News   Jun 28, 2024
Streetsville Centre Plaza Redevelopment Proposed North of GO Station in Mississauga
 2.4K     2 
News   Jun 28, 2024
GALA Developments Unveils Danny Danforth in Toronto's East End
 1.5K     1 
News   Jun 28, 2024
News Roundup for June 28, 2024
 577     1 

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

Status
Not open for further replies.
I suspect with a new buyer / builder, there will be a new proposal for 1BE, which would trigger a further zoning amendment ... as long as the new proposal stays around the same 80s height, any further amendments (including the 'shrink wrapped' building footprint zoning) would be technical in nature and I suspect would not create too much of a problem from a planning approval stand point
 
google found this

"Roy Berman
Senior Vice President, Corporate Development & Control
Roy supports the land acquisition team in negotiating joint venture and partnership agreements. He also supports and guides several of the business enterprises within the Tridel Group of Companies.
Roy has over 30 years of experience with Tridel Corporation"
 
Change the title. The foot is not in the grave. The height was reduced. 67 is good for the area, considering the economic crisis.
 
Solaris said:
I suspect with a new buyer / builder, there will be a new proposal for 1BE, which would trigger a further zoning amendment ... as long as the new proposal stays around the same 80s height, any further amendments (including the 'shrink wrapped' building footprint zoning) would be technical in nature and I suspect would not create too much of a problem from a planning approval stand point
Click to expand...


I totally agree - it would be unheard of for a major developer to come in and not put their own "stamp" on such an important project.

it is such a great investment too - the best site in Canada - already has tremendous density aproved - already has 500 purchasers (this is just an indication of interest of buyers at this point) - already has major anchors and hotels interested in the project. Any major developer with money would just die for such an opportunity. Lets all pray they are intertested in making a great statement on this site and not just a quick win-fall.

I also agree with other posters that Tridel is a great developer, but this one may well exceed their abilities in terms of mixed uses and sheer scope. It will be interesting, lets hope its also exciting.
 
maestro said:
google found this

"Roy Berman
Senior Vice President, Corporate Development & Control
Roy supports the land acquisition team in negotiating joint venture and partnership agreements. He also supports and guides several of the business enterprises within the Tridel Group of Companies.
Roy has over 30 years of experience with Tridel Corporation"
Click to expand...


Is this connected to something?
 
maestro said:
google found this

"Roy Berman
Senior Vice President, Corporate Development & Control
Roy supports the land acquisition team in negotiating joint venture and partnership agreements. He also supports and guides several of the business enterprises within the Tridel Group of Companies.
Roy has over 30 years of experience with Tridel Corporation"
Click to expand...

This has nothing to do with 1 Bloor, just his profile from the Tridel Group of Companies Executive Team
 
That's a very interesting find. If he's still involved with One Bloor, then his professional connections have everything to do with the project.
 
Janbe said:
Change the title. The foot is not in the grave. The height was reduced. 67 is good for the area, considering the economic crisis.
Click to expand...


yesterday I would have agreed with you, but if you read the article on the previous page, it reports some general details that Bazis has agreed to sell the property to the local lenders. The article does seem to contradict Michael Gold's defiant stance that was reported yesterday but apparently these new details are directly from the court documents. In that case, 1Bloor as we have come to know it would be as good as dead. It just seems very difficult to know what to believe now.
 
marcus_a_j said:
This has nothing to do with 1 Bloor, just his profile from the Tridel Group of Companies Executive Team
Click to expand...

Kazakhstan-backed developer Michael Gold is selling his prime property at Yonge and Bloor Sts., signalling that his planned glass tower condo and hotel project may be dead.

Gold made the decision as part of his court-approved plan to keep the property out of receivership, where his main creditor tried to send him earlier this week.

Documents filed in court yesterday show Gold and his company, Bazis International of Kazakhstan, will sell the land on the southeast corner of Yonge and Bloor to an unnamed buyer. The buyer must make a "good faith deposit" as part of the land sale by next Wednesday, and the deal must close by Sept. 16. Several other conditions are attached, including a "due diligence" period for the unknown buyer to analyze the deal.

