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

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Hans Possimon said:
A company called Tricon bought the Lehman Brothers piece. Lehman is no longer involved.
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How big was the Lehman brothers piece?

Tricon's investment philosophy seems to be too out of touch with the scale of this project. Granted in this economy opportunities arise and people sometimes try new things, but Tricon typically acts as a Mezzanine lender. Smaller investments. They don't buy land as far as I know.

Not saying this isn't true, just saying it would be out of character for them based on the investment criteria listed on their site.
 
Solaris said:
well actually ... I swung by 1 Bloor's sales office this weekend and found that it was closed ... one is supposed to call to 'book an appointment'

In fact, I tried calling the sales office just now and no one was picking up ~ hm.... I wonder ??
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Interesting. The last time I took notice of the sales office was on the 21st, the day I walked that way to snap some shots of Uptown/Blu etc.
 
Hans Possimon said:
I hate to comment on a rumour, but this one is juicy. A friend who is REALLY in the know told me that One Bloor is up for sale.

A number of interested parties who are big in the condo market are looking at buying it. Not sure who it is, but he said the "big guys" are buying it. Maybe Tridel or Daniels?

The problem is that the site could not get bank financing for their construction loan, and the developer doesn't have the cash to make it happen without a serious chunk of bank debt.

My friend mentioned that the deals would likely fall away as no lender will touch the project without a relaunch.

It is a rumour, but an interesting one.
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It seems like 1BE has been on the market (the project) for some time now. About late 2008/ early 2009, someone told me Bazis was wooing Samsung to buy the project... it'll be great is someone can get this project moving.
 
I am just waiting for Bazis' announcement on or before Thursday, July 16, 2009 :rolleyes:
 
Samsung is one of the largest construction companies in the world. They are the ones building the Burj Dubai, for example. They build things at an unbelievable speed. If only....
 
Solaris said:
well actually ... I swung by 1 Bloor's sales office this weekend and found that it was closed ... one is supposed to call to 'book an appointment'
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Confirmed today for any possible naysayers (not that I was one of them). :)

The lights are off and no one is home
 
mybrainsyourmoney said:
Rhymes with Pinto...
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Not just them. A few other big guys have worked on the deal too.

My source is very involved with the sale process, and his info is good. I only bring it up because of the looming deadline.

In terms of Tricon, my friend tells me they do land mortgages, equity financing, joint ventures, etc. Something like 1B is VERY much a deal they would do because of the opportunity.

But I digress. Hopefully this project gets built, regardless who the builder is. The corner is crying out for a landmark property.

Hans
 
I think many people remain hopeful that this thing will get built. Rumour of Tricon Capital's involvement is interesting. Seems up their alley since they're currently financing CASA, Burano, NXT, and a few in the King West area. They probably charge a premium for the risk involved (versus Chartered Banks which are typically more risk averse) so to me, this "rumour" is credible and encouraging. I purchased a NW corner unit in CASA, above the 40th floor, and this would be right in my view. A very beautiful and desired eclipse of the CIBC building.
 
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