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

[Blovertis]

Likely, not that many.

According to their financial projections, the receiver is going to burn through nearly half that amount by January 2024 alone...

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Evidentially, something more permanent will obviously have to be worked out (or is being worked on), if this project is to actually get completed.

So at the current burn rate, the $315 million will take us up to, let's say, April. At, say, one floor every week or two, that ought to get us another 20 storeys before the money runs out.

 

[buildtoronto]

Excellent question. It seems to me that there is something overly complicated about the design of this building. Not wrong, but not something that just anyone can take on.
For example, what’s up with the RCS? Much taller buildings have successfully installed their curtain wall without such contraptions. 270 Park (Foster and Partners) as a current example.

This is actually an excellent observation. The One is a joke among informed structural engineers and many others in the industry. It's literally an over-designed massive steel building painted with concrete. Also, the architectural layout has serious issues from a constructability perspective. So it was only a matter of time before something like this happened. In contrast, One Yonge has a robust structural system that is quite easy to build. The most complicated design is not often the best one.

 

[thecharioteer]

Why is everyone looking for a silver bullet that killed this? Let me describe this from the outside and you can tell me if it's setup for success:

Developer who has never built a high rise builds Canada's tallest and arguably most epxensive high rise, with structural system which has never been built in Canada, in middle of one of Toronto's busiest intersections, with overseas capital, and decides to fire CM and self-perform construction management in middle of Global Pandemic.

Developer started the development by smashing heritage facade in dead of night. Architect of Record is Core who has experience in local high-rise development of smaller scale.

Compare to Forma:

Storied high rise developer, who has built several of Canada's largest towers, builds complex facade with one of Canada's best GCs, funded by local REITs and Family Offices, with debt from Schedule A banks. Architect of Record us Adamson who has done drawings for most of world's largest towers.

Forma may die yet but we aren't in the same part of the river.

Excellent points.

 

[vinny_the_hack]

I'm sure most of you know about the Bayview ghost which stood empty for over 20 years before finally being demolished.

 

[Koops65]

So at the current burn rate, the $315 million will take us up to, let's say, April. At, say, one floor every week or two, that ought to get us another 20 storeys before the money runs out.

Why are there still posts like this, forecasting the 'death' of this building???

 

[AdamS]

This doesn't have to be a polarized choice of 91 floors or bankruptcy. They could construct 10 or 15 more floors and call it a day.
Bottom line this whole story is disappointing. I do raise an eyebrow seeing Mizrahi driving a Ferrari with spouse in a Rolls. If he owns them great, if they're lessed thru this project it's not a good look especially if investors are getting burned.

 

[RickyBobby]

Why are there still posts like this, forecasting the 'death' of this building???

Because its not clear that throwing good money after bad makes sense. Even if they finish it, they have $1.4B in units to sell. Not sure it's a build it and they will come at this point, so while each additional floor creates cost, it's not clear that it creates profit.

 

[mburrrrr]

Wasn’t the plan to get the mechanical level built, close up the lower shell, install a safety “net”, finish the landscaping and open the lower levels and retail “soon”? That revenue generation sounds like the most important aspect to me now.

I can’t image Apple not moving into a building that seems built for them and I’m sure Apple doesn’t what someone moving into their “brand” building. I’m guessing Apple will renegotiate for cents on the dollar and open next year. I assume the giant had their legal out of the contract which might have also helped sink the little guy.

Edit. What happened to Metroman? Is he lurking here somewhere?

 

[isaidso]

Ooof and they lost Apple as their main retail tenant! Wasn't the ground floor retail designed specifically for Apple? That must also be devastating on the buildings finances??? I really hope somehow this gets completed!

So we might get FabricLand after all.

 

[jer1961]

Photos taken today, Friday (Oct. 20). My first series of photos after the project being placed into receivership the other day. In terms of progress for the past week since my last post last Friday, there seems to have been no more installation of the skin. The glass is installed on the 10th floor, started on the 11th floor (the south side), and the cladding seems fully installed on the east side (10th floor), partly on the north side. All three of the Rail Climbing Systems (RCS) are still on the 10th floor, despite the cladding all in place on the east side meaning the east RCS is presumably ready to be raised one floor. Status quo in terms of where everything was a week ago. Movement on the top, however, as the crane is about to be raised, with a new section ready to be added, and attachment points installed for the next set of crane braces, the blue scaffolding on the south side partly removed to allow the braces to be placed. Forms have risen one floor for the super-columns, to level 41 or 42(?), and the inside corners, revealing more of the second mechanical sections.

After my latest "time-lapse" album addition on Flickr, some views of the new crane section and some of the brace attachment points on the south side, plus several views from Cumberland east of Bay, and Bloor at Bedford.

The One (1 Bloor West) "time-lapse"

From October, 2020, as above-ground construction started in earnest at The One (1 Bloor W.) in Toronto. More or less a weekly photo usually taken on a Friday, with some gaps during early-on construction hiatuses. The initial photographs are from 2015, during demolition at the site, 2018, during...

www.flickr.com

 

[Blixtein]

Why are there still posts like this, forecasting the 'death' of this building???

You don’t think this project being put into receivership is concerning? It’s already obvious that some of the lenders and equity partners will take a bath. The question is how much soaking will these people be able to endure to see the project through.

 

[Johnny Au]

Here are the rest of the photos from October 19, 2023:

Bloor side:

Golden Corner / Champagne Corner:

Yonge side:

Note that from now on, I will be posting only two batches of photos of The One per visit (and I make a visit once per day): one batch for distance photos and another batch for photos up close.

 

[Koops65]

You don’t think this project being put into receivership is concerning? It’s already obvious that some of the lenders and equity partners will take a bath. The question is how much soaking will these people be able to endure to see the project Of course it's concerning

Of course it's concerning, but so far, all of the interested parties seem to be in agreement that construction should continue, until the building is complete. Some posters seem to "push" the agenda that this building is history, or toast, or a goner, or whatever, but the actual evidence suggests otherwise... the level of ignorance and the movement towards some sort of conspiracy theory about this whole project makes me shake my head.

 

[AdamS]

The issue now is that the real estate market is in decline. The higher rates are thinning the buyer pool. It will be hard to see how subordinated debt/unprotected lenders will agree to see this project to completion if prices continue to drop and they will continue to drop. I suggested they cap the building at 50 or so floors and cut their losses.

 

[UtakataNoAnnex]

The cap is at 91 though. Unless stated otherwise, the plan is to reach that, then cut their losses...for good or bad.