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

[Big Daddy]

I just called Sogol Monfared for further details but no answer......

Wow..............well, thats it then............why the hell didn't we ask her earlier???...................68 sounds like a goood number......I mean really, who would want to finance it up to 70? how rediculous would that be??

Who the hell is Sogol Monfared and how likely is it that billion dollar developers are telling her whats going on and no one else?

 

[asiancolossus]

Not sure how reliable a source this is but the "Mark Savel" realestate blog is reporting that project is going ahead but has been scaled back (look at his comments in red).

http://savelblogs.com/?p=1247

There is definitely something suspicious about this. I agree with other posters that say that if there is funding, the entire building should be funded, not a truncated one. They billed themselves as the tallest condo, now they are not, with a shorter tower, the value would undoubtedly diminish, and both those who were above the cutoff and below the cutoff would be very pissed. I think those above would be the most pissed to be "offered" a chance to buy a leftover condo. If I were one of those people I'd be livid! And I suspect some in the lower levels might try to dump theirs on this news. Bazis silence is getting tiresome. Just say yes or no, is it really that difficult?

 

[maestro]

That doesn't make any sense. Who says we will finance your project but only up to some random floor? If the project has achieved enough sales, than all financing should be given. If it hasn't, than no financing should be given.

I think you're taking the number of floors thing a little too literal.

Projects of this size rarely achieve full financing from one source. It probably has to do with the risk of putting all your eggs in one basket vis a vis the amount of cash the lender has in hand. This, "that they only have enough funds to built to 65 storeys" is pretty typical and shouldn't be a concern.

 

[casaguy]

I suspect some in the lower levels might try to dump theirs on this news.

I agree totally, but not even a MAJOR change to the L Tower sent future residents running away.

On another note, if the city approved 80 storeys, wouldn't that mean that the city in fact WANTS a very tall landmark tower at this location? Do they have any recourse if Bazis were to scale back by 10 or more floors?

And on yet another note, it seems even fishier that there is no OFFICIAL word from Bazis or any real info at all from anyone who bought at 1 Bloor. Come to think of it, have we heard from anyone who actually bought here? Do these people exist?

 

[tomms]

yes they do exist casa, i hold power of attorney over a south facing unit, and i can tell you i havent received anything as of today. The sales office girl told me there would be letters sent out on the 13th of this month explaining what was going on.

 

[casaguy]

Must be very frustrating. This whole thing is terribly unfair to investors.

Bazis must have taken the same training course as Air Canada on how to communicate with clients.

 

[tomms]

nah they got their training at rogers

 

[Build Up]

if the tower is indeed chopped down to 65 stories it would be in the 210-230m range right? not good

 

[khris]

It is very possible that the height has been reduced. However, I don't think it's because they were only able to get financed up to a certain level. That is just silly, and sounds like it was made up by someone who didn't understand what they read or were told.

We should be finding out something tomorrow.

 

[DaninToronto]

I'd rather they just let this project die and sell it to another developer who will put something really iconic here. Go all the way or don't go at all.

 

[syn]

Sogol Monfared is pretty good looking. I hope this is built at the original height - it seems like a waste otherwise.

 

[Build Up]

i agree

today is the day. i just had to be the first to say that. i agree with DaninToronto for me its go big or dont build at all. i would rather this be cancelled than it being 220m. it would look like a stump imo. this land would be picked up again quickly.

when do they announce their decision

 

[Hydrogen]

I am a Realtor who worked on the one bloor project and many other ones around the city.

I've just found out 1Bloor will be built, but it has been significantly scaled down to 63 floors.

Furthermore, if anyone has any further information regarding Emerald Park it would be greatly appreciated. It seems that particular project is completely up in the air.

Also, don't listen to the people at the sales office, they will always give you the most postitive report, even if it's a complete fabrication.

So if you've worked for the same developer of both 1BE and Emerald Park, why don't you simply ask the developer for information on Emerald Park? Why ask here?

We can presume that your reference to working as a realtor on a number of other projects is being done so in order to suggest extensive knowledge of that business. You should have connections.

 

[Johnzz]

In principle, the lowered building height does actually sound plausible. I suspect banks, given the specific risks involved, would only finance a project like 1 Bloor if nearly 100% of units were sold.

The way I see it, there's two likely scenario's:

(1) From what I've been told, only a small handful of units (3-4) above the 68th floor were actually sold (at $2,500/sqft it was always a tough sell). This left almost 15% of the building space unsold and bank lenders very nervous (given the weak economy and now HST). Thus, to get financing, simply cut out these floors and boost building space sold to near 100%.

(2) Perhaps Bazis has given up trying to sell the hotel component. I think the hotel was meant to be 7+ floors representing 10%+ of total building space. Simply cutting out the "hotel" floors could boost total sales closer to 100% which lenders have demanded.

What do you all think?

 

[yin_yang]

60 floors is still massive...and the podium mall would still be really snazzy, i bet.