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

Tesla said:
Basic math.

To say that the project has been delayed and faced challenges would be an understatement," says the filing. "The original construction budget has already been materially exceeded. The most recent budgets, based on the Borrower’s latest construction schedule and commitments and cost data to May 31, 2023, reflect anticipated gross project expenditures in excess of $2 billion, an amount that exceeds the costs projected in 2019 by more than $600 million."
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If you are in the construction industry you would know that the cost of building anything in 2023 is up by 40-50% from 2019 prices, that's just a reality in our industry.
 
And as previously mentioned no construction project. Even a custom home comes in at budget. There are unforeseen things it could have been that they had to change concrete mixes from the original plans which were budgeted. It could be that they switched steel companies. It could be that the price of rebar went up since the budget was made. The budget for this building was made over 10 years ago. Everything is more than 50%. More expensive as previously mentioned, 600 million on a project. This size being over budget is actually small given that overruns I have seen on similar projects both throughout the world and in Canada have seen much higher over runs. I will start to get concerned if it reaches 2 billion and furthermore this project for some people isn't about the cost or anything. It is like watching the empire state building go up. It is something we haven't seen before and we are enjoying the show and workmanship of all of the fine craftsmen involved
 
Tesla said:
Basic math.

To say that the project has been delayed and faced challenges would be an understatement," says the filing. "The original construction budget has already been materially exceeded. The most recent budgets, based on the Borrower’s latest construction schedule and commitments and cost data to May 31, 2023, reflect anticipated gross project expenditures in excess of $2 billion, an amount that exceeds the costs projected in 2019 by more than $600 million."
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Have you looked at the concord sky site? The same plans have had 3 developers. The actual project was 200 million in debt before they even got the The slab on grade poured. They also ignored a stop work order for the better part of 3 months. So to sit here and say this is the worst project in Toronto. Even at this time is false but concord sky has had his trouble and will get built the same as this building will. We are just people watching buildings go up. That is what we enjoy doing and having a conversation about it. We don't like the bash too much on developers because we don't know what they're going through the hate I see you direct towards this developer is almost as if you have been hurt. Personally, that's not what we are about. We like to critique but at the end of the day we are just observers not jurors
 
People can absolutely hold multiple views simultaneously (that aren’t even in conflict!):
  • There was probably unorthodox financing. (Illegal? I’ve no idea.)
  • The project was mismanaged.
  • The project will probably lose money.
  • Don’t want another stump.
  • Excited to see a well-designed building be constructed in Toronto.
  • Excited to see a super tall be built.
This is why it just…annoying…to keep harping in the mismanagement and money loss. Great - the project was mismanaged and will probably lose money. I don’t care; just want to see the damn thing completed.
 
Tesla said:
Basic math.

To say that the project has been delayed and faced challenges would be an understatement," says the filing. "The original construction budget has already been materially exceeded. The most recent budgets, based on the Borrower’s latest construction schedule and commitments and cost data to May 31, 2023, reflect anticipated gross project expenditures in excess of $2 billion, an amount that exceeds the costs projected in 2019 by more than $600 million."
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....this absolutely proves nothing of your claim, actually, arithmetically or otherwise. All this says without context or citation that this project exceeds a large sum of money and that's it. As well as, there is lots of projects out there with large cost over runs, which are rarely consider failures. /shrug
 
Nov 10 -
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UtakataNoAnnex said:
....this absolutely proves nothing of your claim, actually, arithmetically or otherwise. All this says without context or citation that this project exceeds a large sum of money and that's it. As well as, there is lots of projects out there with large cost over runs, which are rarely consider failures. /shrug
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Tell me you don’t work in the condo development world without telling me you don’t work in the condo development world.
 
Tesla said:
Tell me you don’t work in the condo development world without telling me you don’t work in the condo development world.
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...that's not the proof of your claim I am looking for either, lol. Which is more telling you don't actually have that...and just making things up because you don't like Mizrahi. Enough already!

Edit/Note: Yeah, I'm going to debate this person over this anymore...as I don't want to end up on everyone's /ignore list in doing so. It's pretty much a dead horse topic until something drastically changes again. So I'm going let Tesla think whatever they want to think on this, stop feeding them...and move on here. My apologies for extending this debate more than it probably should. /bows
 
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Tesla said:
Tell me you don’t work in the condo development world without telling me you don’t work in the condo development world.
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So why is it that this is the only thread that you actually post in? Where are you talking about how long the Pemberton's"a been a literal pit that moves at the pace of a snail the developer vandyke Which has multiple projects might be in receivership and multiple other developers that are currently suffering but you specifically come here after mizarahi with 600 million in debt please tell me when you built your 90 story building in the most densely populated city in Canada. How it went seeing as you seem like you have experience in the feild
 
Tesla said:
A less informed response I’ve yet to see. The people who’ve “decided to keep the building going” are poised to lose hundreds of millions and are frantically trying to mitigate their losses, in vain in my opinion.

Go ahead and pretend that this project isn’t the biggest failure in Toronto condo history and that it isn’t fraught with insane “irregularities”. With that ignorant attitude and perspective on the business you surely must be a pensioned civil servant.
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I take it you haven't heard of 1 King W have you?
 
November 11, 2023:

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I took this while I am attending the WikiConference North America 2023 held at the Toronto Reference Library a few blocks to the north, which runs from Friday, November 10 to Sunday, November 12.

wikiconference.org

2023/Main Page - WikiConference North America

If you are interested in the upcoming WikiConference North America, please ensure you are looking at the current conference site.
wikiconference.org wikiconference.org

I showed my fellow Wikipedians my photos of The One and they are very impressed.

Did you know that I hold the record for the longest active editing streak on Wikipedia?

diff.wikimedia.org

More than 5700 days with Wikipedia – meet the editor who has been editing each day for 15 years!

Wikipedia is truly inseparable from Johnny Au’s life. This Wikipedia editor has been editing each day for 15 years!
diff.wikimedia.org diff.wikimedia.org

I even applied for a Guinness World Record for this achievement. Unfortunately, I was not given the record as it was deemed "uncompetitive" and because it is possible for bots to hold the record.
 
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