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

LoMein said:
Jenny Coco is an owner of The One. She is dirty. Read the reporting on Bridging which she also owns.

Mizrahi is also involved in the fraud, as outlined in the article.



And yes Toronto and Canada are absolutely laundry machines for rich thieves:



Not really sure why you’re eager to defend crooks but to each their own. You probably think the Fortress Real guys are legit too lol
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I am not eager to defend crooks but i am intelligent enough to not write that someone is guilty before they had their date in court, even the reporters are intelligent enough not to do that.
 
UpwithOlives said:
It appears The Globe and Mail May have an agenda (shocking) and are selective with the facts presented. The report on money laundering seems like a nothing-burger. Lots of words by bureaucrats. Bad people do bad things in big cities, who knew? To extrapolate it to this project and the people involved seems unfair.
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So tell us what facts are missing from the article.
 
thaivic said:
I am not eager to defend crooks but i am intelligent enough to not write that someone is guilty before they had their date in court, even the reporters are intelligent enough not to do that.
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Right, everything is legit here…

The allegations that have come to light since, both in court filings and through The Globe and Mail’s reporting, have been harrowing. Hundreds of millions of dollars worth of Bridging’s struggling loans were allegedly never revalued, boosting the Sharpes’ management fees. Nearly half of Bridging’s loan portfolio didn’t pay cash interest and instead deferred the payments – something financiers refer to as a game of “extend and pretend.” The OSC and the receiver, PricewaterhouseCoopers, have also alleged the problems ran deeper than playing fast and loose with valuations. About $19.5-million in Bridging funds ended up in Mr. Sharpe’s personal bank account. Part of that money was then transferred to Liechtenstein, a known tax haven. Another $1.9-million appears to have been used for home renovations, and $228,000 was used for payments to Tesla Motors, and for leases on a 2013 Bentley GT Mulliner and a 2018 Bentley Bentayga.
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www.theglobeandmail.com

Apple threatens to pull out of Sam Mizrahi’s Toronto condo project

Apple Inc. has told Mizrahi Developments it may exercise an option in the lease agreement that allegedly allows the retailer to exit without penalties if the developer misses certain deadlines
www.theglobeandmail.com www.theglobeandmail.com

Apple Inc. AAPL-Q has threatened to pull out of Sam Mizrahi’s massive retail and condo project in downtown Toronto, dealing a blow to the development of the tallest residential building in the country.
…But the tech giant has told Mizrahi Developments it may exercise an option in the lease agreement that allegedly allows the retailer to exit without penalties if the developer misses certain deadlines, according to court documents filed by Mizrahi in Ontario’s Superior Court of Justice on Oct. 5, 2021.
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Damn :( Did not see that coming.
 
allengeorge said:
www.theglobeandmail.com

Apple threatens to pull out of Sam Mizrahi’s Toronto condo project

Apple Inc. has told Mizrahi Developments it may exercise an option in the lease agreement that allegedly allows the retailer to exit without penalties if the developer misses certain deadlines
www.theglobeandmail.com www.theglobeandmail.com



Damn :( Did not see that coming.
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Apple is known to be demanding - and one shouldn't be surprised that they take deadlines seriously. On the bright side, we got some good glazing either way :p

AoD
 
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Some more excerpts from the article:

Mizrahi says it has not missed deadlines and Apple no longer has the option to terminate the lease. The developer is seeking a court order to stop the retailer from leaving. In its court submission, Mizrahi said it will “suffer irreparable harm from losing a world-class tenant that was intended to be an anchor tenant for a world-class property, which is a loss that cannot be compensated in damages.”

A spokesman for Apple declined to comment. Mr. Mizrahi’s development company and his lawyers did not respond to a request for comment. There have been no judgments issued in the case, and it’s unclear whether the parties are close to resolving their differences out of court.

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Like other commercial real estate projects, The One has suffered from COVID-19 pandemic restrictions that slowed construction. As well, Mizrahi said it had to wait for Apple to choose a design for the storefront glass and had to deal with other delays out of its control, including a provincewide plumbers’ strike in 2019.

During the lease negotiations, Mizrahi also signed an agreement with Apple and its architect Foster + Partners, a high-profile London-based firm that has worked on Apple’s flagship stores in New York, Los Angeles, Milan and other major global cities. Foster + Partners did not respond to a request for comment.

