Just as I suggested in previous posts…it looks like the whole plan behind the “calling in” of the loan is an attempt by the land lenders to pick up the prime piece of real estate and build a 1Bloor of their own. At least that’s what Michael Gold believes. The latest press release came just before a 10am court hearing which the Toronto Star reported here.

If in fact the group behind the land loan does have plans to build another tower I think they should take a step back and look at the whole picture.  We have a building that people already believe in and bought into. Unlike other condo’s in the city, it’s not an issue of sales but rather one of securing financing. Do these lenders/developers really think the same people would line up again for their version of 1 Bloor? 

Another press release I read from Vicki Griffiths of Vicbar Marketing Limited stated: “As further proof of Bazis’ commitment, Mr. Gold points out that on July 13, 2009 the company paid the City more than $1 million cash to acquire the Hayden Street lane at the southern border of the site. This lane is required in order to complete the project. “You don’t spend $1 million on something like that if you are not committed,” Mr. Gold says.

That would have happened last Monday, just days before the final deadline for them to cancel the project! Another interesting tidbit that came out of the release was Mr. Golds mention of a Sofitel five-star world-hotel being used in the tower! It was rumored before that they would be used and now it looks like this was in fact true.  The Star article left off with a delay in the court hearing as lawyers for Bazis were called into a meeting room…

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
As soon as I get any other info…you’ll be able to read it here!!

Related Posts: