andrewjm3d
Active Member
Also just doing the math according to those sales numbers, with the MECH and Retail/Hotel floors counting as 100% sold/financed 1 Bloor is now 69.99% sold.
Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners
- Thread starter urbandreamer
- Start date
Contra
Senior Member
Nice.
rbt
Senior Member
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.
LMVDR
Active Member
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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LMVDR
Active Member
Kenojuak
Active Member
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.
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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andrewjm3d
Active Member
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.....
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andrewjm3d
Active Member
ChesterCopperpot
Senior Member
It's over 6 weeks now - so closer to "months" than "month" ?
Downtown Toronto
Active Member
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andrewjm3d
Active Member
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.
Kenojuak
Active Member
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.
LMVDR
Active Member
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.
innsertnamehere
Superstar
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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Benito
Senior Member
Nothing happening today last day of January.
