Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners

steveve said:
Sam Mizrahi segment from BNN Bloomberg.
Begins discussing The One around the 4 minute mark. Mentions the anchor retail tenant should be making an announcement soon.

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I can only imagine the astronomical late penalties that would be owing to an anchor tenant like Apple if their space isn't delivered as scheduled.
 
Mercenary said:
Surprised none of the major news outlets have picked up on this story.

That the tallest building in Canada has stopped construction.
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I agree. Not quite the same thing, but when Icona went kaput it was all over the news. For those who claim newscasts have more important things to report, have you seen a local newscast in the last couple of decades? 90% rubbish. Exaggeration of course, but more "lifestyle" filler than hard news.
 
AlvinofDiaspar said:
Being ordered to stop work by the city because of violations isn't cancellation - and we don't really have evidence of the latter right now.

AoD
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A cancellation now that construction has started would be extraordinarily unlikely, no? Wouldn't it be more likely that another company would buy and continue the project, if Mirhazi was unable to continue?

Of course, it's way too early to even be entertaining the prospect of cancelation at this point
 
Relax...this project is not cancelled. I suspect Mizrahi will deal with the city orders, obtain a permit and it will eventually get going again. BTW..this has absolutely nothing to do with any counsellor and has everything to do with the developers and or construction managers incompetence. Financial problems? Who knows... but seeking refinancing during the foundation stage is very odd for a project of this magnitude and speaks volumes.

Regardless of the final product or outcome one thing is obvious, this was way over Mizrahi's head. CIBC Square (same start date) is the epitome of professionalism and process, the opposite in every way to the One. I was frequently attacked for not understanding the logistical differences between the two....lol...too funny
 
AlvinofDiaspar said:
Being ordered to stop work by the city because of violations isn't cancellation - and we don't really have evidence of the latter right now.

AoD
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I never said I thought it was cancelled, I was using a comparison when referencing media coverage for the "paused" work. But it's interesting that a cancelation is clearly on your mind. Sorry if I hit a cord.
 
LMVDR said:
I can only imagine the astronomical late penalties that would be owing to an anchor tenant like Apple if their space isn't delivered as scheduled.
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Late penalties aren't that drastic. It's more of a "if you want to bail now, you can do so - penalty free" or they will get a few months of rent covered. At the end of the day, anything that further risks Apple's timelines (like high penalties or battling with the developer) isn't going to be in Apple's best interest. Since Apple hasn't even gone public with this location yet, they have nothing to worry about timeline wise.
 
Tuscani01 said:
Late penalties aren't that drastic. It's more of a "if you want to bail now, you can do so - penalty free" or they will get a few months of rent covered. At the end of the day, anything that further risks Apple's timelines (like high penalties or battling with the developer) isn't going to be in Apple's best interest. Since Apple hasn't even gone public with this location yet, they have nothing to worry about timeline wise.
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This is pure speculation about leases and contracts and penalties and deadlines that we know absolutely nothing about. I'm not sure how posts like this are useful in any way.
 
Strange Advance said:
Not quite the same thing, but when Icona went kaput it was all over the news.
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Right but in that case many people were impacted. Local buyers who felt taken advantage of (or worse). And it was cancelled. Makes for a good story. Not having proper permits and having construction halted temporarily on a private project like this is not a story. Now if this project is stopped for good at this stage of construction I'm sure you'll see extensive coverage.
 
Edward Skira said:
Right but in that case many people were impacted. Local buyers who felt taken advantage of (or worse). And it was cancelled. Makes for a good story. Not having proper permits and having construction halted temporarily on a private project like this is not a story. Now if this project is stopped for good at this stage of construction I'm sure you'll see extensive coverage.
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It doesn't have to be front page news, but in the multiple media interviews with Sam Mizrahi, it wouldn't have hurt if there was at least once question asked about the work stoppage.
 
Tuscani01 said:
Late penalties aren't that drastic. It's more of a "if you want to bail now, you can do so - penalty free" or they will get a few months of rent covered. At the end of the day, anything that further risks Apple's timelines (like high penalties or battling with the developer) isn't going to be in Apple's best interest. Since Apple hasn't even gone public with this location yet, they have nothing to worry about timeline wise.
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If a lease is signed there will most certainly be delivery dates required. There would be clauses to push out those dates but ultimately if the deadlines are missed the tenant will have the option to terminate the lease.
 
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