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

The big hyper luxury units up top aren't selling - but that makes sense to me as the hyper luxury market in Toronto is over-saturated from my understanding and those in that market still typically spring for a house over a condo.

Hyper-luxury also likes to move in a couple weeks after purchasing (just enough time to apply finishes). It's pretty rare for them to purchase years before construction completes.
 
I'm not sure why so many on here are convinced or concerned about the this tower stalling indefinitely. Just go to The Ones website and count the remaining units. They have sold more then enough to solidify the construction of this beast. It does look like they are finding it tough to sell the 2-3 bedroom units still.

Based off of # of units sold per floor not sq footage. As of Jan 29th 2019


85- 50% Sold
84- 50% Sold
83- 50% Sold
82- 50% Sold
81- 0% Sold
80- 0% Sold
79- 0% Sold
78- MECH
77- MECH

76- 50% Sold
75- 25% Sold
74- 0% Sold
73- 0% Sold
72- 0% Sold
71- 0% Sold
70- 0% Sold
69- 25% Sold
68- 25% Sold
67- 0% Sold
66- 0% Sold
65- 0% Sold
64- 0% Sold
63- 25% Sold
62- 33.33% Sold
61- 0% Sold
60- 16.66% Sold
59- 0% Sold
58- MECH
57- MECH

56- 50% Sold
55- 25% Sold
54- 37.5% Sold
53- 37.5% Sold
52- 50% Sold
51- 62.5% Sold
50- 37.5% Sold
49- 50% Sold
48- 100% Sold
47- 100% Sold
46- 100% Sold
45- 100% Sold
44- 100% Sold
43- 100% Sold
42- 100% Sold
41- 100% Sold
40- 100% Sold
39- 100% Sold
38- MECH
37- MECH

36- 100% Sold
35- 100% Sold
34- 100% Sold
33- 100% Sold
32- 100% Sold
31- 100% Sold
30- 100% Sold
29- 100% Sold
28- 100% Sold
27- 100% Sold
26- 100% Sold
25- 100% Sold
24- 100% Sold
23- 100% Sold
22- 100% Sold
21- 100% Sold
20- 100% Sold
19- 100% Sold
18- MECH
17- MECH

16- Hotel
15- Hotel
14- Hotel
13- Hotel
12- Hotel
11- Hotel
10- Hotel
09- Hotel
08- Hotel
07- Hotel
06- Hotel
05- Hotel/Retail
04- Hotel/Retail
03- Hotel/Retail
02- Hotel/Retail
01- Hotel/Retail

It's cute that you believe these sales numbers.

I would be nervous if my deposit money was tied up in this project. If the developer stops work for months and seemingly can't get a building permit in a reasonable time frame how is he supposed to construct the tallest building in Canada? Huge red flag for any buyer.
 
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Here's my hunch:

The project is stalled because it can't get above grade permits (photos show work stopped at grade). It can't get above grade permits because NOAC has not been issued (a precondition for above grade permits per Toronto Buildings policy in accordance with the OBCA). NOAC cannot be issued, in part, because the site has not yet been rezoned and so the ZBLA and SPA files are still open.

LPAT Order 17 Apr 2017 re PL160431 endorses a settlement but does not finalize the rezoning of the property, putting this back to the City and applicant to finalize.

Mizrahi's ZBLA application of November 18, 2019 shows numerous details of rezoning still being submitted and reviewed including the TGS checklist, transportation study, architectural, civil, landscape, and draft ZBLA.

There is no ZBLA on the Bills Index for City Council Jan 29-30, 2020 which means this site will not be formally rezoned until at least late Feb. 2020. I can't imagine City Planning issuing NOAC and/or consenting to granting of above grade building permits prior to final zoning. So to those saying this site will start work again tomorrow... I just don't see how. I suspect it will be dead for another couple of months at least while the paperwork catches up.

Wow.

Edit to add:

I will be shocked if the project moves ahead again before March. My best guess would be April. Maybe a few years ago, arms could have been twisted and conditional above-grade permit could have been issued. But Building has taken a hard line on this, saying no above grade permits prior to NOAC AND endorsement from TW and Planning, as a matter of formal policy. (Partially in response to the scathing City Auditor’s report on conditional permits from 2017).

