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1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

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Well, the financing mentioned doesn't sound solid to me. Two European pension funds, perhaps located in Iceland or Kazakhstan? Also, you will never hear the developers speak of financing problems while so many upper units remain unsold.

I would like to see this building built as much as anyone. It's just that the above article doesn't fill me with additional confidence.
 
so the article proves the rumour on 1BE of loosing financing (at one time) was true and many UT members were not just making things up ... I do continue to wonder if financing is in place since new details are vauge

"As Lehman's fortunes teetered and a European lender headed for the door, Mr. Gold moved a few months ago to seek out new financing partners. Conditions are getting tougher, but the location and quality of the project helped him sign on two European pension funds."

I thought the economy downturn affected Europeans too ... wonder which pension fund is now backing 1BE ?

"Further details, along with information about a five-star European hotel that plans to set up shop in the same future mixed-use development, should be announced in the next few weeks, he added."

how long have we been hearing this now ... since August ?? (if not earlier)
 
caltrane74 said:
cdr108 said:
Maybe not in the long-term but something to tie it over if this project doesn't get started considering the city let TAS Designbuild pave over the former Joker site where the proposed hotel on Richmond St W will be.

I'd rather have them at least build the underground parking and retail if nothing else gets done. It would also allow the concrete to cure longer and become stronger with time similar to what happened to 8 Park Road across the street (behind Hudson's Bay Centre).
Click to expand...

I don't even see it as a short term thing. Bazis has already filed the paperwork to begin shoring and city has already given approval to this phase of the project. Why create delay that benefits no one in long term?.....
Click to expand...

To reiterate ... Basiz filed Shoring Permit applications only and does not have approvals for it, keeping in mind the zoning is not in place yet ...

Checking again this morning on the City's Building Permit website, the 1BE permit status has not changed, Building + Shoring Permits remains 'under review'

*******
Recent Building application activity

1 BLOOR ST E

08 201447 DRN 00-----Drain and Site Service-----Sep 12, 2008-----Not Started
08 201447 BLD 00-----New Building-----Sep 9, 2008-----Under Review
08 201447 SHO 00-----Partial Permit-----Sep 9, 2008-----Under Review
08 201447 FND 00-----Partial Permit-----Sep 9, 2008-----Not Started
08 146191 DEM 00-----Demolition Folder (DM)-----Apr 11, 2008-----Permit Issued
**********

The planning staff report recommending approval is going before 'Toronto and East York Community Council' this morning on October 7th as item TE19.8 (http://www.toronto.ca/legdocs/mmis/2008/te/agendas/2008-10-07-te19-ai.htm), most likely supported, followed by Council endorsement on October 29-30th, then a enacting By-law is tabled in Council again 2-3 months later, after which an appeal period will elapse (cross your fingers)
 
I think that the only one who was right was Mike in TO, who as I recall wrote about a month ago that Bazis had had problems with financing, but had apparently overcome them and was proceeding with the project. He also said that this was all he was willing to say on a public forum.

Then there was the "sky is falling" crowd, who said that the project was dead, that 1BE would be a parking lot for 5 years. This group contained all the usual suspects -- the same people who loudly proclaimed that Trump was dead, that BA was dead, that Aura was dead, etc.

So while I give part marks to them in this case -- Bazis did have its original financing fall through, but it soon enough found new backers and the project is going ahead -- I would not be talking about "vindication" if I had earlier said that 1BE was dead.
 
Yes, Mike in TO was the only one who was right and provided us with accurate information. The rest were pages and pages of spreading rumours and speculating (with little information) out loud.
 
^ Um, 90% of what goes on in this forum is baseless speculation and poorly-informed opinion, on every subject from sales to cladding, from foundation to fins. It's the Internet. It's why we're here. To suddenly get indignant about the speculation about one subject in specific - the possibility of the project not happening - doesn't make any sense.

And besides. "Global financial collapse" is hardly an outlandish reason to wonder if a skyscraper's going to get built.

economistohfuckcover.jpg
 
very well composed post SNF ... couldn't agree more
 
Sir Novelty Fashion said:
^ Um, 90% of what goes on in this forum is baseless speculation and poorly-informed opinion, on every subject from sales to cladding, from foundation to fins. It's the Internet. It's why we're here. To suddenly get indignant about the speculation about one subject in specific - the possibility of the project not happening - doesn't make any sense.

And besides. "Global financial collapse" is hardly an outlandish reason to wonder if a skyscraper's going to get built.

economistohfuckcover.jpg
Click to expand...

No other thread on this forum has been this full of "baseless speculation and poorly-informed opinion". And its certainly not the reason I am on this board. In fact, increasingly, because of the "poorly-informed opinion" and endless comments more appropriately belonging in the real estate threads, my favourite board has become a little less interesting.
 
Massive tower moving ahead at Yonge-Bloor

http://www.thestar.com/News/GTA/article/513770

Oct 08, 2008 04:30 AM
Donovan Vincent

The architect behind an 81-storey building at Yonge and Bloor vows the current economic slowdown won't jeopardize the project.

Architect Roy Varacalli said construction is expected to start in November and the project will take about 40 months to complete.

The tower project took another step toward final approval from the city yesterday, getting the green light from Toronto and East York community council. It's set to include condo and hotel units as well as retail and office space, and now heads to city council for a final decision at the end of the month.

Kazakhstan developer Bazis International is building the $450 million structure on the southeast corner of Yonge and Bloor.

Varacalli acknowledged there are rumours the current economic downturn could stall or scuttle the project, but he insists there are no roadblocks in sight.

"Other projects are faltering, so people are questioning ours. But sales are there and we're moving forward," he said.

About 70 of the planned 612 condo units remain unsold, he said.

Louroz
 
Sir Novelty Fashion said:
^ Um, 90% of what goes on in this forum is baseless speculation and poorly-informed opinion, on every subject from sales to cladding, from foundation to fins. It's the Internet. It's why we're here. To suddenly get indignant about the speculation about one subject in specific - the possibility of the project not happening - doesn't make any sense.
Click to expand...

Speak for yourself. That's not why I'm here.
 
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