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On Tuesday, April 22, the Ontario Superior Court formally approved the full suite of agreements that hands control of The One to Tridel. The court order is immediately effective, so Tridel has now taken over from interim contractor SKYGRiD as project-, construction-, and sales-manager, and will steer the tower to its newly confirmed early-2028 completion. Meanwhile, construction continues on the 85-storey supertall designed by Foster + Partners and Core Architects.
Tridel has worked closely with the Receiver, lenders, and consultants to establish a revised construction schedule, cost-to-complete analysis, procurement strategy, and project budget. Marketing plans for the residential component are already underway, and the search for a new hotel operator is in progress, with JLL retained to lead that selection process following the cancellation of the previous Hyatt agreement.
Updated Tridel-initiated layouts have both increased and decreased the number of units per floor from the 59th floor upward, including the penthouse levels which now include seven multi-storey suites in place of the originally planned four. While the building was originally planned with 416 units, the receiver revised the plan to 503 units. Tridel's plan reduces the overall unit count to 476, intended to optimize the balance between larger floor plans and projected sales velocity. Updated architectural drawings reflecting this reconfiguration are currently being prepared for submission to the City of Toronto.
The court order shifts the project into Companies’ Creditors Arrangement Act (CCAA) protection, replacing the earlier receivership. Under the CCAA framework, Tridel can now sell condominium units in the ordinary course, backed by Tarion warranties, rather than through a receiver. The court filing proposes renaming the various legal entities tied to the project to remove association with the Mizrahi name.
The new CCAA framework includes a 120-day stay of proceedings and is expected to streamline regulatory approvals and facilitate warranty coordination with HCRA and Tarion. The ruling also grants Tridel a first-ranking ‘Tridel Charge’ on the property, securing payment of all project-, construction-, and sales-management fees and related costs. The order shields Tridel and its construction arm, Deltera, from pre-April 22 liabilities and limits SKYGRiD’s responsibility to work performed before the handover, reducing future disputes that could affect the schedule.
Throughout all of the legal dealings, construction has carried on. Since UrbanToronto’s last update in February, 2025, the Rail Climbing System (RCS) being employed to facilitate window installations, seen at the bottom of the image below earlier this month, has climbed to the 57th floor, just above the third mechanical level, while forming work has continued above.
In this southeast-facing view of the north and west elevations, the soffits of two of the mechanical sections and their cladding are visible. Up above, the blue formwork and perimeter screens wrap the top floors, where construction is now progressing through approximately the 83rd floor.
Looking west, The One rises behind and above One Bloor East, with a red concrete boom pump extended to deliver concrete to newly extended super columns, as the structure pushes past the 285m mark. Once the next level is completed, The One will surpass the 292m roof height of First Canadian Place, establishing itself as Canada’s tallest building by roofline.
Under Tridel’s plan, The One will top out at 85 storeys and 308.6m, securing its place as Canada’s first supertall tower. Structural top-out is expected late 2025, substantial completion late 2026, and occupancy early 2028.
UrbanToronto will continue to follow progress 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.
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