here's the article from globaltv.com.....
Questions surround high-profile condo development
Published: Thursday, April 16, 2009
The construction site of "One Bloor" remains empty
Global News
An empty eyesore remains at one of downtown's prime intersections, and just 18 months ago it was set to be the hottest development in Toronto.
Condo hysteria swept the city back in November 2007, all because of a project called "One Bloor", an 80-storey building that took the housing boom to new heights.
Buyers camped outside the sales office for a week and prices shot up.
Mark Cosman got caught up in the hype and put down a deposit on a one bedroom suite.
"Bloor and Yonge, it couldn't be any better," said Cosman. "Centre ice in the City of Toronto."
Almost the entire building was sold, the site was quickly bulldozed, but construction never actually started.
Developer Bazis International is on its second extension of its condition date to start building.
Buyers are desperately trying to get answers.
"They're excited about the project, they're nervous about the project, but they're still hopeful," said Anna Cass from Royal LePage. "They want it to happen."
The holdup appears to be project financing that was tied up with Lehman Brothers, the failed U.S. investment bank. Lehman Bros. is now in bankruptcy court and that means the money that was supposed to help finance this project is tied up in the courts as well.
The developer has remained silent. Calls by Global News to Bazis International were not returned.
The project has not been cancelled but no one knows if or when it might be built.
"I was very happy with my investment intitially," said Cosman, "but now, if i could get out from a legal perspective, I would."
People who bought into One Bloor may still have a chance to walk away.
As of June 15, Bazis has 31 days to cancel the project at no risk to purchasers, or they can choose to proceed with construction.