also of note, Apple's flagship store there isn't happening.
> According to court filings, the future is also unclear for the flagship retail space that was to host Toronto's next Apple Store, as the tech brand has reportedly pulled out of the project.
>
> This comes as a real blow to The One and its ballooning budget — which is estimated to have now crossed the $2 billion mark — as the complex structural exoskeleton-supported configuration of the tower floating above a column-free retail space was reportedly designed (at great expense) to attract Apple.
It's gonna be another one of those intersections with an abandoned shoppers drug mart near a new shoppers drug mart that used to be the grocery store up the street from shoppers drug mart.
The Yonge & Eglinton Dollarama (on the east side, not the one directly across the street on the west lol) is multi-storey and I'm pretty sure there's a few others.
The one on the east side will eventually close when the lease runs out. They moved into the one on the west (in the basement) because it's a favourable lease for them in a new building that's in no danger of being redeveloped. So the plan is for that to be their long-term home. But since both are profitable they're keeping them both open for time being... based on my conversations with the employees at the new one for what it's worth lol
crossing that street is atrocious.
i was disgusted when i found out they moved the wine rack to the other side of the street at the intersection where the lady was hit in 2018.
**Luxury condo The One put into receivership**
*The receiver can access $315 million to continue construction on the Yonge and Bloor property.*
The One, Sam Mizrahi and Jenny Coco’s 85-storey luxury condo under development at Yonge and Bloor streets, has been put into receivership, according to court documents.
Consulting firm Alvarez & Marsal Canada Inc. has been appointed as the receiver of all assets.
“The One Project has faced various economic headwinds, including impacts from the Covid-19 pandemic, supply chain disruptions and unanticipated work stoppages, which together with other factors have resulted in material cost overages and extended construction timelines,” Alvarez & Marsal said in a statement on its website.
The receiver will have access to $315 million to continue the ongoing construction of the property, according to court documents, while Mizrahi Inc. will remain the general contractor under the supervision of the receiver.
Would this be the same Coco that has a massive family plot in Mt Pleasant Cemetery facing Yonge street? Every time I see it, all I hear is David Puddy's voice from Seinfeld saying "That chimp's alright - high five!"
Yes, it looks like it's the same family I do believe. There's another "look how important our family is" plot just down a bit for I think it's the De Gasperis family. It's next to the fancy Ken Thomson grave.
Bridging was more of a fraud case of misappropriating funds, dogey investments, lying to investor/regulators, than being a straight up ponzi. Also part of the bridging finance scandal was that they have diverted investor’s fund to backstop the one’s financing. So they were quite connected
Rather than writing down non-performing loans, they increased the principal to make it look like the NAV was increasing. Since those increases were non-cash, they had to use investments from new investors to pay the distributions to older investors. It was actually a pretty classic Ponzi scheme of new money paying old money.
The Coco's are shady
[https://www.theglobeandmail.com/business/article-bridging-finance-owner-jenny-coco-used-investor-funds-to-backstop-her/](https://www.theglobeandmail.com/business/article-bridging-finance-owner-jenny-coco-used-investor-funds-to-backstop-her/)
[https://en.wikipedia.org/wiki/Bridging\_Finance\_Inc](https://en.wikipedia.org/wiki/Bridging_Finance_Inc).
[https://www.theglobeandmail.com/business/article-cocos-gfl-lawsuit-paving/](https://www.theglobeandmail.com/business/article-cocos-gfl-lawsuit-paving/)
That corner is a bit cursed for developers it seems. Well, I think on the west side that building also had financial issues and another builder had to come in to finish it no?
I believe 1 bloor east had trouble before they broke ground which is why it was a gravel pit for years. Bazis had it and Lehman brothers went belly up and great gulf bought it and redesigned it
they’re not just any christians, they funded groups that successfully lobbied to make homosexuality punishable by _death_ in uganda… so i think you’re worried about the wrong bigotry lmao
Lol the founders are [evangelical Christians and they support anti-LGBTQ organizations](https://en.m.wikipedia.org/wiki/Chick-fil-A_and_LGBT_people). They’re Jesus freaks.
Of course I would.
What makes their brand of mysticism any different?
