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

[steveve]

Looks like we may get updated drawings soon in a re-submission: https://storeys.com/mizrahi-toronto-the-one-sales-process/
They're now targeting completion for the second half of 2027. Just embarrassing - a decade of construction for a building that's barely above 300m. Crosslinx could've completed this project faster. As noted in the article, I do hope they end up breaking up the upper floors into more units

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Seems to be the case that a modified version of the 85 storey tower is what is being discussed here. The 91-storey was to include upwards of 600+ units (647 IIRC) as originally intended.

Quote from article:

Most significantly, however, is a "reconfiguration plan" the Receiver and senior secured creditors have now finalized for the upper levels of The One, above Level 61, which have yet to be constructed.

As originally designed, the upper levels would house only two or four units per floor, for a total of 69 units with an average size of 2,600 sq. ft. The reconfiguration plan will see 88 units added to the upper levels of the project by reconfiguring Levels 62 and 76 from a four-unit level to a six-unit level, Levels 63 to 75 from four-unit levels to 10-unit levels, and Levels 79 to 81 from two-unit levels to four-unit levels. This would increase the total amount of units from 415 to 503.

 

[Collingwoodbuildinglover]

I have a very strong feeling that we will actually get the 91 stories here is hoping because this building would look a lot better in that configuration than the 85 those six floors just make it look so much more uniform

 

[fanoftoronto]

I have a very strong feeling that we will actually get the 91 stories here is hoping because this building would look a lot better in that configuration than the 85 those six floors just make it look so much more uniform

I agree! The 91 storey proposal looks much more complete than the 85 storey!

It'll be a pity to cut it down to 85 storeys. Additionally, wouldn't they have bought all the material for the 91 storeys? Cladding and interior finishes? Would be a shame to see that all go to waste!

Pics taken from the database file for The One.

 

[Vminkov]

the 85 storey version resembles a circumcised member..sorry but 91 is the only way to go if they want to maintain the architectural cohesion of this project

 

[Midtown Hank]

The economics of this project appear to be so staggeringly poor that I'm amazed the lender hasn't ceased funding and capped construction until a buyer is found.

 

[UtakataNoAnnex]

The economics of this project appear to be so staggeringly poor that I'm amazed the lender hasn't ceased funding and capped construction until a buyer is found.

I suspect there is a few here that would of liked that for the extra schadenfreude, lol. However, I am glad to see that the receiver has reasonably concluded that there is more money to be settled and had in completion of this tower, whether it be at 85 or 91 stories. /shrug

 

[DevDudeToronto]

The economics of this project appear to be so staggeringly poor that I'm amazed the lender hasn't ceased funding and capped construction until a buyer is found.

Man, what I'd give to see the original proforma that Mizrahi presented to the lenders. It would be a damn good laugh!

 

[AdamS]

The idea of reducing average size of the upper floors from 69 units at 2600 sf to 157 units at 1142 sf seems like a desperate plan.
The buyer for a unit on floor 70 something is likely seeking luxury. Luxury usually entails larger spaces to entertain.

 

[fanoftoronto]

The idea of reducing average size of the upper floors from 69 units at 2600 sf to 157 units at 1142 sf seems like a desperate plan.
The buyer for a unit on floor 70 something is likely seeking luxury. Luxury usually entails larger spaces to entertain.

Yeah, I don't understand this. Aren't all the units sold already? How can they mess with the square footage and unit layout at such a late time?

They'd be opening themselves up to massive lawsuits from these but buyers.

 

[AdamS]

Most upper floors remain unsold, but that's more of a function of a seemingly endless project with plenty of alternative luxury condo options available nearby.
In theory the buyer pool is deeper with less expensive smaller units, but that's not what they pitched people on.
If this plan moves forward, the building will be significantly more populated, which is almost opposite of luxury.

 

[Johnny Au]

Part 2 of 2 taken on May 29, 2024:

Yonge and Bloor (aka the Golden Corner or the Champagne Corner):

Yonge Side:

 

[C-mac]

I have a very strong feeling that we will actually get the 91 stories here is hoping because this building would look a lot better in that configuration than the 85 those six floors just make it look so much more uniform

What is the cause of your strong feeling?

 

[PL1]

The idea of reducing average size of the upper floors from 69 units at 2600 sf to 157 units at 1142 sf seems like a desperate plan.
The buyer for a unit on floor 70 something is likely seeking luxury. Luxury usually entails larger spaces to entertain.

If I were looking to buy, I'd be concerned about the elevator to unit ratio in this new version. I guess they are trying to hit the number of unit size and number to spur sales

 

[Collingwoodbuildinglover]

What is the cause of your strong feeling?

Just what I have seen from history and looking at these type of mega projects above all whether it be the original builder or the new builder they are above all more than just condo developments they're more vanity projects. there are multiple buildings throughout the world that aren't even 25% occupied but still got finished just so that the person could have the look at me effect people are vein that way

 

[UpwithOlives]

Just what I have seen from history and looking at these type of mega projects above all whether it be the original builder or the new builder they are above all more than just condo developments they're more vanity projects. there are multiple buildings throughout the world that aren't even 25% occupied but still got finished just so that the person could have the look at me effect people are vein that way

Perhaps true for the original developer. Anyone taking this over is just trying to get it finished while minimizing losses (or even squeezing out a modest profit).