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

Since it has been a while since I last took a photo of The One from outside OISE, I decided to do it this morning, despite the fog:
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416man said:
Just a heads up I'm getting word that Sam Mizrahi put a bid to buy back his building and Skygrid will soon be booted off the job in the next coming months.
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If this is true, then where is he getting all the financing for this? It's my understanding he's burnt most of his bridges when it comes to this stuff.
 
UtakataNoAnnex said:
If this is true, then where is he getting all the financing for this? It's my understanding he's burnt most of his bridges when it comes to this stuff.
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I have no idea where he gets the money from but it’s true that the building will be sold to a new developer sometime in November-December. And I hear Sam has the highest bid as of now.
 
416man said:
I have no idea where he gets the money from but it’s true that the building will be sold to a new developer sometime in November-December. And I hear Sam has the highest bid as of now.
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Just because Mizrahi is high bidder does not mean he will get his building back. If he can't meet the $1.2B asking price from the bank, the bank will finish this project and "earn their way out". With the retail space, hotel, unsold units, etc etc there are ways to generate revenue over the long term. My insiders are telling me that no bids are close to the asking price, which doesn't surprise me.
 
416man said:
Many of Skygrids higher administration staff has been fired including one site supervisor
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Are you claiming this as a rumour or as an actual? If the latter, can you please give us a verification/citation on this...as it seems a bit too deep fake to be true.

...and also, that doesn't answer my question here.
 
Civdis said:
Just because Mizrahi is high bidder does not mean he will get his building back. If he can't meet the $1.2B asking price from the bank, the bank will finish this project and "earn their way out". With the retail space, hotel, unsold units, etc etc there are ways to generate revenue over the long term. My insiders are telling me that no bids are close to the asking price, which doesn't surprise me.
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Either way a transition of owner will be happening soon either it will be Mizrahi or another developer.
 
UtakataNoAnnex said:
Are you claiming this as a rumour or as an actual? If the latter, can you please give us a verification/citation on this...as it seems a bit too deep fake to be true.

...and also, that doesn't answer my question here.
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As what I know all payroll/administration staff assigned to the One Bloor job has been laid off and site supervisor has been fired as of friday 20th
 
416man said:
Either way a transition of owner will be happening soon either it will be Mizrahi or another developer.
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That is my point, my sources are saying that nobody is close to the $1.2B price set by the Korean Bank. I may be wrong, but my guess is that KEB Hana will be finishing this project. I see you are new to this site, welcome!
 
Nothing is impossible, of course, but it seems (extremely? extraordinarily? unbelievably?) unlikely that Sam Mizrahi is going to line up $1.2B of financing to take this back.
 
416man said:
As what I know all payroll/administration staff assigned to the One Bloor job has been laid off and site supervisor has been fired as of friday 20th
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Either way, I can't vet if any of this true unless it comes from other sources outside of randos dropping all too juicy bits about this on the internets. No offense, there's too much misinformation and fakery going on out there before I can throw my lot in with this. And since this is pretty big news if true for a signature development, I'm sure it will be reported on elsewhere very soon.
 
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