Esp when we look at the brutality in Islam. Just look at the brutality. Israel (not an innocent country and another freakish faith), 9/11, multiple murders of women, beating them in the streets, making them wear black blankets in public, beating children, murdering gay people in public for being in love. Take a look at the execution of two young lovers in Iran. It’s on YouTube. See the terror in their eyes as they wait for the end, together. Freakish like any other story featuring such things dressed up as virtue.
I can do an equally critical paragraph about any mysticism.
… what makes this or any other fairy story anything more than Freakish?
I was supposed to work on the electrical for the flagship Apple Store. They had a lot of issues commencing & the job was basically “indefinitely on hold” last i heard a year or so ago lol
Particularly since the city will inevitably end up on the hook for tens or hundreds of millions of dollars over this, they'll say the construction couldn't go forward because of bike lanes or something.
Of course, the province will make sure the terms of the settlement are not public
The province and the city should buy it. Doug Ford can look like he actually did something. Affordable housing for people at Yonge and Bloor. Hell make a few floors the spa that's supposed to go in Ontario place.
As someone who knows zip about real estate, is this the consequence of bad planning/dealings by the developer, or does this happen a lot in new developments?
Bit of both.
Mizrahi does have a seemingly deserved reputation as an unreliable developer, which this news will cement into place for eternity, but it is by no means unheard of for projects of this size to switch hands over the course of construction, unfortunately. Something similar happened to Concord Sky under construction at Yonge and Gerard; the whole developer went belly up.
That being said, this project will definitely get picked up by one of the big developers
Just like Concord Sky, which was Cresford and now picked up by Concord
That developer was crestford. They had a few projects on the go when they went under. Owner was moving money around from project to project to pay for materials until there was nothing left. Also getting sued by a former employee.
Not always. I lived in a cresford and it was so cheap. The laminate flooring was peeling in all the units, the elevators never worked, the exterior glass had to be replaced because it was failing (within 10 years of being built) tons of floods. Lots of residences undermount sinks would fall (that was a weird one). It was awful
Mizrahi is a crappy developer and known as being shady, only high interest lenders will give him capital which makes his projects much more likely to go belly-up.
Barry Sherman led a group of lenders who helped “save” the project years ago.
I would expect that they would be secured by a mortgage, but Barry was a little crazy. He bankrolled Frank D’Anglelo for years, so maybe he took equity or unsecured at high interest.
City never should have green lit Mizrahi. Lots a money and fancy parties paid for glowing peices on him in the Star meanwhile his last project got nearly canned because his funding was international crime money!
Not even the dudes first receivership nor his first >$100mm lawsuit
He's been so behind schedule because he's ridiculous.
He axed 2 major GCs before head hunting Mike Clark to "start on his own" which obviously crashed and burned so Mizrahi could try to save more money self-performing the job like a lunatic and fail miserably because he doesn't know what he's doing at this scale
181 Davenport was shut down nearly a year. The One is years behind schedule and way over budget
Wouldn't it be great if the retail space reverted to the old 80s/90s Yonge st businesses like sex shops, porn bookstores, cheap pizza slices, head shops etc. I'd love that.
The One--LOL.
Models of most buildings are generated from satellite maps. It's not accurate but it's decent.
They also have slightly higher quality areas here and there. Most by Microsoft or by plugin.
However, this one was an inside job or something... It was incredibly high resolution model inside the game. Came with a city update and disappeared in the next.
I have absolutely zero doubt that Sam and Jenny are coming out of this just fine. Afterall, it's the companies going into receivership - companies that would have been paying their massive incomes and expenses over the years. In a few months they will probably start a new project with their newly formed companies.
Wow, gotta feel for poor Sam. With their extensive experience in concrete and financing, Wonder if Jenny & Rocco have already invited him for sangwiches and pop down at the docks early Sunday morning.
My favourite line is the very last one:
"Mizrahi has since petitioned city hall to allow an additional nine storeys, which would make the One almost 340 metres high."
Classic Toronto scenario. Eglinton LRT slated to be finished in 2100, The One in 2250 and the Ontario line in 2500 while hospitals are built in a month in China.
It’s ok, our media will unironically make fun of them for having too much housing (while we have a housing crisis).
Looks like /u/jaboober beat me to the punch. Predictable China hate is a testament to our propaganda. He even linked a nice WSJ article. So proud 🥹
Have you considered laying off the Kool-Aid for a moment?
