11K 
It's been UrbanToronto's most watched construction project for years now, and with its target of supertall status as Canada's first building over 300 metres in height and its standout architectural and engineering design, it's arguably the most daring development in the country in years… but questions about The One's future are now swirling as the project has been placed under receivership. Let alone the interest this building fosters in the enthusiast sphere embodied by the contributors to UrbanToronto's lively Forum thread for the development, all of those with a financial interest in The One will be interested is in seeing the building completed nevertheless, so while financial issues are dealt with over the upcoming weeks, construction on the 91-storey tower will continue as its "debtors’ existing senior secured lenders" have secured $315M in financing.
As per the image taken from their website above, Alvarez & Marsal Canada Inc. (A&M) have been appointed as the receiver for the three limited Mizrahi Developments-related companies that have been constructing the tower. A&M's website is replete with the legalese-stuffed related court filings, but also provides some summaries covering what happens next. They are;
"Arrangements have been put in place to provide for the continuing construction and development of The One Project, and additional financing commitments have been secured from the Debtors’ existing senior secured lenders that will provide the Receiver with access to $315 million to fund ongoing construction and development costs, among other expenses.
Mizrahi Inc. is continuing in its capacity as the General Contractor of The One Project under the supervision of the Receiver. The Receiver will be engaging additional construction advisors, including a project manager, to assist with day-to-day operations and to oversee the ongoing construction of The One Project."
Sussed out of the filings by UrbanToronto Forum contributor Start Fox are these points;
- The project has recently lost its anchor retail tenant (i.e. Apple is out). No replacement yet.
- Estimated completion date is currently March 2025, but that the realistic date is July 2025.
- Estimated budget is now over $2 billion.
- 346 residential units have been sold totalling $675 million. 70 remain unsold, all above the 50th floor.
A statement from Mizrahi Developments further clarifies the current situation:
“At the request of the project’s senior lender, the court has appointed a limited scope receiver to overcome an ongoing governance issue that has caused significant project delays. As part of this arrangement, the receiver has requested that Sam Mizrahi and his company remain as the Developer and General Contractor to oversee completion of The One. Mr. Mizrahi maintains his equity position in the project.
This is a welcome decision that will allow for the successful completion of The One under the continued leadership of Sam Mizrahi and Mizrahi Developments.”
UrbanToronto will continue to follow, er, developments on this development, but in the meantime, you can learn more about it from our Database file, linked below. If you'd like, you can join in on the conversation in the associated Project Forum thread or leave a comment in the space provided on this page.
* * *
EDITOR'S NOTE: This article has been updated to include a statement provided by Mizrahi Developments.
* * *
UrbanToronto has a research service, UrbanToronto Pro, that provides comprehensive data on construction projects in the Greater Toronto Area—from proposal through to completion. We also offer Instant Reports, downloadable snapshots based on location, and a daily subscription newsletter, New Development Insider, that tracks projects from initial application.
