When I posted last time I didn't realize my good bubby DearSummer made his way over to the Winnipeg thread, also looks like Mr Pi himself is here too. Great, appreciate all the support you've thrown behind our Ontario projects.
I wanted to engage this forum, but obviously from the response I received in the previous thread, posters to this thread were not interested in engaging in professional discourse.
The reason I am making this post is I want to come to the defense of Mr Mady. The suggesting that we would make up an illness is in very poor taste and quite a reflection on the persons that have made it. Chuck is an outstanding individual that has provided homes and business to people for over 40 years, he has loving children and grandchildren that may lose him and that is very sad.
We have not hidden the fact that the Collier Centre has cost overruns. We update our investors with direct emails and they can call our customer service at any time, we linked the Barrie Advance article in our Twitter feed and the email to investors. In the era of Google and social media, you cannot hide anything, nor do we want to. They are well aware of the liens and the plan to fix the problem. I'm not going to pretend the result is not extremely disappointing and was a huge surprise to me. I'm not going to pretend I understand the construction business enough to know what occurred there, but I want to make clear it was not because of Mady's health issues.
The positive in Barrie is that the construction lender is working with Mady to source the funds required to complete the project and has not pushed it into a power of sale position, which would have significantly delayed the exit of our investor's funds.
I posted the press release earlier, and made the public aware of the changes to the shareholder agreements to Winnipeg and Avenue Road, as we want to make sure the right partners are in place to move these projects towards completion and we don't want anyone to be upraised when they see a new developer associated with the project.
I figured people would be able to read between the lines on that press release, but it appears not, so I will clarify. The costs overruns on Collier Centre will likely make it very difficult to source construction financing for future projects with Mady, so it makes sense for us to bring in new partners or take control of those developments ourselves. They wouldn't likely accept Mady as a loan guarantor with his illness either.
We will continue to work with Mady and Hal Kersey on Sky City, but the project will be branded solely as a Fortress project moving forward. I wish I could post some pics of the new blackline renderings and the progress of the scale model, but that will have to wait. The Sky City website and the Sky City page on the Fortress website continue to be inundated with traffic on a daily basis, so I'm hoping they are truly interested buyers. We are just wrapping up the contract with Ellis Don to build the sales centre.
A conclusion on our other project with Mady will be announced soon:
http://m.insidehalton.com/news-story...hanging-hands/
Thank you to those that have supported the project, and hope that some of you will send well wishes to Mr Mady.
Our latest exit:
Oakville <-- many more planned this year
We could also have over 10 construction starts this year in addition to the 11 sites that are currently U/C:
http://fortressrealdevelopments.com/...r-winter-2015/
Lastly, if you missed it, we have Winnipeg architects 546 on our
Tree House site in Toronto and one of our Edmonton sites as well.