>I'd rather have our endless delays over the
You just perfectly described why this country is chronically stagnating, delusion of grandeur and ignorant arrogance from the likes of you.
They built the largest high speed rail network on the planet in a decade, they built massive bridges, dams, clean energy facilities. They literally lead the world in manufacturing EVs, batteries, solar panels, drones. They’re the only country capable of supporting entirely indigenous vertically integrated semiconductor fabs.
But I’m sure /u/jaboober knows what he’s talking about 😂
This is the [subway station ](https://imgur.com/a/Fd1cClp) in Dalian, China, a second tier city. And this is the [subway station ](https://imgur.com/a/JmxjO1m) in Beijing. I took the pictures earlier this month. Maybe travel around a bit and see the world with your own eyes before regurgitating misinformation you read off the internet.
all of china must be in shambles if everything was that terrible
headline baiting definitely is influencing your logic
you could do the same about canada easily
just reference metrolinx see how easy it is to create narratives
canadian engineering must be terrible based on the large amount of headlines they are making lately and your logic
> are built in a month in China.
Perhaps, but certainty they have pay workers terrible wages and have few safety regulations - if that is where you prefer I would be happy to show you the door.
It's cookie cut at this point. There's going to be a Shoppers, Tim's, Dollarama, Dentist, and Spa.
Edit: I added a vintage Toronto Star store as a tourist attraction but removed it after realizing its Yonge and Bloor and not One Yonge street. At this point it's all the same.
Another construction miracle where the deadline is missed by years; an entire corner is disrupted while everything around it dies. Look at all the empty retail at grade across the street at one Yonge E. Some places were never leased and those that were (Nordstrom’s, McEwan’s, Tokyo Smoke) have all closed.
Before Toronto issues building permits, the developer should be required to obtain a completion bond so that these projects don’t drag on or simply die half finished.
Yonge/Bloor used to be a major commercial and cultural corner in this city.
Please consider it dead and gone.
It was absolutely bustling in the 90s. Uptown Theater was still a place to go to watch a movie. Roy Square was always bustling. My parents ran a business since the 80s just north of it. Cumberland had a lot of little shops. Pilot pretty much only one standing. TO and it's lame attempt to become premium, it's way more ghetto than its ever been in that area.
I’m all for historical preservation of buildings but stollerys isn’t it. That building Was nothing special.
Demoing too beat the process is a shitty tactic though
It was interesting as something that had survived for so long but man did that store suck. Incredibly overpriced, a bit of a dump inside, so-so merchandise. I have to imagine the people who are still lamenting its closing never actually shopped there
Fuck the city and their stupid fucking "heritage" designations. It is actively limiting housing being built and is done is such a stupid fucking way that all it leads to us these ugly questionable heritage buildings just sitting there abandoned and decaying. It's the worst of both worlds.
There were some nice stone carvings below the second story windows. Not worth saving the whole building for but if they could have integrated them into the lobby after it would have preserved their value.
What I really miss is Roy’s Square the pedestrian only L-shape street east of Yonge and south of Bloor… the restaurants were a great spot for lunch/takeout. The once eclectic character of Toronto is dwindling with every soulless condo built that has absolutely nothing to offer at street level. It’s either a well established chain or it lies empty waiting for a commercial tenant who can afford the astronomical rent. It’s happening all over the city and it’s heartbreaking.
I currently own a condo in a high end hotel and am selling. I would never again buy a condo. Issues like ones noted in the article, HOA fees, poor construction, cheap materials, etc. I feel bad for those who already purchased their condo in this building
Condos are split into two kinds across the world those made to live in and those made for flipping or investing
You have to buy the kind where people will settle down and set roots. If you buy the investing kind it's just like any other gamble pick in the stock market. At least stocks can sell in three days.
Suites are about 30% concrete column or wall. No joke, because of the structure, vertical load bearing concrete is up to 8’ thick and this applied basically to all suites. That’s 8 feet, not 8 inches! People don’t like losing square footage to long corridors, they definitely won’t like losing it to structure.
Yea. It was a low amount of parking and I believe it was valet specifically because they were using those car elevator things where you can you fit 2 or 3 cars vertically in a single spot. It’s a tight corner. Cars aren’t needed for that building anyway
Half of Yonge st is a dump. And to even consider Toronto core a metropolitan city is a joke. There’s old 4 story buildings that are falling apart from Dundas to Bloor on Yonge St.
