Schulich07
New Member
With the assumption that this building actually materializes...
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With the assumption that this building actually materializes...
dt_toronto_geek
Superstar
Drum did you notice if the flatbed is still parked on Yonge Street in front of the 1BE site? I slipped down Balmuto Street and along Charles and forgot to look up as I passed today.
drum118
Superstar
Not there at 1:30 pm
drum118
Superstar
What every gets built will block the view we see today. One only has to look at the BA to see this. I have the shoots before BA went up.
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digginginthedirt
New Member
What is the city thinking in allowing Bazis to purchase this land when they've done nothing to prove that they can get this project built. All we've heard for months is how their financing is coming any day now and construction is about to start but after months and months of this should we really believe anything that Bazis says? Who knows if they even control the land anymore? What if Lehman or some other lender ends up owning the main project site after the city transfers the lane to Bazis - the site will remain a dirt lot for years while the 2 groups fight about the site ... this could be a travesty for the city and for the million bucks they're selling it for they should wait to see what really is going to happen with the project.
androiduk
Senior Member
I'm not 100% sure on this but I think I read a city document that said the laneway was originally going to be sold to the partnership of Bazis & Lehmann Bros. Since Lehmann Bros. troubles, the sale was amended so that it would be sold to a company owned solely by Bazis. This is part of the reason it took so long.
cdr108
Senior Member
Hell, if the city can reverse the transaction, I will buy it off of them for $2 million when I win 6/49 jackpot tonight.
I miss that corner
Observer Walt
Senior Member
I would certainly think there would be a binding sale agrement in place by now. Even if this were not true, if the city were to refuse to sell the lane, how would that help? To whose benefit would it be? How would such an action be viewed by potential lenders? The city already is perceived in some circles as not being quite as friendly toward business as they might be.
The lane is needed as part of the development, that's all. Especially in view of all of the concern about the length of time this is taking, your suggestion is exactly what is not needed.
digginginthedirt
New Member
Agreed the sale was amended to take account of the Lehman bankruptcy - but what if Bazis defaults on their land loans and all of a sudden somebody else owns the One Bloor site - if the city sells the lane to Bazis then all of a sudden the new owner of One Bloor can't build the project because they don't own the whole site ... look at the big picture!
Bazis has been trying for months to finance this and have been unsuccessful - you think this is going to change before the economic viability clause expires (as everybody claims on this site) on June 15th? - nobody in the world (Toronto, NY, Dubai, etc.) can get a condo loan these days - why would Bazis be any different?
And Observer_Walt - you are right, there is an agreement - but how does it help the city if they sell to the company that doesn't end up with the right to build the site? The lane IS needed for the development but let's make sure that the lane gets sold to whomever actually BUILDS there! What's the rush to sell - we all know this thing isn't going up in the next month anyways!
The city should at least wait until after Bazis tells purchasers if they are moving forward or not - then at least there will be some sense of clarity for buyers of these overpriced condos.
Bazis has been trying for months to finance this and have been unsuccessful - you think this is going to change before the economic viability clause expires (as everybody claims on this site) on June 15th? - nobody in the world (Toronto, NY, Dubai, etc.) can get a condo loan these days - why would Bazis be any different?
And Observer_Walt - you are right, there is an agreement - but how does it help the city if they sell to the company that doesn't end up with the right to build the site? The lane IS needed for the development but let's make sure that the lane gets sold to whomever actually BUILDS there! What's the rush to sell - we all know this thing isn't going up in the next month anyways!
The city should at least wait until after Bazis tells purchasers if they are moving forward or not - then at least there will be some sense of clarity for buyers of these overpriced condos.
maestro
Senior Member
I'm pretty sure the One Bloor partnership owns the land outright. It's pretty hard to build and/or qualify for construction financing without it. Ain't gonna happen.
digginginthedirt
New Member
They may own the land but I guarantee there is a land loan
Automation Gallery
Superstar
Observer Walt
Senior Member
^ Not wanting to do a big self-promotion, but this question was addressed before. For those who are interested, go back to Page 220 in this thread and read Posts #3286 and 3288, which I posted a couple of months ago.
Bazis owns the land, with the exception of the City lane which runs north off Hayden Street. The lane is under an agreement, which is essentially the same as having been sold, although the transaction hasn't actually been registered yet at the Land Registry.
A "land loan" (mortgage) does exist. There seems to be a strong indication that its status is the main reason for the delay in moving forward. A previous lender went belly-up, and in the recent "credit crunch" environment, getting new financing for this project, or indeed many projects, is challenging.
Bazis owns the land, with the exception of the City lane which runs north off Hayden Street. The lane is under an agreement, which is essentially the same as having been sold, although the transaction hasn't actually been registered yet at the Land Registry.
A "land loan" (mortgage) does exist. There seems to be a strong indication that its status is the main reason for the delay in moving forward. A previous lender went belly-up, and in the recent "credit crunch" environment, getting new financing for this project, or indeed many projects, is challenging.
LMitchell
New Member
I recently posted an article with pixs of the site taken last November. A bit of a mis-read on the fallout of the global financial crisis vis-a-vis the project.
http://livingintheneighbourhood.com/2009/05/09/can-ya-dig-it-standing-on-the-corner-at-one-bloor-street-east/
http://livingintheneighbourhood.com/2009/05/09/can-ya-dig-it-standing-on-the-corner-at-one-bloor-street-east/
digginginthedirt
New Member
Walt - just read your previous posts and most of your facts are correct.
What isn't correct is that if/when the existing land loan goes into default, the property will be subject to foreclosure by the lender like so many projects in the US and BC have. Once that happens, all bets are off as to if/when Bazis gets to build this project.
It's also not the land loan holding this process up - typically land lenders get paid back through construction financing which IS the hold-up - there simply is nobody in the world today willing to finance a $500 million residential tower no matter how well it is sold. The previous lenders have not gone "belly-up" as you put it - they simply do not want to lend on residential projects anymore - all loans are ALWAYS subject to bank approvals and they simply can't get it done today.
What isn't correct is that if/when the existing land loan goes into default, the property will be subject to foreclosure by the lender like so many projects in the US and BC have. Once that happens, all bets are off as to if/when Bazis gets to build this project.
It's also not the land loan holding this process up - typically land lenders get paid back through construction financing which IS the hold-up - there simply is nobody in the world today willing to finance a $500 million residential tower no matter how well it is sold. The previous lenders have not gone "belly-up" as you put it - they simply do not want to lend on residential projects anymore - all loans are ALWAYS subject to bank approvals and they simply can't get it done today.
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