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

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How much retail space will be provided? I wonder if they are going after the luxury brands that can't get suitable space on Bloor.
 
maestro said:
I just don't beleive it. Need proof.

Technically, nothing has been sold and it wouldn't surprise me if upwards of 10% bail on their deposits given the direction the market is going.
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No one need "bail on their deposits" until one of two events:

1. the next deposit date (assuming a staggered deposit structure) given how long these sales have been in place, they are probably fully in by now so there will be no more bailing that way (if there was any at all)

2. the completion/delivery of the building.

given that, I doubt that it is sales that are holding this thing up.......I tend to think it might be more a lender issue than anything else...ie. who is the construction lender?

compare this to Shangri La.......both are high end condo/hotel developments, both very large, both being developed by folks from outside our market and both have been marketed and sold (to a large extent) to investor type buyers (often offshore).....yet we only see doubt about this project going ahead and nice pictures of a whole in the ground at University and Adelaide.....difference.....we know who the lender is on the other project.
 
TOareaFan said:
No one need "bail on their deposits" until one of two events:

1. the next deposit date (assuming a staggered deposit structure) given how long these sales have been in place, they are probably fully in by now so there will be no more bailing that way (if there was any at all)

2. the completion/delivery of the building.

given that, I doubt that it is sales that are holding this thing up.......I tend to think it might be more a lender issue than anything else...ie. who is the construction lender?

compare this to Shangri La.......both are high end condo/hotel developments, both very large, both being developed by folks from outside our market and both have been marketed and sold (to a large extent) to investor type buyers (often offshore).....yet we only see doubt about this project going ahead and nice pictures of a whole in the ground at University and Adelaide.....difference.....we know who the lender is on the other project.
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But wasn't March 15, 2009 an important date under the terms of the Agreement of Purchase and Sale that allowed buyers to break the contract???
 
Mike in TO said:
You are correct that moving ahead has little to do with sales, there are other unresolved issues there. They've sold well, but they are shy of the 95% figure that you're suggesting.
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I would be curious to know what the other "unresolved issues" are.

Also I just looked up the status of building permits on the City of Toronto website and there are no longer any applications for 1 Bloor east showing up on the website :confused:
 
Peepers said:
I would be curious to know what the other "unresolved issues" are.

Also I just looked up the status of building permits on the City of Toronto website and there are no longer any applications for 1 Bloor east showing up on the website :confused:
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Yes there are - just search application number 08 201447.
 
Peepers said:
This old URL - which is a direct link to the 1 Bloor east applications - still works but if you try to do a new search for permits in Toronto-Centre Rosedale there are no listings for 1 Bloor east which I find weird because it should show up if it is still active (it did in the past)
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you just have to change the search date range to start before September 9, 2008
 
Solaris said:
you just have to change the search date range to start before September 9, 2008
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OK thanks - now I can find it. Status still "under review" 7 months after being submitted. I don't understand why the bureaucrats at city hall need this long to review an application. Given the importance of this project to the city this application should have been rubber stamped months ago.
 
ProjectEnd said:
How can this PARTIAL SHORING PERMIT take so long to process? This really is not a high watermark for the City.
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Not really, this is rather routine when in comes to various permit applications in Toronto. As for "rubber stamping" permits, this one really isn't special - they all have the same level of priority and go through the same routine basically next to forever process.
 
I was wondering if the permit hasn't been issued because Bazis did not yet get their zoning approvals. However, I answered my own question. It had been approved and here is the City of Toronto By-law. I don't know if this was ever posted.
 
it is possible that Site Plan Approval has not been issued too ... which could hold up any building permits
 
marcus_a_j said:
True, and according to this development application status, site plan approval has not been issued yet.
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This makes the City look even worse. Bazis submitted an application way back in NOVEMBER 2007 !!! for site plan approval and the bureaucrats at city hall have yet to approve this!!!!! I know some will say that this is just the normal process and that this project is no different than any other but I just don't buy that. We have waited for decades for something to replace the eyesores on that corner and if this project does not get off the ground it could be another decade before anything gets built here.
 
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