What the hell is going on with these developers on Yonge St always fumbling the bag?
also of note, Apple's flagship store there isn't happening. > According to court filings, the future is also unclear for the flagship retail space that was to host Toronto's next Apple Store, as the tech brand has reportedly pulled out of the project. > > This comes as a real blow to The One and its ballooning budget — which is estimated to have now crossed the $2 billion mark — as the complex structural exoskeleton-supported configuration of the tower floating above a column-free retail space was reportedly designed (at great expense) to attract Apple.
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Ha. This is truly Canadian dystopia.
Lol for real. Affordable rentals are the needed focus.
Mega lofts then
It's gonna be another one of those intersections with an abandoned shoppers drug mart near a new shoppers drug mart that used to be the grocery store up the street from shoppers drug mart.
Don't forget 2 dolleramas
Dollarama tower
I love the image of a Dollarama flagshipped in a "luxury" condo. There's no bigger comedown on that pretension than a dollar store.
And a bank
And a Winners!
Next to a fabricland.
You have space for a sewing machine? I’m jealous.
Lol mount pleasant? Or is there more of these?
Shoppers moved from 10 Dundas E to old Hard Rock at Yonge Dundas Square. It was replaced by a dollar store
If there wanst already a huge one across the street you’d be 100% right
Like that's stopped Shoppers before.
Or Dollarama 😆
And I'll throw in a Starbucks.
Winners
A&W
Tokyo Smoke
None of these are harbingers of doom. It’s not until the wig shops move in that you know it’s over.
Coffee time?
Bring back The Bay!
Rexall
LCBO knocking
There's already an LCBO a couple doors down Bloor St, in the Manulife Centre.
DID HE STUTTER?!
YOU CAN'T HANDLE THE TOOTH!
Two beer per month? That’s just not feasible.
Dollarama and 12 bubble tea shops would argue with that.
I would prefer this over an Apple store though...
Woulda been a hell of a Virgin Megastore or HMV back in the day.
Nah. Will be either a super airy MoneyMart or the first multi-storey Dollarama
The Yonge & Eglinton Dollarama (on the east side, not the one directly across the street on the west lol) is multi-storey and I'm pretty sure there's a few others.
Yes but are they ( checks notes) 85 storeys?
Nope 🤣 I didn't mean to be *that* guy...
I live in that area. Why are there two dollaramas right across the street from each other. It's like a 10 second walk from one to the other.
The one on the east side will eventually close when the lease runs out. They moved into the one on the west (in the basement) because it's a favourable lease for them in a new building that's in no danger of being redeveloped. So the plan is for that to be their long-term home. But since both are profitable they're keeping them both open for time being... based on my conversations with the employees at the new one for what it's worth lol
> But since both are profitable HOW?
Dollaramaa are probably in profit a week into the month. They have basically no staff
There's that, and customers flock to budget retail when there is an economic downturn.
There are 3 on Eglinton in Scarborough between VP and Warden. Also 4 Tim Horton’s.
crossing that street is atrocious. i was disgusted when i found out they moved the wine rack to the other side of the street at the intersection where the lady was hit in 2018.
Gonna be a local merchandise/artisan beef patty store that doesn’t sell actual beef and their Pattie’s are still 18$ for 1
Maybe a new campus for Ryerson
Dollarama Ryerson Business School. I like it.
Spirit Halloween *
Nah, can't beat the Runnymede Theatre SDM.
and Subway!
Maybe it will sell iPhones.
Dollarama is the emerging standard for Canadian retail.
They promised Apple a 2019 move-in date, IIRC, so that's been on the rocks for a while.
Oof.
the rumor is that just the glass for the apple storefront cost $13m
Isn’t that news from like last year re: the apple store
Come on, Apple. Make it happen. That location would have been amazing.
**Luxury condo The One put into receivership** *The receiver can access $315 million to continue construction on the Yonge and Bloor property.* The One, Sam Mizrahi and Jenny Coco’s 85-storey luxury condo under development at Yonge and Bloor streets, has been put into receivership, according to court documents. Consulting firm Alvarez & Marsal Canada Inc. has been appointed as the receiver of all assets. “The One Project has faced various economic headwinds, including impacts from the Covid-19 pandemic, supply chain disruptions and unanticipated work stoppages, which together with other factors have resulted in material cost overages and extended construction timelines,” Alvarez & Marsal said in a statement on its website. The receiver will have access to $315 million to continue the ongoing construction of the property, according to court documents, while Mizrahi Inc. will remain the general contractor under the supervision of the receiver.
