Sky seems to be limit for One Bloor East
TheStar.com
October 30, 2007
Christopher Hume
In a city afraid of heights, the advent of an 80-storey condo tower can be counted on to set off howls of outrage.
Yet if history is any indication, once the screaming has subsided, Torontonians will be lining up to buy units in One Bloor East.
The $450 million project on the southeast corner of Bloor and Yonge will get underway at the end of the year when the leases in existing buildings expire. Demolition will start and after that, by next September, construction.
If all goes according to plan, the first residents will arrive in late 2011.
The developer, Bazis International of Kazakhstan – yes, that's right, Kazakhstan – has no qualms about investing in the Toronto condo market.
"We believe prices of real estate are still undervalued compared to world cities," says Bazis president Michael Gold. "Yonge and Bloor is the most important corner in Toronto. We wanted to address it and do something for Toronto. The city has been tough, but supportive. We believe real estate prices have a long way to go."
Indeed, if One Bloor East is any indication, the sky's the limit, physically and financially.
Let's face it, there's no more appropriate site in the city for such a tower than Bloor and Yonge. In truth it's amazing it has taken so long for something to happen here. Certainly the area needs work; it may be one of Toronto's most desirable corners, but you'd never know it by looking.
As downtown councillor Kyle Rae puts it; the intersection is "an armpit. To think that the intersection of two major streets and two subway lines is greeted with this dross – this is an opportunity that can't be missed. The project is fantastic. The architecture has been cleaned up and they are still working with the urban design department."
Robert Freedman, director of design for the City of Toronto, confirmed: "We're still working with the architects."
At the launch of One Bloor East last night, several hundred frenetic investors showed up and were clearly excited by what they saw.
"We could sell 5,000 units," Gold said. "The response has been amazing."
Even Mayor David Miller seemed impressed: "If there's one corner in the country that calls out for something spectacular, he said, "it's Yonge and Bloor."
The new 275-metre skyscraper, tall, skinny and sleekly sculptural, will include shops at street level, an eight-storey hotel and residential above. Sitting atop a three-storey glass podium, the tower will become a midtown landmark.
"This is about the fourth or fifth version," explains architect Roy Varacalli. "It's changed quite a bit; the biggest move is the addition of a second skin. The balconies bothered me, so now each will be covered with a glass panel that can be opened or closed. It'll be like a pixillated façade."
Most dramatic of all are the series of "fins" that extend along the top of the building. They are, Varacalli says, "pure art. The inspiration came from the 1957 Cadillac. I wanted something that would respond to the skyline."
Since the project was first announced last April, Bazis has also acquired the building on the southwest corner of its property; that means the complex will extend south from Bloor all the way to Hayden St.