News   Oct 28, 2020
 135     0 
News   Oct 27, 2020
 426     0 
News   Oct 27, 2020
 1.2K     4 

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

Status
Not open for further replies.

Solaris

Senior Member
Member Bio
Joined
Jun 22, 2008
Messages
5,673
Reaction score
283
Location
Markham / Yorkdale
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?
now this sounds like 'creditable' information .... thanks asiancolossus ... would be REALLY nice if any 1BE purchaser could provide / scan copy of this memo .... then we can be certain BAZIS is standing on shakey grounds ~ :eek:
 
Last edited:

taal

Senior Member
Member Bio
Joined
May 19, 2007
Messages
6,653
Reaction score
142
Location
NYCC
What exactly does:
"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"

mean / imply?
 

Solaris

Senior Member
Member Bio
Joined
Jun 22, 2008
Messages
5,673
Reaction score
283
Location
Markham / Yorkdale
didn't LVT have problem satisfying this condition previously?? my understanding of the "economic viability" condition is a combination of

(a) sufficient % of units sold
(b) construction financing

well ... at least that was the case with Solaris
 

taal

Senior Member
Member Bio
Joined
May 19, 2007
Messages
6,653
Reaction score
142
Location
NYCC
You know I wonder if this could be similar to the situation at Shangrila ... in which they needed permits issued by the city before a certain date to secure financing (Or simply to retain it).

Maybe whomever is providing financing needs to be assured that this project will get all the permits it requires.

You'd think sales are not an issue for this project.
 

Urban-Affair

Senior Member
Member Bio
Joined
Nov 18, 2007
Messages
2,115
Reaction score
816
Location
Toronto
You know I wonder if this could be similar to the situation at Shangrila ... in which they needed permits issued by the city before a certain date to secure financing (Or simply to retain it).

Maybe whomever is providing financing needs to be assured that this project will get all the permits it requires.

You'd think sales are not an issue for this project.
No, MikeinTO already went over this a few pages ago in the shangri-la thread remember?
 

Mike in TO

Senior Member
Member Bio
Joined
Apr 23, 2007
Messages
2,221
Reaction score
175
Location
Downtown Toronto
Maybe whomever is providing financing needs to be assured that this project will get all the permits it requires.
That isn't typically within the scope of an arrangement that developers or their financial backers engage in. Obviously capital won't flow if approvals aren't in place for construction to commence, but it's highly unlikely that a couple fairly simple outstanding permits are causing any financial institutions to become skittish. There are other factors at play.
 
I

isittimetomoveagain?

Guest
What exactly does:
"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"

mean / imply?
Well, I am a purchaser at Malibu... and I remember getting a letter exactly like this about two years ago. As I recall it means they want to extend the period in which they can cancel the building without any recourse. They usually take this extended period to increase sales before breaking ground. From my understanding this is usually just a technicality and just done to buy time before pumping more money into the project.

Maybe a financier has come back and said they need 70% or 80% sales before they get the next chunk of change? Thats pure speculation and I am not sure if it is even valid though...
 

Hipster Duck

Senior Member
Member Bio
Joined
Apr 24, 2007
Messages
3,558
Reaction score
8
Those condos were significant because they brought back the age-old tradition of blockbusting. Roy's square was like Toronto's Hutong.
 

SP!RE

°°°°°°
Member Bio
Joined
Apr 23, 2007
Messages
4,006
Reaction score
7
Location
Southcore
They have closed many across the city,I would say that soon Harveys will be a fastfood chain of the past.
Believe it or not, there are many Harveys locations outside of downtown Toronto ;)

I have seen others close, but I don't think it's disappearing by any means.
 

AKS

Senior Member
Member Bio
Joined
Aug 5, 2008
Messages
1,449
Reaction score
0
There's a lot of harvey's downtown. TLS, Eaton, Commerce court, Go station to name a few.
 
Status
Not open for further replies.

Top