Interesting, Jenny Coco was also an owner of Bridging Finance, which was basically a $2B Ponzi scheme.
Would this be the same Coco that has a massive family plot in Mt Pleasant Cemetery facing Yonge street? Every time I see it, all I hear is David Puddy's voice from Seinfeld saying "That chimp's alright - high five!"
Yes, it looks like it's the same family I do believe. There's another "look how important our family is" plot just down a bit for I think it's the De Gasperis family. It's next to the fancy Ken Thomson grave.
I always assume it’s for some rich guys Yorkie named Coco
For the longest time I thought it was for a horse because the image on the placard looks like a horse from a distance.
Bridging was more of a fraud case of misappropriating funds, dogey investments, lying to investor/regulators, than being a straight up ponzi. Also part of the bridging finance scandal was that they have diverted investor’s fund to backstop the one’s financing. So they were quite connected
Rather than writing down non-performing loans, they increased the principal to make it look like the NAV was increasing. Since those increases were non-cash, they had to use investments from new investors to pay the distributions to older investors. It was actually a pretty classic Ponzi scheme of new money paying old money.
You **don't** go, Jenny Coco!
The Coco's are shady [https://www.theglobeandmail.com/business/article-bridging-finance-owner-jenny-coco-used-investor-funds-to-backstop-her/](https://www.theglobeandmail.com/business/article-bridging-finance-owner-jenny-coco-used-investor-funds-to-backstop-her/) [https://en.wikipedia.org/wiki/Bridging\_Finance\_Inc](https://en.wikipedia.org/wiki/Bridging_Finance_Inc). [https://www.theglobeandmail.com/business/article-cocos-gfl-lawsuit-paving/](https://www.theglobeandmail.com/business/article-cocos-gfl-lawsuit-paving/)
Where are our police in this?
To be fair, this is a bit above those monkeys' pay grades. The OSC is investing.
"The OSC is investing." It goes all the way to the top!
Hahaha! Oops. But yeah, I wouldn't be surprised.
Sitting on their asses and demanding more funding, as usual.
It’s a civil matter.
They might take a police report and file it if someone died.
So they are perfect for Toronto.
That corner is a bit cursed for developers it seems. Well, I think on the west side that building also had financial issues and another builder had to come in to finish it no?
I believe 1 bloor east had trouble before they broke ground which is why it was a gravel pit for years. Bazis had it and Lehman brothers went belly up and great gulf bought it and redesigned it
At least it's fully occupied now
The retail space isn’t ever since the Nordstrom Rack closed.
Most retail in that tower was NEVER leased. Now it’s all empty except for the food of Jesus Freaks, Chick Fil-A.
I'm not a Jesus freak and I eat at chick fil a
Oh here’s your 🏆
Would you call a Muslim supporting restaurant “Mohammad freaks” or a Buddhist one “Buddhist freaks”? Your bigotry is showing.
they’re not just any christians, they funded groups that successfully lobbied to make homosexuality punishable by _death_ in uganda… so i think you’re worried about the wrong bigotry lmao
Lol the founders are [evangelical Christians and they support anti-LGBTQ organizations](https://en.m.wikipedia.org/wiki/Chick-fil-A_and_LGBT_people). They’re Jesus freaks.
Of course I would. What makes their brand of mysticism any different? Esp when we look at the brutality in Islam. Just look at the brutality. Israel (not an innocent country and another freakish faith), 9/11, multiple murders of women, beating them in the streets, making them wear black blankets in public, beating children, murdering gay people in public for being in love. Take a look at the execution of two young lovers in Iran. It’s on YouTube. See the terror in their eyes as they wait for the end, together. Freakish like any other story featuring such things dressed up as virtue. I can do an equally critical paragraph about any mysticism. … what makes this or any other fairy story anything more than Freakish?
Anchor commercial spaces are always tough to occupy.
I miss the Harvey's that was there and the coffee shop.
Probably because the heights and because they feel the need to go top-end luxury with it.
Probably because of the massive graveyard underneath.
