Fortress Real Capital

Fortress Real Capital

August 08, 2011 10:56 ET

Fortress Real Capital and Lamb Development Paint a New Canvass in Ottawa

OTTAWA, ONTARIO--(Marketwire - Aug. 8, 2011) -

Editors Note: There is a photo associated with this press release.

Gotham, a new condominium project in Centretown, is taking the Ottawa market by storm. Headed by Toronto impresario Brad J Lamb in conjunction with his partners at Fortress Real Capital, the project at the corner of Gloucester and Lyon Street has generated considerable buzz leading up to the launch of its sales centre this fall. In an impressive display of marketing savvy and planning acumen, the City has granted the project full site plan approval and it has been exempted from development charges. "We closed on the land a month ago and have already achieved site plan approval. That's phenomenal. In Toronto, it usually takes a year or more to achieve a milestone like that," said Jawad Rathore, Chief Strategic Officer of Fortress Real Capital. "Ottawa is an exciting market and we're looking to build more here. It's a wealthy city that is highly educated and has terrific employment stability, a great market," says Rathore.

Lamb's brand of innovative modern style and design is well known in Toronto and is now expanding to other markets across Canada. With new projects slated for Ottawa and Calgary, Lamb has a vision for what quality urban living should be. "Canada has terrific city centres; they're clean, safe and affordable. Ottawa has a downtown that's busy and is ready for growth. There are great opportunities here for creative people to really put something dynamic and exciting into the skyline. I've got some great ideas for future sites in Ottawa," says Lamb.

Lamb's next Ottawa project with Fortress, called South on Bank, will be at Catherina and Bank Street and will seek to brand the up and coming area as the 'South of Bank' district. This flurry of activity has gotten locals talking. "Ottawa is a city that embraces innovation and seeing quality developers like Brad Lamb bringing their vision here is exciting," said Scott Devries, president of Devries Financial. In conjunction with Altaview Financial Services, Devries reviews and vets different asset management instruments, cash flow programs and real estate products for his clientele, made up of mostly high net worth individuals, business owners and foundations. Altaview's president, Ken Craig sees a shift in what consumers are looking for. "Clients are looking to increase their holdings in real estate as an asset class. The ability to passively invest in large scale developments is very appealing and an attractive alternative to the current options out there."

Fortress and Lamb are evaluating more opportunities in Ottawa and are set to announce their first project in Calgary in the fall. The market in Toronto also remains hot; in Urbanation's report for the second quarter of 2011, nearly every record was broken including a record for quarterly new condo sales: 9,455 units sold in Q2, topping the previous high of 6,997 set in Q2 2007 by 35%. Lamb sees room for even more. "There is so much room for growth in the right markets and I'm excited to work in Ottawa and Calgary and paint a new canvass."

To view the photo associated with this release, please visit the following link: http://www.marketwire.com/library/20110808-gotham800.jpg.

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