The One - Mizrahi Developments - (Real Estate) -

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So many people here are willing to crap all over this developer with little to no knowledge of what's going on behind the scenes. This project is a highend and complex build in a challenging location going up at the same time we've been going through a pandemic and now global economic slowdown. Anybody who thought this tower would rise at a typical pace is a little out of touch with the reality of what's involved with a project of this scale.
I think there are two quite separate issues: One is the actual development which some people here love and others are not 100% on board for a variety of reasons. That's very normal and the way things are. The second problem is the financing for the project and this is a topic seldom mentioned around here except where there are problems. There is clearly a financing problem here and it seems unlikely it will not affect the building if it leads to 'cheapening' or a forced sale to another developer.
 

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Not that I know anything about this stuff, but I would think that because this one has already started, they wouldn't be able to change anything.
You are right up to a point as it would not be cost effective to knock down parts already built BUT the finishes of a building are installed last and that's where cheapening is fairly easily done. Unfortunately, it's the finishes that we all have to look at, for ever.
 

C-mac

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You are right up to a point as it would not be cost effective to knock down parts already built BUT the finishes of a building are installed last and that's where cheapening is fairly easily done. Unfortunately, it's the finishes that we all have to look at, for ever.


Fantastic.....😒

Let's keep our fingers crossed.
 

UtakataNoAnnex

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You are right up to a point as it would not be cost effective to knock down parts already built BUT the finishes of a building are installed last and that's where cheapening is fairly easily done. Unfortunately, it's the finishes that we all have to look at, for ever.
Wouldn't that be depended upon what was already contracted to be put up there with the manufacturer?
 

Urbia-Suburbia

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You are right up to a point as it would not be cost effective to knock down parts already built BUT the finishes of a building are installed last and that's where cheapening is fairly easily done. Unfortunately, it's the finishes that we all have to look at, for ever.
The type and quality of finishes are generally listed in the sales contract, I believe. I suppose Mizrahi's wiggle room depends on how nuanced those descriptions are.
 

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Wouldn't that be depended upon what was already contracted to be put up there with the manufacturer?
No doubt if something was already ordered they would be stuck with it but we have all seen far too many examples of buildings which offered great finishes during the approval process and then the value-engineering took over. There are also undoubtedly some contractors who do great jobs on installation at a higher price than those who are less careful; the material may be the same but the end result is not.
 

UtakataNoAnnex

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No doubt if something was already ordered they would be stuck with it but we have all seen far too many examples of buildings which offered great finishes during the approval process and then the value-engineering took over. There are also undoubtedly some contractors who do great jobs on installation at a higher price than those who are less careful; the material may be the same but the end result is not.
I'm not so sure about that...


...if these are paid for, ready and waiting to go...thusly, this could already be a done deal.

While I am certainly no expert here, but it seems to me three things could happen:

1) Try to complete the project as planned and hope the legal troubles do not disrupt the process.
2) Declare insolvency because the developer in unable fulfill their financial obligations due to said legal troubles.
3) Sell the project off to another developer who may likely have to honour previous contracts as standing.

...and /sigh.

On the side: Thank you Mr. Benito and others for providing such wonderful distractions from all this doom and gloom discussion from the developer's alleged financial misgivings. /bows
 
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fanoftoronto

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I'm not so sure about that...


...if these are paid for, ready and waiting to go...thusly, this could already be a done deal already.

While I am certainly no expert here, but it seems to me three things could happen:

1) Try to complete the project as planned and hope the legal troubles do not disrupt the process.
2) Declare insolvency because the developer in unable fulfill their financial obligations due to said legal troubles.
3) Sell the project off to another developer who may likely have to honour previous contracts as standing.

...and /sigh.

On the side: Thank you Mr. Benito and others for providing such wonderful distractions from all this doom and gloom discussion from the developer's alleged financial misgivings. /bows

You're definitely right, @UtakataNoAnnex. The finishes for the tower portion should already be ordered and currently being manufactured. We already have the exterior finishes completed to the amenities side of the building.

They might decide to switch to cheaper glass etc for the higher up floors though. Maybe we get a two-toned tower. Kinda like the Washington Monument.
1654718734609.png
 

AlvinofDiaspar

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You're definitely right, @UtakataNoAnnex. The finishes for the tower portion should already be ordered and currently being manufactured. We already have the exterior finishes completed to the amenities side of the building.

They might decide to switch to cheaper glass etc for the higher up floors though. Maybe we get a two-toned tower. Kinda like the Washington Monument.
View attachment 405881

There was another example - Wall Centre in Vancouver - because of an issue between the city and the developer. The two-tone glazing was finally replaced when the tower was reclad last decade.

AoD
 

Ramako

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So many people here are willing to crap all over this developer with little to no knowledge of what's going on behind the scenes. This project is a highend and complex build in a challenging location going up at the same time we've been going through a pandemic and now global economic slowdown. Anybody who thought this tower would rise at a typical pace is a little out of touch with the reality of what's involved with a project of this scale.

For what it's worth, I've heard that things are more or less back on track with Apple.
 

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