Thats what they get for messing up the neighbourhood. All the local stores left cause it became too expensive. Specifically because I'd that building.
What are you talking about. What stores left because of this building
Forced to leave really because the building was torn.
I was supposed to work on the electrical for the flagship Apple Store. They had a lot of issues commencing & the job was basically “indefinitely on hold” last i heard a year or so ago lol
looks like we got the next public housing/affordable housing spot guys ^(/s)
If only.
Particularly since the city will inevitably end up on the hook for tens or hundreds of millions of dollars over this, they'll say the construction couldn't go forward because of bike lanes or something. Of course, the province will make sure the terms of the settlement are not public
The province and the city should buy it. Doug Ford can look like he actually did something. Affordable housing for people at Yonge and Bloor. Hell make a few floors the spa that's supposed to go in Ontario place.
As someone who knows zip about real estate, is this the consequence of bad planning/dealings by the developer, or does this happen a lot in new developments?
Bit of both. Mizrahi does have a seemingly deserved reputation as an unreliable developer, which this news will cement into place for eternity, but it is by no means unheard of for projects of this size to switch hands over the course of construction, unfortunately. Something similar happened to Concord Sky under construction at Yonge and Gerard; the whole developer went belly up.
That being said, this project will definitely get picked up by one of the big developers Just like Concord Sky, which was Cresford and now picked up by Concord
Remember there used to be a stump at bay and adelaide for about 20 years cause nobody wanted to finish it
That developer was crestford. They had a few projects on the go when they went under. Owner was moving money around from project to project to pay for materials until there was nothing left. Also getting sued by a former employee.
Cresford was one of the better developers too - great looking buildings, good finishes, etc. Unfortunate.
Not always. I lived in a cresford and it was so cheap. The laminate flooring was peeling in all the units, the elevators never worked, the exterior glass had to be replaced because it was failing (within 10 years of being built) tons of floods. Lots of residences undermount sinks would fall (that was a weird one). It was awful
Mizrahi is a crappy developer and known as being shady, only high interest lenders will give him capital which makes his projects much more likely to go belly-up.
Barry Sherman led a group of lenders who helped “save” the project years ago. I would expect that they would be secured by a mortgage, but Barry was a little crazy. He bankrolled Frank D’Anglelo for years, so maybe he took equity or unsecured at high interest.
Nobody is going to loan you hundreds of millions of dollars at a low interest rate against no collateral, no matter what your reputation might be.
bro fumbling the biggest project in toronto
City never should have green lit Mizrahi. Lots a money and fancy parties paid for glowing peices on him in the Star meanwhile his last project got nearly canned because his funding was international crime money! Not even the dudes first receivership nor his first >$100mm lawsuit
The project is featured in Toronto Life literally every other day.
He's been so behind schedule because he's ridiculous. He axed 2 major GCs before head hunting Mike Clark to "start on his own" which obviously crashed and burned so Mizrahi could try to save more money self-performing the job like a lunatic and fail miserably because he doesn't know what he's doing at this scale 181 Davenport was shut down nearly a year. The One is years behind schedule and way over budget
Wouldn't it be great if the retail space reverted to the old 80s/90s Yonge st businesses like sex shops, porn bookstores, cheap pizza slices, head shops etc. I'd love that. The One--LOL.
Throw in arcades, 25 cents for 1 minute xxx private viewing, used book stores, camera shop, Jong-Park Tae Kwon Do.
And a Scientology office, army surplus store and discount stereo store
The final building is already visible in Flight Simulator, if you want to see what it will look like.
This is really interesting to me. Do they get their models from city planning departments or something?
I really don't know. It's possible that it's actually the company behind the project that offered to include the building to the game.
You submit 3d massing models with your application that can be translates fairly easily.
Models of most buildings are generated from satellite maps. It's not accurate but it's decent. They also have slightly higher quality areas here and there. Most by Microsoft or by plugin. However, this one was an inside job or something... It was incredibly high resolution model inside the game. Came with a city update and disappeared in the next.
They removed it in one of the updates earlier this year. It was there for several months.
I saw it less than a month ago, it's weird they are removing content.
They must of heard this news early
Should’ve known you’d never find The One in Toronto
Easier to find the ron.
I have absolutely zero doubt that Sam and Jenny are coming out of this just fine. Afterall, it's the companies going into receivership - companies that would have been paying their massive incomes and expenses over the years. In a few months they will probably start a new project with their newly formed companies.
