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Old May 23rd, 2009, 04:49 AM   #341
Grey Towers
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Quote:
Originally Posted by Eric Offereins View Post
It would be a shame if this would not be built with 85% of the condo's sold, Sofitel has signed to be the hotel component and the base occupied with a retailer.
Agree totally, but if Bazis doesn't sort out its financing the tower's not going to happen. At least, that's my understanding.
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Old August 19th, 2009, 11:23 AM   #342
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This is more encouraging.

NATIONAL POST

Work on One Bloor to continue after loan deal
Posted: August 18, 2009, 10:27 PM by Barry Hertz
Neighbourhoods, Real estate


By Giuseppe Valiante, National Post

The creditors of Bazis International, the developer of One Bloor, have decided to drop their receivership demands after the developer reached a deal with a third party to make full payments on a $46-million loan it received to build the tallest residential building in the country at the corner of Yonge and Bloor streets.

“A well-established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property,” read the statement by the development company. The full payment is to be made by mid-September. A source close to the deal said the 80-storey building will continue as planned. In July, Bazis International blamed the poor economy for it not being able to make payments on the $46-million dollar loan it received.

The building was scheduled to include more than 592 units, a luxury hotel with 126 suites and three floors for office and other commercial spaces. When plans for the building were announced, people camped out for days hoping to buy units in the elite real estate.

http://network.nationalpost.com/np/b...loan-deal.aspx
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Last edited by isaidso; August 19th, 2009 at 04:01 PM.
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Old August 19th, 2009, 11:38 AM   #343
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A reminder from the 1 Bloor East site:













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Old August 19th, 2009, 04:02 PM   #344
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CTV and National Post report that this is now going ahead. The Globe and Mail and the Toronto Star say it's not.

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Old August 19th, 2009, 04:10 PM   #345
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How is this not a supertall? I've seen buildings in that forum which are under 80 stories.
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Old August 19th, 2009, 04:21 PM   #346
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It mostly comes down to floor heights. Trump is 282 metres as well, but only 60 floors.
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Old August 20th, 2009, 01:59 AM   #347
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Potentially great news!!
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Old August 20th, 2009, 03:49 AM   #348
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I hope they start construction soon, but the design is not that good, they could have made something better for Canada's tallest residential tower. I prefer aura's design. talking of aura, is it cancelled?
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Old August 20th, 2009, 05:40 AM   #349
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not many press releases coming from Aura lately...although the sales office recently told someone at urbantoronto that construction would start before the end of ther year..

I think all developers are having a longer wait to get financing these days, even if they are substantially sold out...

Aura, btw, is being developed by the Montreal company Canderel...
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Old August 20th, 2009, 05:45 AM   #350
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Quote:
Originally Posted by isaidso View Post
This is more encouraging.

NATIONAL POST

Work on One Bloor to continue after loan deal
Posted: August 18, 2009, 10:27 PM by Barry Hertz
Neighbourhoods, Real estate




http://network.nationalpost.com/np/b...loan-deal.aspx
This is absolutely gorgeous.
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Old August 20th, 2009, 07:07 AM   #351
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Quote:
Originally Posted by yyzer View Post
not many press releases coming from Aura lately...although the sales office recently told someone at urbantoronto that construction would start before the end of ther year..

I think all developers are having a longer wait to get financing these days, even if they are substantially sold out...

Aura, btw, is being developed by the Montreal company Canderel...
Ok thx
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Old August 20th, 2009, 08:51 AM   #352
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nice ,i like it too
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Old August 20th, 2009, 05:49 PM   #353
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It is indeed a beautiful design and truly something that needs to be add up to Toronto's already exciting skyline. I love the so called " boxy" like existing buildings and super talls, but the city of Toronto really can use some new blood and additions as long as they are not that too mis-shaped or odd-looking. This one looks really like a building, a super tall, sexy, beautiful, awesome, jawdropping skyscraper that has to be built. Does anybody know if it is already under construction or not?
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Old August 21st, 2009, 06:24 AM   #354
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Looks like the tower is officially dead.


