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

Undead said:
Benito must be a clairvoyant for he picked the best time to go on vacay just before another round of FruitCo drama broke out :p
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Kinda irrelevant actually. As he'll still likely have a progressing building to take pics of from his perch regardless of any such drama. #TheShowMustGoOn
 
Just going to say something that hopefully adds to this discussion. Not about the possible Apple store opening - I think it's a little too soon for speculation on that front. But on completion of this building. Late last year there was an article in RENXca, a very knowledgeable and connected magazine in the real estate industry, that announced that Constantine Enterprises had joined forces with Mizrahi on this project. The article indicated that Constantine Enterprises has very wealthy principals, including Edward Rogers of Rogers Communications, and that they had substantial real estate holdings, I believe they said they acquired or developed since 2004. I might be concerned if it was strictly Mizrahi who was financing this project but with the other heavy hitters involved and the amount of money already sunk in it, I think this project will be completed.
 
Around this time, on April 3, 2020, Ms. Coco transferred her house in Toronto’s wealthy Forest Hill neighbourhood to her husband, Michael Visocchi, for $2. The house was jointly purchased in September, 2017, for $8.6-million with no mortgage. Ms. Coco did not respond to multiple requests for comment on this transfer.
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Nothing to see here…the thieves are moving the funds and credit proofing themselves.

www.theglobeandmail.com

Bridging Finance’s controlling shareholder in talks to sell family business Coco Paving

Coco Paving predominately operates in Ontario, but other assets include paving and civil construction operations in Manitoba and Saskatchewan
www.theglobeandmail.com www.theglobeandmail.com
 
LoMein said:
Nothing to see here…the thieves are moving the funds and credit proofing themselves.

www.theglobeandmail.com

Bridging Finance’s controlling shareholder in talks to sell family business Coco Paving

Coco Paving predominately operates in Ontario, but other assets include paving and civil construction operations in Manitoba and Saskatchewan
www.theglobeandmail.com www.theglobeandmail.com
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And the number of times The One or Mizrahi are mentioned in the article are exactly - zero. So what’s the point of the post?
 
UpwithOlives said:
And the number of times The One or Mizrahi are mentioned in the article are exactly - zero. So what’s the point of the post?
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I can't tell if you're being intentionally obtuse or actually don't understand what is happening. Try reading this one again:

Cryptopreneur said:
PwC is actively looking into Mizrahi's debt.

Jenny Coco has invested 30m equity + 90m loan in this project.

Jenny Coco funded Mizrahi's first deal when his fraudster business partner who stole millions of dollars from Iran got his assets frozen.

The debts from Mizrahi's initial projects have been unpaid for 10 years now.

It's not hard to make connections here.

I love Mizrahi as a person, but as an entrepreneur, he's been involved in a lot of shady stuff. Who would knowingly take money from someone that was convicted in a billion dollar banking fraud in Iran and use that money like nothing happened? Same thing happened with Dove Cleaners. Investors got burned. Mizrahi walked away.
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evandyk said:
They don't want to pull out. They want the space and they want the location. They just want it when it was promised, and to be compensated for that not happening.
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They'd probably like a 25% drop in the lease; rates have dropped in that area since they signed.

Viable threats of pulling out are a pretty strong incentive to renegotiate.
 
UtakataNoAnnex said:
UpwithOlives-san is not the one being obtuse here. Just saying.
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Jenny Coco is an owner of The One. What about that do you not understand?

The Mizrahi-Bridging loans are under scrutiny and the facts detailed in the G&M article show that they are like many of the Bridging loans: fraudulent.

The circumstances surrounding the Mizrahi loan may widen the scope of the investigation. The OSC and PwC declined to comment for this story, but The Globe has learned that PwC is actively reviewing Mr. Mizrahi’s debt.
The relationship between Ms. Coco and Mr. Mizrahi may also make her a target of investor recovery efforts. PwC is currently negotiating the sale of Bridging’s loan book and significant losses are expected.
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But court documents clearly show that Ms. Coco partnered with Mr. Mizrahi on his ambitious plans for The One the same year the loan was assigned. Ms. Coco’s family company is a 50-per-cent equity investor in The One, and Ms. Coco became an officer and director of the company that owns The One on the same day – Dec. 17, 2014 – the loan agreement between Mr. Mizrahi and the Sprott Bridging Income Fund is dated.
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Court and land title records show that Bridging also has some security in the form of property that could be seized or sold in the event of default, with a claim on a retail store space at 181 Davenport that was owned by one of Mr. Mizrahi’s companies. Rents collected from that space were supposed to be assigned to Bridging, public records show. The space is currently being used as a sales centre for The One.
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“Bridging Finance was obligated, both contractually and as an OSC registrant, to disclose any conflicts of interest to Ninepoint and to unitholders,” Mr. Wilson said. “At no point did Bridging disclose any such conflict, nor did Ninepoint have any knowledge of a conflict.”
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RonThom said:
It's gonna get built. The question is whether the currently contemplated tenant and purchasers (including you, sorry) will be the ones who actually take possession when all is said and done. My bet is your purchase agreement will be cancelled when Mizrahi bails out of the project and a new developer comes in. Hope I'm wrong because that would be frustrating for a lot of people, but I just don't see how this project finishes without a major capital reset including revenue.
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Sorry, should've been more specific. This is exactly what I meant. I just don't see Mizrahi being the one that sees this through like you mentioned.

Usually when the development is sold off to a new developer, they almost always raise prices and cancel current deals... we'll see how this plays out.
 
LoMein said:
Jenny Coco is an owner of The One. What about that do you not understand?

The Mizrahi-Bridging loans are under scrutiny and the facts detailed in the G&M article show that they are like many of the Bridging loans: fraudulent.
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This really isn't the thread for this. The Admin has asked us to stop talking about it here. Therefore, you should consider starting own thread about this (over in Real Estate?). So there's lots to understand about that...

...so I'm not here to stop your crusade against corruption at all levels over this. I'm just saying take it somewhere where it's more appropriate and relevant. Most of us are just here to see this building get built. Thnkx!
 
T.E.C.II said:
What would happen to the building if it wasn't going to be completed? Does it just get demolished?
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Hard to imagine a scenario where it gets demolished, at least fully. The land is simply too valuable. It would be finished by another developer but could look completely different than the current design.

If it wasn't such valuable land it could sit uncompleted or be paved over into a parking lot. This happened at other fraudulent projects like SkyCity in Winnipeg or Union Waterfront in Port Dalhousie.
 
T.E.C.II said:
What would happen to the building if it wasn't going to be completed? Does it just get demolished?
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No demolition. You have significant below grade space completed, The Apple Store and the rest of the retail podium will be finished. I would think the hotel too, since they’re done with the tough part and the floors should go quicker now. They could stop at the first mechanical level and let someone else figure out the residential portion.
 
Does anyone have any new photos of continuing construction? After the big pour on the weekend, there should be some indication of form removal, and the floor being installed for the next level. As long as work
is continuing, then we can relax and let the lawyers and money men do their thing.
 
bmiller said:
Does anyone have any new photos of continuing construction? After the big pour on the weekend, there should be some indication of form removal, and the floor being installed for the next level. As long as work
is continuing, then we can relax and let the lawyers and money men do their thing.
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...thaivic-san has posted a few over on the previous page:

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

Benito must be a clairvoyant for he picked the best time to go on vacay just before another round of FruitCo drama broke out :p Kinda irrelevant actually. As he'll still likely have a progressing building to take pics of from his perch regardless of any such drama. #TheShowMustGoOn
urbantoronto.ca urbantoronto.ca
 
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