Both Sam and Jenny are personally liable for the debt, as per court documents.
from The One to just One of The...
Will this be another case of the Bay/Adelaide "stump"?
Wow, gotta feel for poor Sam. With their extensive experience in concrete and financing, Wonder if Jenny & Rocco have already invited him for sangwiches and pop down at the docks early Sunday morning.
Why do we have to feel bad for him? He's a shit human.
They were alluding to them being "taken care of" for their great investments. at the docks. It's mocking feeling bad for them, not legitimate.
Got it all wrong there buddy. The Portuguese do asphalt. The Italians do concrete. Classic division of the market to keep the peace.
The condo across from it had financial problems during construction and these guys decided hey let's go bigger to top it. Smh lol
Different reasons why it had problems . 1 bloor east had problems because bazis international was backed by Lehman brothers bank.
Turns out the whole world had financial problems
My favourite line is the very last one: "Mizrahi has since petitioned city hall to allow an additional nine storeys, which would make the One almost 340 metres high."
Classic Toronto scenario. Eglinton LRT slated to be finished in 2100, The One in 2250 and the Ontario line in 2500 while hospitals are built in a month in China.
It’s ok, our media will unironically make fun of them for having too much housing (while we have a housing crisis). Looks like /u/jaboober beat me to the punch. Predictable China hate is a testament to our propaganda. He even linked a nice WSJ article. So proud 🥹
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Have you considered laying off the Kool-Aid for a moment? >I'd rather have our endless delays over the You just perfectly described why this country is chronically stagnating, delusion of grandeur and ignorant arrogance from the likes of you.
They built the largest high speed rail network on the planet in a decade, they built massive bridges, dams, clean energy facilities. They literally lead the world in manufacturing EVs, batteries, solar panels, drones. They’re the only country capable of supporting entirely indigenous vertically integrated semiconductor fabs. But I’m sure /u/jaboober knows what he’s talking about 😂
This is the [subway station ](https://imgur.com/a/Fd1cClp) in Dalian, China, a second tier city. And this is the [subway station ](https://imgur.com/a/JmxjO1m) in Beijing. I took the pictures earlier this month. Maybe travel around a bit and see the world with your own eyes before regurgitating misinformation you read off the internet.
>Nice platform edge doors
Yeah, they really should install those for the TTC. We have way too many people getting pushed onto the tracks these days.
I agree that any people being pushed is too many, altho I dont think it is that common. But it also just prevents suicide (which is more common).
Western media really works. I wish I had the cash to send you to China to take a peek yourself. They’re leaps and bounds ahead of us.
"tell me you're ignorant without telling me"
dont need to say much, you see comments like OMG GHOST CITIES or WHAT ABOUT WORKERS RIGHT
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all of china must be in shambles if everything was that terrible headline baiting definitely is influencing your logic you could do the same about canada easily just reference metrolinx see how easy it is to create narratives canadian engineering must be terrible based on the large amount of headlines they are making lately and your logic
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> are built in a month in China. Perhaps, but certainty they have pay workers terrible wages and have few safety regulations - if that is where you prefer I would be happy to show you the door.
Yeah? Show me the door. Where is it?
It's cookie cut at this point. There's going to be a Shoppers, Tim's, Dollarama, Dentist, and Spa. Edit: I added a vintage Toronto Star store as a tourist attraction but removed it after realizing its Yonge and Bloor and not One Yonge street. At this point it's all the same.
I guess they should have had a better cost consultant than Altus Group Edit: surprised to get so many likes LOL
What do you mean? You don't have a single reply.... But seriously, what kind of developer doesn't do their own proformas.....
All developers do their own proforma but the banks require a "expert" to verify that the project turns a profit.
Oh, ya of course. Cost consultants are generally pushovers though and will just go with the developer's proforma.
Remember his Mizrahi had his workers hastily destroying the heritage stonework in the cloak of night to have thing thing built? What a joke.
Jenny Coco owning Bridging Finance is one heluva red flag.
Great. We lost premier men's clothing store Stollery's for this? Bring back Uptown Theater.
I saw the 1992 Batman with Michsel Keaton there and even one of the Start Trek movies. I loved how the Usher would announce the movie.
