....

I hope there are no Reginans that have money/deposits tied up in this scam.
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  #3051  
Old Posted Oct 23, 2018, 10:36 PM
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This endless saga is back in court today.

Quote:
The purpose of the case, filed by the city, is to determine whether or not the Saskatchewan Building and Accessibility Standards Board had the right to give the developer the option to continue construction. The city says the developer cannot continue with construction without applying for the proper permits.

...The matter is complicated further by the fact there is no transcript from the appeal hearing in July.

Justice Keene must now read through 1,000 pages of submissions before deciding whether or not the appeal board’s decision should be overturned.
https://regina.ctvnews.ca/judge-weig...case-1.4146303


It's sort of ridiculous there are no transcripts from the hearing where the Saskatchewan Building and Accessibility Standards Board gave the developer three options: fill the site, build permanent shoring of the excavation, or complete the project. There doesn't seem to be a timeline for the judge to rule on this.
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  #3052  
Old Posted Oct 26, 2018, 10:20 PM
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RCMP allege obstruction in Fortress fraud investigation

Officers ask judge for OK to pull employee over in traffic stop to seize missing hard drive

https://www.cbc.ca/news/canada/manit...ress-1.4873899
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  #3053  
Old Posted Oct 26, 2018, 10:30 PM
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This certainly isn't going away. Fortress's usual bury-head-in-the-sand-and-ignore isn't going to work.
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  #3054  
Old Posted Oct 26, 2018, 11:23 PM
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Can the mods please put "Cancelled" on this thread title?

Cheers
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  #3055  
Old Posted Oct 27, 2018, 1:54 AM
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I see you got cancelled on sky city in Winnipeg also
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  #3056  
Old Posted Oct 27, 2018, 2:12 PM
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Quote:
Originally Posted by Pinus View Post
Can the mods please put "Cancelled" on this thread title?

Cheers
Why? What have you heard?
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  #3057  
Old Posted Oct 27, 2018, 8:51 PM
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Quote:
Originally Posted by StealthGirl View Post
Why? What have you heard?
I've heard no more or less than anyone else has. This project will not be going forward anymore than any other fortress project at the moment. It's dead in the water. So the title of the thread should reflect that.
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  #3058  
Old Posted Oct 29, 2018, 2:01 PM
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The lights are out in the pedestrian tunnel. With the uneven footing between sections it's a bit of a hazard.
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  #3059  
Old Posted Nov 16, 2018, 3:02 PM
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  #3060  
Old Posted Nov 16, 2018, 3:45 PM
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What a joke.....feel bad for Regina. Market probably no longer supports this project, so this is going to be extended out over years! At least the City tried to do something....
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