Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners

[Automation Gallery]

Nice to see them working around the trees.

Hahaha, i don't know why?..they don't look large enough to be in the protected list

 

[salsa]

Nice to see them working around the trees.

Hahaha, i don't know why?..they don't look large enough to be in the protected list

These are heritage trees, therefore they must be incorporated into the podium .

 

[AlvinofDiaspar]

These are heritage trees, therefore they must be incorporated into the podium .

That's why they got facadectomied into the hoarding.

AoD

 

[stjames2queenwest]

given how much action is happening on this site, without full approvals I cannot see how anyone in their right minds could say that there is no forward momentum on this. How much more could you possibly expect from something at this stage of the application process?
Sorry Notarealtor but clearly you have no idea what you are talking about.
So maybe say less.

 

[enrigue8]

Approve it could take many months. I don t understand why they work if they don t have all necessary approval to go .

 

[interchange42]

Approvals and permits are coming in steps. They have their demolition permits, so they demolish. When they have their excavation permits, they'll excavate. By the time they're ready to head upwards, they'll have construction permits in place.

Zoning approval could come at April Council.

42

 

[NotARealtor]

Some of what you are saying does not make sense. There is a new project proposed by this developer at 128 Hazelton (Hakim Optical). There was a community meeting on the 28th regarding this. If what you are saying is true than why would the developer propose another development?

You are correct about his new proposed project. I attended the community meeting. A nice looking building. Regarding why he would propose a new project when he is facing financial problems at Yonge and Bloor, if you owned the properties, 126 Hazelton and 128 Hazelton, and had already started the development and planning process before your other project ran into serious problems, would you abandon the work done so far or continue to push to get the other projects rezoned and built?

What would the optics be? How would he ever recover the costs associated with carrying the properties, and the work already completed by the consultants? The most important question is: What's worth more, a rezoned property that he can either get a mortgage on and continue to push forward or in the worst case scenario sell at a small profit to another developer, or two pieces of land that he owned by paying developer prices, which are higher than market value?

I don't think any developer would stop all work and surrender because one project is in trouble no matter how bad the problems they are facing are. That may be the right thing to do to make sure you don't go bankrupt but developers have huge egos and take risks others would not.

 

[NotARealtor]

given how much action is happening on this site, without full approvals I cannot see how anyone in their right minds could say that there is no forward momentum on this. How much more could you possibly expect from something at this stage of the application process?
Sorry Notarealtor but clearly you have no idea what you are talking about.
So maybe say less.

To be clear, what is happening on this site is snail pace compared to the original schedule. Any developer in a rush and having made promises to deliver an 80+ story building by end of 2018 would be doing a lot more on this site by now. By the way that deadline is now impossible to achieve. The least that could be happening is drilling boreholes to get us the water table levels, hydrostatic pressure, bearing capacity, bedrock elevations, ....

My colleagues have been asking and waiting for this information for this information for months. Not to mention that we need to know if the soils are clean or contaminated.

This is a very complex and slender tower. You need to know what's down there early on to have a meaningful design and then refine it and redesign it to meet everyone else's expectations.

And guess what, you don't need any building permits to drill boreholes. What you need is money and focus to actually build this tower.

 

[NotARealtor]

Approve it could take many months. I don t understand why they work if they don t have all necessary approval to go .

It can take a very long time but if they waited until full approvals were in place then they would lose millions in interest alone, so developers stage things. Some even start selling the units before the building is approved conditional on an approval being obtained. It's all about moving as quickly as possible. The community is forced to take the risk and deal with the small chance that a site after it's demolished and some work has begun doesn't get approvals and gets sold to another developer, and then to another,..

 

[MetroMan]

I hope that this isn't another Metropolis. Rotting hoarding around prematurely demolished buildings at a high profile intersection with the city held hostage for a decade.

This is a very ambitious project, only possible if a lot of people with deep pockets believe that Mizrahi can pull it off. There's a story over at MacRumors with speculation that Apple is pulling out because they don't think that this project is going to be built in a timely manner.

Whatever Mizrahi is doing, he has to show some definitive action that this tower is actually going to get built. He can start with putting his money into it by beginning soil studies and other work that can be done before permits are granted and before the design is finalized.

 

[LNahid2000]

Any developer in a rush and having made promises to deliver an 80+ story building by end of 2018

That promise was never made. Mizrahi promised the retail portion (10 storeys) be open by 2018. You don't seem to know what you're talking about.

 

[Barb Crawford]

I just could not help myself commenting on this thread. NotARealtor's logic is right and clearly he has some information about The One.

Mady Developments is the perfect recent example of how developers overleverage all their assets to keep everything floating. One slip and the whole thing falls apart but no one really knows until it's too late and the cards are coming down crashing. Then the community ends up paying the price having to deal with abandoned sites and delayed projects.

http://renx.ca/fortress-turns-struggling-development-into-winner/
http://www.thebarrieexaminer.com/2015/11/16/fortress-closes-deal-for-collier-centre
http://www.grantthornton.ca/services/reorg/bankruptcy_and_insolvency/Madycollier

NotARealtor - Are you or do you work for the structural engineer for The One? Do I understand correctly tat the exoskeleton structure may be eliminated de to cost and replaced with a cosmetic version?

 

[innsertnamehere]

The exoskeleton has been eliminated since the first design revision has it not?

 

[innsertnamehere]

Also, even if Mizrahi fails here, I don't think the site will sit empty for long. It'll get snatched up pretty quickly, its not like it isn't prime real estate. Mizrahi looks like he will at least get zoning approvals done as well, which means it'll be a quick process no matter who the developer ends up being, unless the new owner wants to go for more than 341m for some reason..
Is there a curse on this intersection? development here never seems to go smoothly..

 

[maestro]

Mizrahi can be replaced by the partnership. There won't be any snatching or new owners if he starts goofing around. Projects scope would likely change.