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

I spot The One!

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Original Photo Credit: @SixPoints

Pinnacle One Yonge | 345.5m | 105s | Pinnacle | Hariri Pontarini

Went with a @Contra style update today. This is how much more it has before it tops out. If they construct every floor once a week, then it will take roughly a year and a half to top out. Very looking forward to seeing this graph completed as the tower climbs. My only quibble is the...
urbantoronto.ca urbantoronto.ca
 
Johnny Au said:
I spot The One!

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Original Photo Credit: @SixPoints

Pinnacle One Yonge | 345.5m | 105s | Pinnacle | Hariri Pontarini

Went with a @Contra style update today. This is how much more it has before it tops out. If they construct every floor once a week, then it will take roughly a year and a half to top out. Very looking forward to seeing this graph completed as the tower climbs. My only quibble is the...
urbantoronto.ca urbantoronto.ca
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So we'll be able to see the 2 tallest buildings in Canada from the foot of Yonge St.
 
Midtown Hank said:
https://www.thestar.com/business/th...&utm_source=copy-link&utm_campaign=user-share

I wouldn't be surprised if they cap this short of 85. If they can't find a buyer and as the article suggests the Korean Bank is stuck developing, then I gotta believe they will cap this as low as they feasible can. Bank's don't like risk and every added floor is added capital and added risk.
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Yeah that would apply for everything except for construction All the materials for going to 85 are already purchased and budgeted this will definitely make it the 91 doesn't happen but they won't be capping this early as they would lose millions in materials that have already been bought
 
Collingwoodbuildinglover said:
Yeah that would apply for everything except for construction All the materials for going to 85 are already purchased and budgeted this will definitely make it the 91 doesn't happen but they won't be capping this early as they would lose millions in materials that have already been bought
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1. Materials may be ordered, but doubt they've paid. Unpaid bills rank low in priority as suppliers become unsecured creditors. The bank has first priority as they are the secured lender.
2. Budget is meaningless at this point.

Maybe they lose more by capping lower? Maybe they lose more by going higher? Who is to say as it depends on many factors. The difference is how much capital is at risk. Risking capital is the bank's business. The new owners (or at least the folks in control) are a bank, not a developer. They prefer to minimize risk. Going higher increases risk.
 
The other factor is we are now into normal force plates which can go to being about a flora week so in any case we are at least probably getting another block which is 18 floors
 
DevDudeToronto said:
Well, the recent 100bps rate hike, and the concrete shortage cannot be doing this project any favors. At this point I will be very surprised if this project is completed under the Mizrahi banner.

Does anyone know how much of the condos are sold in this project?
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Just wanna say, called it back in 2022 ;)

Seriously though, does anyone know if sales are continuing for this project? Last I heard less than half was sold and they're asking >$2k/sq foot, which in this market is...... insane. How does one even make an inquiry at this point to buy in this building? (not that I want to, just curious).

I still cannot believe that Mizrahi was able to attract equity partners and debt for this project. I really would love to see that original investor presentation and what he presented to the bank. I bet it's wild.

EDIT: so according to receiver's report there's 70 of 416 that are unsold.
 
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