After doing some math, the average condo size in this proposal is roughly 929 sq.ft.
Sales at One Bloor East is almost $1,000/sq.ft., so if you factor in the typical future pricing for precon it maybe at $1,100/sq.ft. or more given the long closing.
That means the average price for a unit here will be just above a million dollars, well beyond what the typical investor are willing to gamble on.
I am guessing that prices will be even closer to $1,200 or more as it sounds like the condos are catering to the super high-end buyer (think Four Seasons, Ritz-Carlton, Shangri-La and Trump) -- far more upscale than the interiors of 1BE, which I heard are disappointing.
Mizrahi mentioned that construction will start soon with retail opening in 2018 which I don't think he has any clue how long it takes to get city approvals. On top of that it will be interesting to see how he is going to have the retail portion finished and opened while the tower is still under construction as the site is not as big as 1BE or Aura. This will be an amazing feat of logistics.
Sounds like Mizrahi has the funds to start construction without meeting the 70 or 80% in condo sales, if not, meeting those sales target will take some time given the very high price point.
He seems to be a little unclear on the specifics which makes me thinks he's still actively pursuing a REIT, pensions fund, etc or at least has yet to finalize an arrangement. At least we can put a land deal with a developer to rest. Too much publicity for just a land assembly.