Toronto The One | 338.3m | 94s | Mizrahi Developments | Foster + Partners

[interchange42]

The database file has been updated to 85 storeys (from 82 previously) as I've finally seen images that explain how the new floor count has been derived without changing the height of the building. The explanation is that the number of double-height floors at the base of the building have been cut but two, so you get two more floors there (being taken up by the hotel), while they are also including the rooftop terrace level now as a floor as well. Each of the penthouse units only has a tiny amount of indoor space on that level, essentially just enough for a powder room plus landings for the circular staircases and ensuite elevators, but hey, good enough.

42

 

[ProjectEnd]

 

[Transportfan]

When are they supposed to start digging? It looks like they've done nothing yet but move dirt around.

 

[ChesterCopperpot]

Not until all the shoring / caisson drilling is done

 

[steveve]

From Saturday's paper. Reads 55% sold. I was expecting a much higher figure (explains the noticeably higher presence of advertising, here and elsewhere)

 

[innsertnamehere]

Interesting. I know this level of the market takes time to absorb, but 55% a few months after launch isn't great. Nothing to stress about at this point either though however.

 

[steveve]

And that’s 55% on just 416 units ^ ... Cost per unit aside, the parking fees were scary.

Found another render from The One’s website. What is shown looks to be the same level as the outdoor pool.

Edit: this is level 6, the residential sky lobby. As per the website: http://onebloorwest.com/amenities/lobby/

 

[travis3000]

Yes shows me the agent I spoke to was making stuff up saying this was 90% sold, obviously to just drive interest. Only 55% sold is not a good sign, the launch was way back in November wasn't it? So that indicates they've sold about 235 units thus far. Still another 180+ units to sell. Maybe this building won't go ahead afterall.

 

[vatche]

Isn’t the magic number 50% in order to break ground?

 

[LMVDR]

Yes shows me the agent I spoke to was making stuff up saying this was 90% sold, obviously to just drive interest. Only 55% sold is not a good sign, the launch was way back in November wasn't it? So that indicates they've sold about 235 units thus far. Still another 180+ units to sell. Maybe this building won't go ahead afterall.

Only 55% huh? Perhaps the market isn’t as uneducated as I thought it was.

 

[travis3000]

Only 55% huh? Perhaps the market isn’t as uneducated as I thought it was.

The luxury high end market in Toronto has always had some struggles. The lowest price to get into this building is around $1 million when you include parking, any upgrades, etc. Then they just go up from here, the majority of these units are in the $3 million to $5 million range. That's a lot of money! Also, this won't be gobbled up by investors because the price point is so high. So they basically have to go out and find 416 multi millionaires who want to live in a condo. It's going to be a struggle. Builders usually want at least 65-70% sell out ratio before they start construction, so I can see why they might be a tad concerned.

 

[junctionist]

Is it really $1 million minimum? It's hard to believe they wouldn't go after young professionals with smaller $500,000 units in a prime location.

Luxury isn't a volume game. Even among luxury car makers, most of the sales come from near-luxury small cars like the BMW 3 series or Audi A4.

 

[steveve]

It will cost you a lot more than $1 million over time. With (optional) parking estimated at $500/month, plus maintenance fees hovering around $0.93/sf.
This building definitely isn't as investor-friendly as the countless others throughout the city to choose from, but it's also very different product being sold.

As a talking point, over a decade ago, this happened across the street: https://toronto.ctvnews.ca/investors-line-up-for-piece-of-bloor-street-condo-1.263033
I can't recall exactly how fast the units sold at Bazis' 1 Bloor, but it was pretty instantaneous in the grand scheme of things. Number One Bloor (Great Gulf) also sold well.

 

[rbt]

Isn’t the magic number 50% in order to break ground?

The retail component will more than pay for itself (far better than a vacant parking lot at least). If it fails to sell, it'll be a 4 to 5 floor mall until plans get adjusted to fit what is selling.

 

[Automation Gallery]

If it fails to sell, .

Gee, for goodness sake its already 55% sold in what 2 months?