There is a new owner of the unfinished high rise Collier Centre in downtown Barrie.

Fortress Real Developments of Richmond Hill announced on Monday it has finalized the sale and taken possession of the property.

The terms of the sale have not been released, but Fortress says it plans to restart construction immediately and expects to have people back at work on the site this week.

A judge approved the sale of the Mady Collier Centre on Thursday. The project has been stalled for about a year.

Fortress hopes to complete the building in 12 to 14 months.

The contract to complete the job has been awarded to Ellis Don, one of Canada's top builders.