Quantus Investment Corp. is looking for additional investors to finance the remaining building phases of a development of luxury cottages on highly coveted lakefront property in Ontario.
“It’s a lakefront, second-home development,” Jamie Spreng, president and portfolio manager at Quantus, told Toronto Business Daily.
The Lakewoods Resort Development sets luxury cottages on 1,500 acres on Bark Lake in the Madawaska Highlands, with 5 kilometers of shoreline. The development offers 66 lakefront lots, an 18-hole golf course, an airstrip, a 260-unit five-star condo hotel and 19 private resident club cottages.
While there has been a boom in the Toronto luxury housing market this past year, the planning of the Lakewoods development started long before, a fact which Spreng confirmed when asked if the development was related to the successful nearby housing market.
“No, it’s not related,” Spreng said.
While there are plenty of condo investment opportunities, there are far fewer in this kind of location, Spreng said.
Quantus is optimistic about the opportunity that the partnership presents for investors, and believes it will be a profitable relationship for both parties, the company said, adding that Lakewoods is a trusted developer with full support from the local municipality. Infrastructure, including major electrical and road work, are in place, reaching a level beyond what's usually seen in "cottage country," the company said.
Several building phases of the development are complete and mostly sold. The company said 90 percent of the first phase of waterfront lots are already purchased. Additionally, 80 percent of what will be the lakefront lots have been reserved. More than $18 million of work on the development is complete and it is available for visits by investors and potential property owners.
Quantus is an exempt market dealer and portfolio manager in Ontario.
Beginning in 2006, Lakewoods Resort Developments, Inc. (LRDI), an Ontario corporation, formed to develop the Lakewoods development. But the project began decades ago with LRDI principal Gary Medwid, an engineer and developer whose involvement in the Lakewoods property dates back to 1976, according to the resort development website. The project was first conceived in 1983.