"I have to wonder if the new buyer will want to build the same thing (Gold) did," said Ray Tabrizi, a purchaser of a unit in the 80-storey tower that Gold planned. "Maybe the new guy will go half the size, one-third, who knows?"

The saga of 1 Bloor began in 2007, when hundreds of buyers lined up for weeks to own a unit in the tallest residential building in Canada. A hotel and retail space was part of the plan. Units went on sale from $500,000 to $8 million and above.

Gold bought the land, cleared it, but last December stopped making payments on a $46 million land loan. The bank that advanced the loan sold the loan earlier this year to a consortium of Toronto businessmen at a discounted price, the amount having not been revealed. When the loan continued to be in default, the lenders, led by financier Gary Berman, tried to place the project into receivership. Berman's group offered $50.5 million, unconditionally, to purchase the land and Gold could walk away.

But Gold, whose wife's family is behind Bazis in Kazakhstan, issued an angry statement on Monday saying Berman's group was trying to steal his project. He warned that Berman's group "plans to cancel all deals with buyers, retailers and the hotel chain."

"If the court decision is approved, almost 500 condo buyers, the retail chains, which were to have flagship stores in the podium and the Sofitel five-star world-hotel chain at 1 Bloor will all be out in the cold," Gold said in the statement.

Now, one day later, condo unit owners speculate Gold may be about to do the same thing.

The court-approved settlement refers to a letter of intent to purchase, but the letter itself was not filed in court. The deal calls for the land to be sold as "vacant land" (it has been cleared) but does not say if the purchaser wants the property free and clear of the condo plan.

Last week, Gold downsized the 80-storey plan to 67 floors.

If Gold's bid to sell the property goes through, Berman's group will be paid out in full. Until then, they will have to settle for a $242,823 interest payment for the current month.

Meanwhile, about 500 purchasers are waiting to hear what will become of about $70 million in deposits held in trust by Gold's lawyer. Tabrizi, who paid $125,000 down for his $500,000 unit on the 42nd floor, is watching the Bazis Toronto website at www.1bloor.com hoping for a statement from Gold.

"My faith in these guys is gone, my trust is gone," said Tabrizi, who works in flooring sales, and made the purchase as an investment for his family's future. "I should have just left the money in the bank."

The purchasers' agreements promise interest on their deposits should the money be refunded.

The court documents make no mention of Gold's plan earlier this month to bring in $195 million in loans from BTA Bank of Kazakhstan, which is under criminal investigation overseas for loan fraud.

Lawyers and representatives for both sides refused to comment on the events of the day.





Wow, I guess I haven't made the greatest impression here.
 
Last edited:
maestro said:
google found this

"Roy Berman
Senior Vice President, Corporate Development & Control
Roy supports the land acquisition team in negotiating joint venture and partnership agreements. He also supports and guides several of the business enterprises within the Tridel Group of Companies.
Roy has over 30 years of experience with Tridel Corporation"
Click to expand...

Gold bought the land, cleared it, but last December stopped making payments on a $46 million land loan. The bank that advanced the loan sold the loan earlier this year to a consortium of Toronto businessmen at a discounted price, the amount having not been revealed. When the loan continued to be in default, the lenders, led by financier Gary Berman, tried to place the project into receivership.
Click to expand...

are these two Berman's related?
 
Eastside said:
That would be awesome, if for no other reason than all the heads it would cause to explode on this board.
Click to expand...


Don't give Concord Adex any ideas!

With a well designed plan for the site (similar to what Bazis proposed including a hotel component, which I liked), a trusted Toronto developer (hello Tridel?), an iconic building (design panel anyone?) with well designed floorplans and a good marketing plan I'm positive that this could sell again in this economic climate at 60 or 70 stories. Now if only the money can be found for the loan.
 
Status
Not open for further replies.

Back
Top