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

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Background on Gary Berman from website for Tri Continental Capital Ltd. (Tricon) - http://www.triconcapital.com/

Gary Berman – Partner

Gary Berman is a Partner of Tricon and is responsible for fundraising, investment strategy and for the sourcing, underwriting and management of investments in the United States and Canada. Prior to joining Tricon in 2002, Mr. Berman was a Development Officer for Canderel Stoneridge Equity Group where he managed the conversion of the former Massey Harris office headquarters into loft condominiums and the development of DNA (Downtown’s Next Address), a 550 unit condominium project, in Toronto. Before joining Canderel Stoneridge, Mr. Berman worked in New York City as an Associate in Real Estate Acquisitions for the Blackstone Group and as a Financial Analyst in Real Estate Advisory for Goldman Sachs & Co. Mr. Berman is the co-founder of the PUG Awards, an on-line awards and educational outreach program established to increase architectural awareness and elevate planning and design standards in Toronto. Mr. Berman received an MBA from Harvard Business School where he was designated a Baker Scholar, and a Bachelor of Commerce from McGill University in Montreal, Quebec where he graduated first overall in the Faculty of Management.
 
Its funny I called Bazis International Inc Head office and this Toronto Star story is news to them. The lady at Head office told me she has not heard anything regarding the land being sold. I then called 1 Bloor East sales office and the Representative has not heard one thing and she said the project is moving forward and they are selling units.
I had to tell her about the Toronto Star story about the land being sold.
 
Janbe said:
Its funny I called Bazis International Inc Head office and this Toronto Star story is news to them. The lady at Head office told me she has not heard anything regarding the land being sold. I then called 1 Bloor East sales office and the Representative has not heard one thing and she said the project is moving forward and they are selling units.
I had to tell her about the Toronto Star story about the land being sold.
Click to expand...

Lesson learned here... the sales office is the last to find out, and really, they are just a "sales" office. So until they hear the final word, they are always going to try to sell to you.
 
I've just put a call to the Star's reporter/writer for the above article, Kevin Donovan, and will report updates once I hear back ~
 
"Bazis International of Kazakhstan, will sell the land on the southeast corner of Yonge and Bloor to an unnamed buyer"

hmm, anyone else think of the possibility that the "unnamed buyer" could be a subsidiary company of Bazis and this is merely a paper shuffle to buy more time and get out from under the thumb of the local lending group?

I still think anything is possible at this point.
 
Redroom Studios said:
"Bazis International of Kazakhstan, will sell the land on the southeast corner of Yonge and Bloor to an unnamed buyer"

hmm, anyone else think of the possibility that the "unnamed buyer" could be a subsidiary company of Bazis and this is merely a paper shuffle to buy more time and get out from under the thumb of the local lending group?

I still think anything is possible at this point.
Click to expand...


Damn!! That's prime AAA spot! If I had a billion dollar
 
This is starting to sound like a "B" movie.

They took their chance. They invested and wanted to build in a foreign city, in a foreign country. It all fell apart. Why. Sabotage? A city clerk delays permits as revenge for being jilted by his x girlfriend, a Kazakhstanian, blue eyed, dark hair beauty? Kazakhstanian nationalist wanting to keep all investments in their homeland? Bankrupt banks? Dubai developers jealous of this beautiful tower not being built in their city? whyyyyyyy? ONE BLOOR EAST coming to small (computer) screens everywhere. Fall of 2009.

My apologies to the mods for going off topic. Until we hear the complete story, from all parties concerned, it's just everyone reading from their version of the script. There is a lot of money involved, so everyone is being really careful about they say.

Personally, I'm inclined to believe the Star story.
 
Janbe said:
I said I was interested to buying a unit at 1 Bloor East.

She wasn't denying anything, she generally had no clue where this story came from. Like it came out of the blue.
Click to expand...

The Star fact-checks its stories quite carefully, and is not in the business of printing rumours (it would have significant legal liabiltiy if it did). While mistakes are abvioulsy made from time to time, I wouldn't dismiss the Star's story too quickly.
 
I only have two real concerns about this project.

1) That it gets held up in legal issues and nothing gets built for years.

2) Penequity buying the land. Which would be even worse than Harry buying it.
 
My guess is that the lenders are well aware of the purchaser and that is the reason for the adjournment, on consent (it appears) of the court matter to Aug 17th. They were sufficiently satisfied that the building may be sold to someone with means by the 17th, failing which, they would be able to proceed with their receivership motion in any event. Heck, it may well be sold to the group bringing the motion (any or all of them).

Forget the stupid receptionist already.
 
^^I call.........bullshit!^^ I think this one is dead! The money, which has been held in trust is gone as well. I am afraid that all of those poor people who bought into the hype of this building are going to be seeking their investments via a collection agency, after the court goes over the documents - considering there are any left over and have not been shredded.

Furthermore, This project had the makings of a sham and was fraught with allegations of corruption from early on...Oh well, the corner can remain empty until some other douchey company picks it up and puts a giant walmart on the corner - oh maybe Smart Centres is buying???


p5
 
We have to wait and find out more about this. Maybe tomorrow there will be more information on this.
 
We should have known.

bazis1.jpg
 
LOL androiduk ~ good find from the archive photos!! (notice how Casa was still a baby?)
 
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