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

[taal]

I dunno ... I'm really feeling iffy about them - if you speak to anyone about this project you always here that they have all their permits.

Then again I'm sure they don't know much but ...

Maybe they aren't updated that often.

I wish we had a contact in the city ...

Okay that's it, I need a volunteer. Someone in HS with not a clue about their future - join the Toronto planning department ... I assume the requires some degree.

Do it for UT! Do it for all of us!
Tis not what UT can do for you, it's what you can do for UT.

 

[299 bloor call control.]

Enough with the "why is it taking so long for permits to be approved?" talk. This is an extremely complex project, adjacent to two subway lines, located in the busiest planning district in the city, with a planning department that is perpetually understaffed and overworked. I'm not the slightest bit surprised that it's taking a long time to review.

I was going to look up other large projects to compare the time for permit reviews, but sadly the database site is down right now.

 

[adma]

So, if they don't build anything there for a while, mark time with this

Who needs simple ferris wheels

 

[egotrippin]

Why level 2 Bloor West? HBC Centre is so deserving it isn't funny, but why level a perfectly good, if somewhat ugly, building.

The whole intersection is hideous. Far too hideous for a major important intersection. The only redeeming thing is the Stollery's building on the southwest corner, and even that poor building has been molested.

 

[andrejeffry]

This project is postponed due to financing problem. The project was financed by the now-bankrupt Lehman Brothers.

It's mentioned briefly here

http://www.theglobeandmail.com/servlet/story/LAC.20081210.BARBER10/TPStory/Comment

....Bazis International, a Kazakhstan-based company developing a $450-million landmark tower at the corner of Yonge and Bloor, was forced to find new lenders this fall following the demise of New York's Lehman Brothers, with which it had partnered to acquire the land. With Bazis deflecting rumours of its building's demise, marketing for similarly ambitious projects announced in its aftermath has quietly disappeared....

 

[alklay]

This project is postponed due to financing problem. The project was financed by the now-bankrupt Lehman Brothers.

It's mentioned briefly here

No where in that article is a postponement mentioned? Where are you getting this information (and where on earth do these people come from)?

And their alternative financing has been discussion already in this forum.

 

[Observer Walt]

This thread unfortunately is at the point of a merry-go-round of old information and old rumour. It is natural and normal that at certain times there will simply be nothing new to report for the time being.

 

[confusion]

At this point, all I can say is WHO CARES if 1 Bloor falls through.

That block is demolished. It was hideous and it is gone now. Be thankful we made it this far.

If the lot sits as a parking lot for a while, fine. It won't be long until something significant rises at that location.

So 1 Bloor doesn't fall through, ok, business as usual, and if it does, something replaces it in the very near future. Now why are people so focused on the financing topic. Please stop the unnecessary commenting on rumours, speculation, thoughts and feelings regarding this project and its financing. It's getting annoying.

 

[Build Up]

lol oviously u didn't like that block

 

[Solaris]

if all else fails @ 1BE site ... I hope they at least built the underground parking garage portion and have that operating ... so in worst case scenario they could operate in the interim like the Bay-Adelaide parkade (for the last 10 years?)

 

[taal]

The article is 100% correct ... but it's not up to date ...

They lost financing with Lehman brothers a long time ago (in the summer) and were forced to find new financing in Europe ... which they did successfully.

The owner of Bazis or something along that lines told the entire story in an article a while back.

If you look back in this thread I'm sure you can find it.

This project HAS NOT lost any financing at the current moment.

 

[Build Up]

That's good news

 

[Conrad Black]

Considering the economy and credit crunch why would anybody be surprised that it might be on hold? Major projects around the world are in trouble. A lot has changed in the last few months since they cleared the corner.

 

[taal]

It definitely might be ... but clearly the article in question wouldn't be the one to use to reach such a conclusion as they're using out dated information.

If it was more along the lines of "Even after securing new financing the project ..... "

 

[Solaris]

They lost financing with Lehman brothers a long time ago (in the summer) and were forced to find new financing in Europe ... which they did successfully.

The owner of Bazis or something along that lines told the entire story in an article a while back.

But one interesting thing to note is that Bazis in fact never announced WHOM in Europe they have re-secured financing from ... I would think for a major project like 1BE in current times of scepticism, they would at least say:

"Yes although we lost financing through Lehman Brothers, but we have now secured funds through ________ (insert name) Bank from Europe"