More problems could be brewing for the Port Dalhousie development project.
CKTB News has learned that Ontario’s financial regulator fined and revoked a key stakeholder's mortgage licence.
Vince Petrozza is a co-founder and Chief Operating Officer of Fortress Real Developments, which is the company behind Port's condo development project.
While the Financial Services Commission revoked the licenses of several companies and individuals it specifically points that the ruling is not about the Fortress company, but is related to the mortgage licence of Petrozza.
While Fortress Real Developments does not issue mortgages and is not a party to the settlement or the subject of any of the orders, the Financial Services Commission of Ontario ruled that Building and Development Mortgages Canada, which acts as the the lead broker for Fortress projects, and three other affiliated mortgage brokers, all of whom either marketed Fortress products as their main or sole line of business, were fined a total of $1.1 million.
CKTB has reached out to Fortress for comment and whether this will impact the Niagara project.
On the Fortress website, Petrozza says the Port Project will enhance the area and be financially viable.
City Councillor Carlos Garcia tells CKTB he has always been concerned about Fortress' reputation.
He says it has to be a huge blow to have a lead staff member at Fortress have his licence suspended and he wonders how that will impact funding for projects moving forward.
Garcia says the Port project is now with city planning staff, which will go to council.
Garcia and 2 other councillors have put in a Freedom of Information Request regarding the project.
The trio is trying to get the original 2016 draft report on the Port Dalhousie Secondary Plan and Heritage Conservation District Plan.
Council currently has a version of the draft plan dated almost a year after the original, but the 2017 document contains multiple revisions requested by city staff.