Mizrahi said it exercised its right to delay the delivery of the space because of events out of its control, such as the pandemic and the plumber’s strike. In December, 2020, it told Apple that it would push out the delivery of the space to Oct. 31, 2021. Apple responded by saying it would exercise its rights to terminate the lease and provided a list of items it thought Mizrahi could not deliver.

Apple’s “position flies in the face of the commercial and practical realities of the construction process for a project,” such as The One, Mizrahi’s court filing said.

The developer accused Apple of threatening an unlawful termination to extract more concessions. Mizrahi said the entire building has been designed and built to be specifically tailored to Apple’s store.

The tech company’s lease was for more than 15,000 square feet, including more than 9,000 square feet on the ground floor. As part of the agreement, Mizrahi agreed to pay Apple’s architect to cover the cost of designing the store, which as of mid-October amounted to $6.24-million, Mizrahi said in its court submissions.

Apple’s space is surrounded by seven layers of glass with no breaks. That was made up of 34 panels custom fabricated from integrated units at an average cost of $400,000 per panel, in the signature and iconic style of flagship Apple stores around the world, Mizrahi stated in its court filings.

If Mizrahi cannot block Apple’s departure, the developer will have to find another tenant for the space built for Apple. Michael Emory, a commercial real estate developer and chief executive officer of Allied REIT, said the location is prime real estate and Mizrahi would be able to find a replacement.
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www.theglobeandmail.com

Apple threatens to pull out of Sam Mizrahi’s Toronto condo project

Apple Inc. has told Mizrahi Developments it may exercise an option in the lease agreement that allegedly allows the retailer to exit without penalties if the developer misses certain deadlines
www.theglobeandmail.com www.theglobeandmail.com
 
If you go WAAAAY back to Page 1 of this thread you will see that this project has been mired in controversy since Day 1, or before. It started with the unseemly (though legal) demolition of the Stollery's Building and the latest rumours of scandal are simply more of the same.
 
Lots of great info in that Globe article. Seems to be in line with the activity we saw around the ground floor over the past several months, including fast-tracking the installation of the glass panels at street level and the rumoured work on sidewalk restoration around Yonge and Bloor streets ahead of completion. Even Apple isn't immune to Toronto pre-con condo occupancy delays (😆).

I wonder if a construction canopy is next in the pipeline.
Image source: https://www.thestar.com/business/re...ondos_towers_now_citys_tallest_buildings.html

auraii.jpeg
 
steveve said:
Lots of great info in that Globe article. Seems to be in line with the activity we saw around the ground floor over the past several months, including fast-tracking the installation of the glass panels at street level and the rumoured work on sidewalk restoration around Yonge and Bloor streets ahead of completion. Even Apple isn't immune to Toronto pre-con condo occupancy delays (😆).

I wonder if a construction canopy is next in the pipeline.
Image source: https://www.thestar.com/business/re...ondos_towers_now_citys_tallest_buildings.html

auraii.jpeg
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I would imagine so. Apple is obviously eager to get into the building, Mizrahi will want to hand it over ASAP, and work will have to continue above, so it seems a canopy is likely. (Meanwhile, these legal dealings are what you do to cover all the obligations on both sides when there have been such delays. I cannot see Apple wanting to walk away from this, far too much has been invested by all concerned at this point.)

42
 
steveve said:
Lots of great info in that Globe article. Seems to be in line with the activity we saw around the ground floor over the past several months, including fast-tracking the installation of the glass panels at street level and the rumoured work on sidewalk restoration around Yonge and Bloor streets ahead of completion. Even Apple isn't immune to Toronto pre-con condo occupancy delays (😆).

I wonder if a construction canopy is next in the pipeline.
Image source: https://www.thestar.com/business/re...ondos_towers_now_citys_tallest_buildings.html

auraii.jpeg
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Funny you should bring up Aura - they could have a temporary Apple Store there if Ikea haven't snapped it up... I know the glazing (or anything else really, but let's not belabour on this point too much) isn't quite up to their standards, but hey, even they had their antennagate. /s

AoD
 
AlvinofDiaspar said:
Funny you should bring up Aura - they could have a temporary Apple Store there if Ikea haven't snapped it up... I know the glazing (or anything else really, but let's not belabour on this point too much) isn't quite up to their standards, but hey, even they had their antennagate. /s

AoD
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Okay. Since we’re talking about other buildings and Apple now. I still think the current Rogers store at Yonge and Dundas or 2 Queen West would make excellent flagship stores.

Regarding The One though, I think they’ve invested too much to not see it through but I wouldn’t be surprised if they ask for compensation.
 
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