Since Bazis seem to own 2 sites for this project namely 18 Cumberland Street and part of 17 Yorkville Ave,.... and to clarify why it's best for this project if Bazis isn't involved,....
What Bazis does very well is Rendering and Spectacular Architectural Design by Roy Varacalli (best architect stationed in Toronto!); but their execution is hit and miss! Bazis over-promise and usually under-deliver!
Looking at Bazis projects chronologically:
- CrystalBlu (Bazis' first project in Toronto): Final result looks Nothing like rendering, so bad that people where hammering the "blue crystal" accents on the exterior and Interchange42 posted:
http://urbantoronto.ca/forum/thread...dos-m-36s-bazis-burka.692/page-64#post-454771
- (Original) 1 Bloor East - Bazis made customers lined up outside for a week but "Just before the office is due to open, the crowd groans as sales staff hike the range of condo prices advertised on a sign outside-$300,000 to $2 million becomes $500,000 to $8 million."
https://beta.theglobeandmail.com/re...le578058/?ref=http://www.theglobeandmail.com&
After all the Bazis bravado, without even getting a shovel in the ground, Lehman Brothers bankruptcy and lack of financing "Yes, Bazis has to swallow a hefty multimillion-dollar loss (some estimate it to be in the $30-million range)"
https://www.theglobeandmail.com/rea...-condo-fell-apart/article4286570/?arc404=true
After taking such a large lost; going forward, even though Bazis (Roy Varacalli) does all the design work, marketing-sales (contracted out), development application, etc,.. Bazis require multiple partners to get financing for projects (Metropia generally do some Project Management but PlazaCorp is silent partner); this of course splits whatever profits.
I've been tracking large developments in high growth North York Centre for about 25 years and Bazis is by far the worst developer!
- Emerald Park (Bazis, Metropia, PlazaCorp) - rendering had multiple shades of green glass, delivered glass with dollarama-green wrap! Bazis cut too many corners - poor quality build, TTC subway connection 2 years late and not built to TTC specification to not accepted by TTC, Bazis screwed over Lansing United Church's Section37 CommunityBenefit - Community Centre which will now 3 years after residents moved in, 1/3 to 1/2 of all new pedestrian sidewalk panel needed replacement already, dangerous driveway/loading-dock/condo-lobby design, already had 2 pipe burst flooding mall, poorly design hidden retail mall, 2nd floor retail level is empty with never-open LCBO, practically all city staff I've talked to hate working with Bazis, etc,...
Maestro, while many developer go to Committee Of Adjustment during construction for minor issues,... Bazis couldn't do simple math and found out they had 5 spare feet in EmeraldPark WestTower when they were forming on 8th floor (North York CofA Oct 2013),
so they chopped an average of 8" ceiling height above 8 floor to add 2 more floors (condo buyers buy per square feet area, not cubic volume!). Also Bazis redesign during construction, increased their construction time (by about 50%) and cost relative to larger Tridel HullmarkCentre construction (who's north tower delayed 1 year due to subway connection) going on at same time; this delay subsequent Bazis' project since Bazis buy TMG-Builder/contractors in block time and shift them from one project to next.
http://urbantoronto.ca/forum/thread...-rosario-varacalli.4829/page-128#post-1141288
These unique wonderful architectural design Bazis build are expensive, are buyers willing to pay extra for these? Or are corners cut? With partners sharing profit, high cost due to long construction, Bazis didn't get rich from EmeraldPark.
- Exhibit (Bazis, Metropia, PlazaCorp) - absolutely gorgeous exterior just like rendering! But we really need build quality feedback from buyers (mainly oversea investors for these large units) or tenants.
- e-condo (Bazis, RioCan, Metropia) - under construction - mid-30 forming - decent construction speed - likely completed late 2018
Bazis recently sold out its rental apartment stake to RioCan - Bazis looks to be cashing out!
https://web.tmxmoney.com/article.php?newsid=5217878711401281&qm_symbol=REI.UN
- 1 Yorkville (Bazis, PlazaCorp) - under construction - 5th floor forming - starting table/flying form stage - likely completed late 2019.
After Bazis last condo development application submission in 2013, when every condo developer and their grandmother building condo,
in 2015 Bazis switches over to townhouse! Likely due to shorter timeline to completion allowing Bazis to leave when their last condo project (1 Yorkville) completes.
- Estate On Bayview Townhouse -
Bazis assemble land, submit development application to up-zone land for higher density townhouse,... but don't even build,... just cashed-out, sold project to competent developer who'll redesign with their own architect and build with their own builders.
http://urbantoronto.ca/forum/thread...york-mills-bazis-planning.23608/#post-1270294
- Oasis Townhomes On Lawrence - Bazis assemble land,
submit development application with another architect (not Roy Varacalli who seems to be with Cusimano Architect now) to up-zone land for higher density townhouse,... (no decision from City yet)
http://urbantoronto.ca/news/2017/11/solmars-edge-towers-celebrating-grand-opening-saturday
Here, it looks like Bazis originally assembled the land,... looks like Bazis still have adjacent land (18 Cumberland & parts of 17 Yorkville Ave) to sell to RioCan, Metropia and Capital (likely silent partner for financing role like PlazaCorp) within next few months,.... maybe Bazis will even be part of development application as land owner only, and once up-zoning approved in about 2 years (same time 1 Yorkville is completed(),.... Bazis will ride off into the sunset back to Kazakhstan.
StJames2QueenWest, as you can see I can always provide plenty of independent unbiased links and proofs to back up my point.