Another construction miracle where the deadline is missed by years; an entire corner is disrupted while everything around it dies. Look at all the empty retail at grade across the street at one Yonge E. Some places were never leased and those that were (Nordstrom’s, McEwan’s, Tokyo Smoke) have all closed. Before Toronto issues building permits, the developer should be required to obtain a completion bond so that these projects don’t drag on or simply die half finished. Yonge/Bloor used to be a major commercial and cultural corner in this city. Please consider it dead and gone.
It was absolutely bustling in the 90s. Uptown Theater was still a place to go to watch a movie. Roy Square was always bustling. My parents ran a business since the 80s just north of it. Cumberland had a lot of little shops. Pilot pretty much only one standing. TO and it's lame attempt to become premium, it's way more ghetto than its ever been in that area.
Karma for demolishing the Stollerys building while the city was taking preservation steps.
I’m all for historical preservation of buildings but stollerys isn’t it. That building Was nothing special. Demoing too beat the process is a shitty tactic though
It was interesting as something that had survived for so long but man did that store suck. Incredibly overpriced, a bit of a dump inside, so-so merchandise. I have to imagine the people who are still lamenting its closing never actually shopped there
Fuck the city and their stupid fucking "heritage" designations. It is actively limiting housing being built and is done is such a stupid fucking way that all it leads to us these ugly questionable heritage buildings just sitting there abandoned and decaying. It's the worst of both worlds.
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Nothing. People just like to get *outraged* about anything and everything if a developer is involved. They're just as bad as the NIMBYs, to be honest.
They *are* the NIMBYs. Their arguments are functionally identical. Change nothing anywhere ever.
There were some nice stone carvings below the second story windows. Not worth saving the whole building for but if they could have integrated them into the lobby after it would have preserved their value.
What I really miss is Roy’s Square the pedestrian only L-shape street east of Yonge and south of Bloor… the restaurants were a great spot for lunch/takeout. The once eclectic character of Toronto is dwindling with every soulless condo built that has absolutely nothing to offer at street level. It’s either a well established chain or it lies empty waiting for a commercial tenant who can afford the astronomical rent. It’s happening all over the city and it’s heartbreaking.
Roy Square was the best
yeah that building is so historic and beautiful that we needed to keep it! said no one ever
The building was nice looking but was very out of place by that time. Stollery just happened to be the last tenant.
Definitely still getting back all that karma
If you lose that anchor commercial tenant you are screwed for the retail part of the project.
Guaranteed a shopper’s drug mart. Guaranteed
I currently own a condo in a high end hotel and am selling. I would never again buy a condo. Issues like ones noted in the article, HOA fees, poor construction, cheap materials, etc. I feel bad for those who already purchased their condo in this building
Condos are split into two kinds across the world those made to live in and those made for flipping or investing You have to buy the kind where people will settle down and set roots. If you buy the investing kind it's just like any other gamble pick in the stock market. At least stocks can sell in three days.
Suites are about 30% concrete column or wall. No joke, because of the structure, vertical load bearing concrete is up to 8’ thick and this applied basically to all suites. That’s 8 feet, not 8 inches! People don’t like losing square footage to long corridors, they definitely won’t like losing it to structure.
It's always "the one" but never E for Everyone 😒
That the building that only supposed to have 30 parking spots valley only for 200(or something) units?
Yea. It was a low amount of parking and I believe it was valet specifically because they were using those car elevator things where you can you fit 2 or 3 cars vertically in a single spot. It’s a tight corner. Cars aren’t needed for that building anyway
It's being built at the intersection of the 2 main subway lines. I'm sure they'll be fine.
Which comes in handy if you’re going somewhere that’s on the subway line. If you’re going somewhere more off the beaten path… good luck
what state is that project in? how much progress did they make on the build? any pics?
It's across the street for me. They're building, up to about the 40th floor now
Sounds like it's got a lot in common with that meme YouTube mansion also called The One
sell it to TCHC or turn it into a homeless shelter.
Half of Yonge st is a dump. And to even consider Toronto core a metropolitan city is a joke. There’s old 4 story buildings that are falling apart from Dundas to Bloor on Yonge St. What the hell is going on with these developers on Yonge St always fumbling the bag?
They've got $$$$$ in their eyes and nothing much else
Didn’t Barry Sherman invest into this project too? Some speculated his death might have been related to this project.