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

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DSC said:
The permits they applied for are for PHASE 1 so I bet you are right and that Phase 2 (the tower) will not happen for a while longer. "Description: Proposal to construct a 4 sty podium consisting of retail and hotel/residential area & 5 levels of below grade parking. NOTE: Future 77 sty tower to follow as PHASE 2."
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Would that be considered a stump?
 
Observer Walt said:
The unfounded rumours not only seem to be non-stop, but they are getting wilder all the time. A newbie reading this thread would have a hard time taking it seriously now.
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I think it's interesting that _everyone_ is spreading rumours about this building. Even my father (who lives in Calgary and has never expressed any interest in buildings or architecture before) has 'heard' something from someone about it being cancelled.

Newbie's probably have a hard time taking anything here seriously, what with the usual level of bickering and attitude, so at least this brings something new. ;)
 
"in trust"???

Newbie question here.
If people have their full deposits "in trust", is this standard procedure for purchasing to be built condos? I've never bought a new condo before.
Do the buyers get all of their money back plus interest if the project is cancelled or is some or all of this deposit lost forever?
Thanks for any insights. Learning here!
 
TKTKTK said:
I think it's interesting that _everyone_ is spreading rumours about this building. Even my father (who lives in Calgary and has never expressed any interest in buildings or architecture before) has 'heard' something from someone about it being cancelled.

Newbie's probably have a hard time taking anything here seriously, what with the usual level of bickering and attitude, so at least this brings something new. ;)
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I think a lot of people who are not as tuned into Toronto developments as we are have just recently caught wind of Bazis financing with Lehman falling through. I'd say that's the basis of a lot of "cancellation" rumours we're hearing. Old news getting a second wind.
 
asiancolossus said:
Newbie question here.
If people have their full deposits "in trust", is this standard procedure for purchasing to be built condos? I've never bought a new condo before.
Do the buyers get all of their money back plus interest if the project is cancelled or is some or all of this deposit lost forever?
Thanks for any insights. Learning here!
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The buyers get all of their money back plus interest.
It's held by the lawyers and if the development is cancelled; or as some have rumoured here that the unit one has purchased has undergone a significant material change, like the eliminating of your floor, etc.
 
Filip said:
Down the grapevine I heard the operator for the hotel portion of 1 Bloor will be Sofitel.
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If they ever get around to announcing this officially, that would be good news......:)
 
I'd say this is a high possibility. Upon doing some domain name sleuthing, sofiteltoronto.com was registered back in June, about the same time Bazis was saying that a deal was being finalized. And the domain name registrant links to a "Sofitel Toronto" corp in Ottawa, with email links to a Sofitel/Novitel guy in France.
 
If I was sitting on land valued like this, I would bite the bullet and at the very least get the parking and retail done while sorting out the whole high-rise financing mess (if there is one)
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That's assuming they have the financing for phase one.
 
Uncle_Teddy - I don't think they would have any problem with getting financing for the retail/parking phase, considering that they have two of the units confirmed to be leased out, and the return they can easily get on the parking lot.

So as a lender, they have a choice to either lend money to them for the lot to sit vacant, while carrying high costs in taxation... or lend money to them to develop a somewhat lucrative use of the site, especially since they would have to build all the parking spots for the tower in the first phase.
 
Sofitel would be a great hotel for that location. I have stayed at the one in Chicago what a beautiful hotel! only down side was for $300 a night, the room didn't have a coffee maker. :(
 
Without having to go back in this thread, does anyone know off the top of their head which tenants have signed up for the retail portion? I keep thinking Apple, but can't remember if that was a rumour.
 
Apple was cited by the developers as being a tenant at a local meeting, but Apple would never confirm something like that until it was time to start hiring staff.

42
 
interchange42 said:
Apple was cited by the developers as being a tenant at a local meeting, but Apple would never confirm something like that until it was time to start hiring staff.
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Maybe this belong in a seperate retail thread; but would Apple open this as a second location? Or would 1BE become their downtown flagship?

They never seem to put very much money in their Eaton's Centre store, which has always made me think it's only ever meant to be temporary.
 
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