‘Mixed-use' condo to replace 1 Bloor project

One of Toronto's largest home builders will start fresh and develop a new mixed-use condominium at the site of the 1 Bloor luxury condo project after buying the property from its cash-strapped developer.

Great Gulf Homes confirmed Thursday it will take ownership of the site from Kazakhstan-based Bazis International Inc. in mid-September, writing a new chapter in a cautionary tale of marketing hype, frenzied sales and the crush of the global credit crisis.

Toronto's real estate world buzzed with word of the sale, as realtors fielded calls from anxious buyers concerned about deposits and the future of the project – once envisioned as Canada's tallest residential building – at the corner of Yonge and Bloor Streets.

"An affiliate of Great Gulf Homes has entered into an agreement to purchase the property and it will be closing mid-September," said Bruce Freeman, executive vice-president of Great Gulf. "We are presently developing plans for a mixed-use project."

He declined to elaborate, saying more details would be released after the deal closes, but The Globe has confirmed the purchase is strictly for the land and does not involve the previous owner's obligations, contracts or design.

In a terse statement, Bazis said all buyer deposits are protected in an escrow account, as required under Ontario's Condominium Act. A spokeswoman said neither she nor Michael Gold, the developer's Canadian president, could comment further because of a confidentiality agreement.

Buyers lined up for days in 2007 when units in the planned 80-storey, $450-million skyscraper first went on the block. About 500 purchasers signed deals ranging from $400,000 to several million. The average buyer has $80,000 to $120,000 invested.

Anna Cass of Royal LePage Your Community Realty was one of 1 Bloor's top sellers, and bought a unit for herself. To guarantee herself a piece of the project, she rented hotel rooms, dressed in disguise and hired students to camp out in the days before it went on sale.

Ms. Cass said people still want the prestigious corner location. She urged Great Gulf to "be fair" and consider 1 Bloor buyers first for its new project.

"If Great Gulf is smart ... they will offer all the agents and their buyers first crack and first discount, at a very good rate," she said.

Great Gulf has been involved in about 10 major condominium projects in the Greater Toronto Area in recent years.

Garth Juriansz of Re/Max Realtron Realty, who also bought for himself at 1 Bloor and sold several units to clients, said he'd take his buyers elsewhere if Great Gulf starts anew with "inflated" prices.

"It will be a significant mistake to throw all the people out and start again," he said.

1 Bloor's problems began last fall amid the U.S. subprime mortgage crisis and credit crunch, when Bazis' partner in the land purchase, Lehman Brothers, went bankrupt. Mr. Gold sought new financing partners. In December 2008, he stopped making payments on a multimillion-dollar loan.

Local lenders bought the loan, then tried to place the project in receivership.

Last month, Mr. Gold agreed to sell the property as part of a court-approved plan to keep it out of receivership.

Gerry Miller, a real estate lawyer and partner at Gardiner Miller Arnold, said it's uncommon in Toronto for a condo project that has been fully conceptualized and well sold to falter suddenly. However, he said he would have steered his own clients away from 1 Bloor. "It was too expensive and unlikely viable ... it was just too big, too grand," he said.

http://www.theglobeandmail.com/news/...rticle1259295/


Now, let's build something with a little more flavour.
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Old August 21st, 2009, 06:27 AM   #355
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Good grief! what an emotional roller-coaster.
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Old August 21st, 2009, 03:37 PM   #356
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This corner must be cursed.
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Old August 24th, 2009, 01:56 AM   #357
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Can you people relax, if you actually read the article and not only the ignorant title by its author, you would realize that Great Wolf bought the land and WILL build a tower there.
The design however will most likely be changed.
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Old August 24th, 2009, 02:10 AM   #358
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I will miss the giant electric razor.
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Old August 24th, 2009, 03:26 AM   #359
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I feel the project will go ahead but will be scaled down to make it more viable and more certain (easier to manage).
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Old August 24th, 2009, 01:23 PM   #360
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Quote:
Originally Posted by ale26 View Post
Can you people relax, if you actually read the article and not only the ignorant title by its author, you would realize that Great Wolf bought the land and WILL build a tower there.
The design however will most likely be changed.
lol. a changed design still means the tower we're talking about here is dead.
I doubt the replacement will be similarly tall or elegant.
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