Now that Softbank owns Fortress Investment Group their interests have merged. So far that means Fortress will be playing around in the realm of high profile real estate. In fact, Softbank’s first project with Fortress is quite ambitions. It is a $2.5 billion dollar TSX Broadway development. The project will break ground in Times Square and is a collaboration with L&L Holding company and Maefield Development.
Softbank is known for its advocation of technology. It has major stakes both Sprint and Uber. Much of the conglomerates work focuses on supporting advancing technology. Fortress Investment Group is its first dalliance with asset management. Fortress has had its fingers in many pies and is a perfect source for breaking out into new markets. Softbanks acquisition does not really change Fortress day-to-day operations but allows the Japanese company a seat at the table. TSX Broadway is a merging of both Softbank and Fortress’s skill set. The project is a hybrid designed to turn part of a landmark location into a retail, entertainment, and hotel space.
The idea behind TSX Broadway is to create a one-stop location for everything. Consumers can stay in luxury accommodations, catch top tier shows, and shop at top-of-the-line retailers all in the same building. Not only that but a landmark thousands of tourists come to see will be right outside their window. It is a concept that Softbank wants to repeat with other landmarks.
Fortress Investment Group has played around with entertainment, retail, and hotel investments in its historic tenure. The multi-billion dollar firm also knows its way around real estate. Fortress’s presence in the project ensures top quality. As Fortress Investment Group always invests with a long view of the future it also means TSX Broadway can look forward to much support.
TSX Broadway will encompass a 75,000 square feet of retail, a luxury hotel spanning almost 46 floors, and will utilize an LED wraparound screen that covers 18,000 square feet. If this is not hefty enough the project also includes a complete renovation of historic Palace Theater. A renovation that will require the performance space to be moved about 30 feet above where it currently sits.
Check more about Fortress Investment Group: http://careers.fortress.com/