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

[taal]

Good point, are we sure they didn't though - hidden somewhere in the article. From what I recall they seemed confident they had already secured a new source ... who knows though.

But until the city permit get's approved I'd say that's the number 1 reason for the hold up. Also, what I was told - they want to wait till the new year for Christmas to end.

Once again I need a volunteer - someone on this form must work for the city? No?

 

[alklay]

They have already said who they received financing from and they said it some time ago (and some posts ago).

 

[Solaris]

I believe all they said back then was "two European pension funds" .... hence my question (then and now) ~

"Developers struggle to secure financing"
http://www.globeinvestor.com/servlet/story/RTGAM.20081006.wrbanksbazis07/GIStory/

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 ?

 

[taal]

Yep it was never said ... well the down turn effected everyone - that doesn't mean all US companies are not providing financing anymore ... same applies in Europe.

 

[299 bloor call control.]

For reference, Bay Adelaide Centre's New Building Permit took 1 year to be approved. Their site drainage took 2 months.

 

[adma]

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

Really? A lot is less hideous than what stood before? That big window that was dismantled and everything?

 

[Evan]

Here's a reminder.

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.

 

[taal]

Yea but note the current moment part ... who knows what will happen in today's market. Moreover, as Solaris pointed out the exact source in Europe wasn't established.

What I'd really like to do with this thread is put a lock on it until Jan 1
Unless someone has new information (which hopefully has at least an ounce of credibility to it).

Anyway I wouldn't expect much until Jan. at the earliest.

 

[drum118]

There is a walkway from Yonge to the building now and where the lane was.

 

[taal]

I think that blue stuff is new ... maybe? ... I dunno ...

 

[adma]

It's titanium, maaan. Gehry's influence

 

[Strange Advance]

So, when are we going to see some action on this file? Would be nice if a project insider had the stones to join here and periodically keep us informed; that way the rumours of failure wouldn't be allowed to fester.

 

[Eastside]

I don't understand why people seem to take it so personal when there's idle speculation regarding whether projects like this will go ahead. As long as it's not mean-spirited, I think it's a pretty appropriate topic for discussion considering the current economic climate. And it's not like talking about it on a web forum is going to matter one way or another as to whether it gets built.

With that said, I'm not holding my breath for this one to go up. It would be too bad if nothing happened, that corner will be a disaster until they get something done..

 

[taal]

Expect to see something in the new year ... that's all I can say.

If you're board you can pay a daily visit to the following:
http://app.toronto.ca/ApplicationStatus/details.do?folderRsn=2326089
and note the "Under review"

 

[asiancolossus]

latest news

Apparently 1 Bloor sent out a memo saying that the agreement of purchase and sale states the Condition Date for satisfying the economic viability was December 15, 2008 and now it has been changed to March 15, 2009.

Certainly sounds like there is trouble brewing in paradise. I don't know legal issues like this but wouldn't they have satisfied viability if they had sold enough units and had the funding in place already?