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

[Hipster Duck]

Well, business hours are over now. Not exactly a day that will go down in the books...

 

[Build Up]

Because there was no announcement stating that this is cancelled, when will they start construction tomorrow, next week, when?

 

[dt_toronto_geek]

Has the opening animation of its website been saying "construction starting" for a while?

Yes, for a long time. Possibly since demolition last year.

 

[luxome]

quick question. i think it may have been answered before.

But what happens if the builder goes bankrupt or "runsaway" with purchaser's deposits? Is there insurance that will cover the purchaser's loss?

 

[lochlyn]

quick question. i think it may have been answered before.

But what happens if the builder goes bankrupt or "runsaway" with purchaser's deposits? Is there insurance that will cover the purchaser's loss?

They cannot really run away with purchaser's money. All deposits are hold in trust. BTW, Torian only cover $20,000 loss on condo deposit, the rest at purchaser's risk.

 

[condomaximum]

New builder

today is 1BE's big day ~

IMO .... Tridel puts up solid reputable buildings in the City, and they certainly win design awards in several projects too (sure they're not ALL architectural landmarks, but do they ALL have to be ??) .... I would much rather see Tridel or GGH take over this site than Daniels / Cresford / Conservatory

I hope a young, adventurous and ambitious company like Cityzen/Fernbrook steps in. They have been behind such beautiful or daring projects like the L Tower, Pier 27, Absolute World. Most developers just stay with semi-modern exteriors with lots of glass and steel etc. Cityzen/Fernbrook actually makes an attempt to be creative, to create buildings that none other has before.

 

[dt_toronto_geek]

They cannot really run away with purchaser's money. All deposits are hold in trust. BTW, Torian only cover $20,000 loss on condo deposit, the rest at purchaser's risk.

That's Tarion.

* At the signing of the Agreement of Purchase and Sale, you will be required to provide a deposit for your home or condominium unit. Deposits on freehold homes are protected by Tarion up to $40,000. Condominium purchasers are protected for up to $20,000 for the loss of a deposit, and are protected for deposits over $20,000 by the trust and excess deposit insurance provisions of the Condominium Act, 1998.

Source

 

[Johnzz]

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.

Hi tomms,

Have you received a letter yet?

Don't be shy!

 

[tomms]

Hi tomms,

Have you received a letter yet?

Don't be shy!

if/when I do, I'll post it

 

[cdr108]

if/when I do, I'll post it

did the sales rep say the letters were being mailed from Kazakhstan or GTA???
i can't see how a local letter mailed on Monday has not arrived by Friday !

 

[Tuscani01]

If there is no letter going out, wouldn't that mean construction should begin?

And with the city strike going on, wouldn't it mean that no permit can be issued until the strike is over?

Looks like we could be waiting a while longer to find out what is happening.

 

[SimonP]

At the signing of the Agreement of Purchase and Sale, you will be required to provide a deposit for your home or condominium unit. Deposits on freehold homes are protected by Tarion up to $40,000. Condominium purchasers are protected for up to $20,000 for the loss of a deposit, and are protected for deposits over $20,000 by the trust and excess deposit insurance provisions of the Condominium Act, 1998.

Source

Move Smartly gives some advice about situations where the deposit is larger than the amount insured by Tarion:

* Deposit money should always be paid to a law firm or other trustee, never to the builder, unless security has been posted with Tarion for the funds.
* Purchasers whose deposits exceed $20,000 should always insist on getting a copy of the builder's excess deposit insurance to ensure that all funds above the Tarion cap are protected.
* Ensure that the builder and project are registered with Tarion.
* Having a lawyer review a purchase agreement before it becomes binding is always a good idea.

Full article.

 

[khris]

If there is no letter going out, wouldn't that mean construction should begin?

And with the city strike going on, wouldn't it mean that no permit can be issued until the strike is over?

Looks like we could be waiting a while longer to find out what is happening.

I was wondering the same thing. That would explain the lack of information. It would be nice if Bazis announced something though. There's no reason I can imagine that they can't.

 

[dt_toronto_geek]

I think in this case, no news means bad news. Otherwise, I can't see why Bazis wouldn't have issued a media release on or prior to the 16th as this isn't a run of the mill project, it's very high profile and a much anticipated development.

 

[299 bloor call control.]

FINALLY

From the Globe and Mail:

Luxury tower at 1 Bloor East to go ahead, minus a few storeys
Deadline for Kazakhstan-based Bazis International Inc. to pull the plug on the project expired this week

Kate Hammer
Toronto —
Last updated on Friday, Jul. 17, 2009 08:10PM EDT
A luxury condominium building at Yonge and Bloor Streets seems ready to go forward – most of it, anyway.

Through real estate agents and lawyers, buyers for 1 Bloor E. learned this week that the project would go up, but only 68 storeys.

That's about a dozen less than were forecast in 2007, when crowds camped for days, hoping to purchase square footage inside what was going to be Canada's tallest residential building.

Garth Juriansz, a real estate agent who bought a south-facing unit on the 39th floor, and sold numerous others, said he had clients who bought on the 70th and 71st floors.

He said the developer, Kazakhstan-based Bazis International Inc., has promised to return his clients' deposits with an offer to buy at a discount on lower floors.

“If they're end users and they're facing south, they had a spectacular view and they will be a bit disappointed,” he said.

Calls to Bazis offices in Concord, Ont., were not returned.

Another buyer, who asked to be identified only as David, said he was frustrated with a lack of communication from the developer.

“I'm happy it's moving forward, but worried in a sense about what the scope of the project will be now,” he said.

David, who bought a 540-square-foot one-bedroom unit on the 33rd floor for about $370,000, said he'd like to know how the changes would affect the hotel and retail spaces on the lower floor, and the overall appeal of the building.

“They were marketing to me the tallest residential tower in Canada, now it's not,” he said.

A deadline for Bazis to pull the plug on the project expired this week and buyers and real estate agents have been waiting for the developer to make a formal announcement.

Mr. Juriansz said permits from the city to close parts of Yonge and Bloor Streets appear to be the next hurdle, but he was confident the project would move forward.

Bazis had partnered with Lehmann Brothers Inc. to buy the land, but the brokerage went bankrupt.

Councillor Adam Vaughan said that many developers have had to recalibrate their projects as the economy slowed and lenders have become increasingly cautious.

“It wouldn't surprise me if they've said, ‘This is the amount we have sold, if we drop the size of the building, change the size of the building to meet the threshold for financing, then we can go ahead with the project immediately,” he said.

http://www.theglobeandmail.com/news...-go-ahead-minus-a-few-storeys/article1223098/