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

Foster!!! Interesting they partnered with Core instead of their previous local partners for Canadian projects (Cannon/Moffat Kinoshita; Zeidler). Thought Adamson would be a better fit with their philosophy though.

AoD
 
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I willing to bet it will be taller than 1 Bloor East, if even just slightly.

When talking about "iconic" towers that usually means not only height but also a dominant building and that would be hard to pull off if is the second of two new towers but the shorter of the 2. Also, considering the massive amount they paid for the lots, they will need a real selling point and having views overtop One Bloor East will be one of them especially by those who want, and are willing to pay big bucks, for unhindered views of the city.
 
3 underground connections. I'm guessing bloor/yonge subway, 1 Bloor East and Manulife. If that's true, I'm also guessing he has bought or is negotiating to buy Scotibank & H&M since it would be difficult to built a PATH connection on property you don't known. It also makes sense for Scotiabank to sell. They've got a 2 storey building on very valuable land and they can negotiate to get a good spot in the new building.
 
Scotiabank is likely a tenant in that building, not the owner. Banks don't often do land banking - even their own office towers are generally profit centres and lease more space to other tennats than they use. Having said that it is also likely they have a long term lease on that site and will likely have acquired rights to key space in the redeveloped site in exchange for surrendering their lease.
 
Big Daddy said:
Scotiabank is likely a tenant in that building, not the owner. Banks don't often do land banking - even their own office towers are generally profit centres and lease more space to other tennats than they use. Having said that it is also likely they have a long term lease on that site and will likely have acquired rights to key space in the redeveloped site in exchange for surrendering their lease.
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None of the downtown Toronto bank towers are now owned by the banks. Bank of Montreal in First Canadian Place was always a tenant, first of Olympia & York, now Brookfield, TD sold its interest in TD Centre to Cadillac Fairview, Royal Bank its interest in RBC Plaza to Oxford Development, CIBC sold Commerce Court to Great West Life, and Scotiabank sold Scotia Plaza to the Dundee and H&R real estate investment trusts (Reits). The bank's practice of leasing space in their towers to other tenants is now largely in the past. That having been said - this does lend weight to the the thought that Scotiabank leases as opposed to owns their premises on the south side of Bloor street, just east of Yonge...
 
Cadillac Fairview has had an interest in TD Centre right from the day it was conceived. Bank of Montreal has had an interest in FCP too. AFAIK, they still own the 3 storey branch building. Y&R developed Royal Bank Plaza.
 
Thank you!

Re: bank properties - it is not implausible that Scotia owns part of the site - recall the original 1 Bloor wasn't able to build to Hayden because one of the properties was owned by the bank.

AoD
 
^ That was the TD Bank at the corner of Hayden. I guess we can expect to see them in the new building. I can see banks holding on to properties they feel may appreciate greatly or are future development sites. Bloor & Balmuto would certainly qualify for that.
 
maestro said:
Cadillac Fairview has had an interest in TD Centre right from the day it was conceived.
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Yes - from the start TD Center was a 50% - 50% split between Cadillac Fairview and TD Bank - which is why it made sense, when TD wanted to cash out, its 50% went to CF. As was said in my post - TD sold its interest in TD Centre to Cadillac Fairview - not that TD sold TD Centre to Cadillac Fairview.
 
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