Despite having been in the industry for only two decades, Fortress Investment Group has grown to become a trailblazer in its niche. This is seen in the various successful business strategies that have helped it stay afloat over the years. It first made history as a groundbreaking hedge fund and went ahead to become the first of its kind to go public in 2007 on the New York Stock Exchange. Its recent acquisition by Japan’s Softbank served to put the icing on the cake.
Fortress Investment Group seems to be taking a leading role in putting a futuristic spin on its already exemplary performance. More seem to be on the way if the latest announcement about its new mega real estate deal is anything to go by. The $2.5 billion TSX Broadway project at Times Square serves to reaffirm the company’s resolve to become a leader in the industry.
To make this deal much plausible, Fortress Investment Group has partnered with Maefield Development and L&L Holding Company. This will see the partnership create an influential retail, hotel, signage and entertainment development in one of the world’s most referred places. As such, the multifaceted project will be setting the bar higher when it comes to luxury destinations from now on. It is no doubt that Times Square is one of the most popular tourist destinations in the world with well over 50 million people visiting it every year. In fact, word has it that retail giants like Amazon, Walmart and Samsung have shown interest in setting up shop here.
The project by Fortress Investment Group is expected to be complete by 2021 and will feature a 46 story skyscraper that will be almost the size of the 1700-seat Palace Theatre. The TSX Broadway will also become home to a luxury hotel that will feature thirty ‘Ball Drop Suites” that will offer a perfect view of the Annual blowout for New Year’s Eve.
During the press release on the project, it was made clear that TSX Broadway was more than just some real estate development. It noted that this will also include a marketing tool like no other and will seek to create a dominant presence.