Easy to criticize another person’s project without knowing all the details, but to arrive at grade without zoning completed? Come on. That’s an amateur outcome. (And yet another data point that Adam Brown is strong in a tribunal setting but not as capable in advancing a file through resubmission/clearing OMB/LPAT conditions, S. 37 agreement, and final instruments as I have heard from multiple people).

Mizrahi will owe about $40M in DCs and S. 37 funds, in addition to permit fees, prior to pulling his above grade permit. Big cash event for the project.
 
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It's cute that you believe these sales numbers.

I would be nervous if my deposit money was tied up in this project. If the developer stops work for months and seemingly can't get a building permit in a reasonable time frame how is he supposed to construct the tallest building in Canada? Huge red flag for any buyer.

It's cute you think you can call me cute and you don't even know me. It's adorable you somehow think you know what's going on with this development. I know one month seems like an eternity to you but it's not months. You do know that months means plural? It must be very easy to make you nervous. 4 weeks is not a long time for a project to stall waiting for permits. A;so it would make zero sense to show over half of the units sold which would drive away possible buyers. All over the lower 1-2 bedroom units are sold, the most sought after and most affordable in the tower. Cute.....

giphy.gif
LMVDR
 
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Because so many construction sites are up and running over the 2 week Christmas Break. So no, it's only been 4 weeks, sorry CopperPot.
The stop work order is from December 12, 2019, which is 7 weeks ago today. Even if you discount a week for holidays that’s still 6 weeks. Not sure why you are choosing to repeat your assertion that 7 = 4 but it is contributing nothing to the discussion. Do you have anything new to say? In any case, as I explained above in detail, I believe this site will be stopped until April. This kind of mid construction delay is highly unusual and shows a bungled planning process on the part of the developer (and of course there will be some blame fairly directed at City Planning as always). If you think I got something wrong in my analysis I would love to hear your views.
 
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A;so it would make zero sense to show over half of the units sold which would drive away possible buyers.

The appearance of scarcity fuels demand. Luxury marketing 101.

I recall when the original developer of the Trump project announced with fervor that he had 'sold' the penthouse for some at the time astronomical sum- to himself.
 
Here's my hunch:

The project is stalled because it can't get above grade permits (photos show work stopped at grade). It can't get above grade permits because NOAC has not been issued (a precondition for above grade permits per Toronto Buildings policy in accordance with the OBCA). NOAC cannot be issued, in part, because the site has not yet been rezoned and so the ZBLA and SPA files are still open.

LPAT Order 17 Apr 2017 re PL160431 endorses a settlement but does not finalize the rezoning of the property, putting this back to the City and applicant to finalize.

Mizrahi's ZBLA application of November 18, 2019 shows numerous details of rezoning still being submitted and reviewed including the TGS checklist, transportation study, architectural, civil, landscape, and draft ZBLA.

There is no ZBLA on the Bills Index for City Council Jan 29-30, 2020 which means this site will not be formally rezoned until at least late Feb. 2020. I can't imagine City Planning issuing NOAC and/or consenting to granting of above grade building permits prior to final zoning. So to those saying this site will start work again tomorrow... I just don't see how. I suspect it will be dead for another couple of months at least while the paperwork catches up.

Wow.

Edit to add:

I will be shocked if the project moves ahead again before March. My best guess would be April. Maybe a few years ago, arms could have been twisted and conditional above-grade permit could have been issued. But Building has taken a hard line on this, saying no above grade permits prior to NOAC AND endorsement from TW and Planning, as a matter of formal policy. (Partially in response to the scathing City Auditor’s report on conditional permits from 2017).


Easy to criticize another person’s project without knowing all the details, but to arrive at grade without zoning completed? Come on. That’s an amateur outcome. (And yet another data point that Adam Brown is strong in a tribunal setting but not capable in advancing a file through S. 37 agreement and final instruments as I have heard from multiple people).

Mizrahi will owe about $40M in DCs and S. 37 funds, in addition to permit fees, prior to pulling his above grade permit. Big cash event for the project.

You do seem to be right that this is likely what is holding up the project, but your guesses about what needs to be done for a permit to be issued is off.

Procedurally the finalized by-law would go back to the LPAT, not council. It's a board settled order, final approval rests with them. Once the final by-law is presented to the board and passed, and provided all other conditions of the SPA have been cleared, a permit could probably be issued more or less immediately.
 
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