Posts Tagged ‘will it be built’

It’s a sad SAD day for Toronto architecture as it looks like we’re about to loose another amazing project! The Giraffe condo was a 27 story architectural masterpiece planned for the North West corner of Bloor and Dundas. Different than the typical and predictable trend of rectangular designs that we’re so used to seeing, Giraffe was a breath of fresh air to the Toronto skyline…LITTERALY!

For those unfamiliar with the proposed project (pictured above), allow me to explain it like this…The structure is a lot like Angelina Jolie: Edgy, Beautiful, Unique and Socially Responsible! Not only did the design push the boundaries of style, it also did it keeping sustainable living in mind! The plan at Giraffe was to build the condo based on a Silver Certification by LEED – the nationally recognized standard in sustainable design, construction and operation. Read the rest of this entry »

Sadly, the dreams of an 80 story tower and Yonge at Bloor are pretty much done…or at least the dream of it being built by Bazis is.  Several of my sources have informed me that the land has been sold to an affiliate of Great Gulf Homes.  The price paid for the land is unknown and probably won’t be disclosed until the deal closes in mid September.  Future plans are also anyones guess.  I’ve heard everything from keeping the design (which i HIGHLY doubt) to scraping the whole thing and rebuilding a new concept all together (which more than likely will happen).  You can check out the latest story from the Globe and Mail here.

I’ve been by the Crystal Blue project (Bazis’ current development) and was really pleased with how the outside facade is coming along. Looks like that’s all we’ll be seeing  in Yonge and Bloor area by Bazis. I just hope the condo gods have greater plans for this corner and that whatever is built, truly pushes the envelope.

Buh bye “Canada’s Tallest Residential Building.” Hello “SomethingElse Towers.”  Follow the rest of the 1Bloor story here

Socrates once said ”All I know is that I know nothing.”… and with the latest media reports on the fate of 1 Bloor, the same can be said.  I’m sure by now you’re all aware of the drama surrounding the development of the tower, but just in case your not you can read up on it here.

I nearly fell of my chair when I heard Chris Eby from the CTV News Hour at 6 report that “a last second deal was reached and that eventually 1 Bloor East will rise out of this ruble.”  Apparently a deal was reached and a 3rd party has come on board and to help repay the land loan.  You can view the clip here http://watch.ctv.ca/news/clip204856#clip204856.

Fast forward to 7:21 pm and we have an article published by The Toronto Star’s Tony Wong where a statement is given from Bazis International stating: “A well established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property with closing in mid-September.”  Of course the new partner isn’t mentioned nore is an actual date in September given for when more information will be known.  Bazis puts it like this ” Due to the confidentiality agreement we cannot comment at this time” .

The latest from the press (as of 10:27pm)  is The National Posts Giuseppe Valiante article titled “Work on One Bloor to continue after loan deal”  What isn’t known is if the original plans the buyers bought into back in 07 will ever emerge?

Although, the one thing I do know for sure is… someone forgot to pay the rent at the 1 Bloor Sales Centre!!
 

Phewwww that was close!!  Looks like Bazis lives another day.  The National Post  (I wrote this post on Monday July 20th and the article i’ve linked to will be printed in the Tuesday paper,  fyi just in case the timeline doesn’t make sense) is reporting a deal has been reached between the developer and it’s creditors, for now at least.  Details are still sparse, but what is known is “Bazis still owns the property and no receiver has been appointed thus far.”  As to what the company can actually do with the site (until court resumes August 18th,2009) is still unknown but more details should follow tomorrow.

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
As always, check back often for updates!!

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!!

Another day another update…well several by the newspapers accounts!
The Toronto Star ran a front page article revealing new twists and turns in the story of 1Bloor. If you haven’t already read it, check it out here. (wow!)

Where to begin…well for starters, the problems listed in the Star article are not related to the ones mentioned in the past. Thus adding a whole new level of complexity to the matter.  Originally everyone was waiting on Bazis to secure financing for the construction of the tower.  Now there’s also the threat of the land financing being pulled!  From the sounds of it, a  Toronto group that took over the lending commitments to Bazis will be filling actions that could put the project into receivership.  They lent Bazis the money and they want to be paid back…I get that, but to do a more modest project sounds like more of a tactic to obtain the land and build their own project as Bazis sorts through their current situation. To borrow from the article: “Now, the group wants to be paid out, or to be allowed to buy the property with an eye to building a more modest project.” (side note: nothing modest should be put on the most on one of the most recognizable corners in the City, be it a tower or any other use.)

If anything good did come out of this ordeal, it’s that Michael Gold responded to The Star, something we haven’t seen much of in the past.  In regards to the latest situation he had this to say:

“Bazis International Inc. is vigorously opposing the receivership proceedings and fully intends to honour all agreements and to complete the development as planned on schedule,” Gold said in a written response to a request for an interview. (Quote can be found in Toronto Star article by Kevin Donovan)

That’s probably the biggest statement thus far as to their plans to finish the project.  It echoes previous reports that project is a go; but as to when, how, and at what opportunity cost is still unknown. As a realtor it’s frustrating to hear so little from the developer. A few buyers/readers that emailed me said they don’t mind waiting for the project to be complete as long as they know it will in fact happen. Talks of receivership can tie up the project for a substantial amount of time or worse, cancel it all together! With 3 other Bazis projects in different stages of development, the silence is hurting consumer confidence towards those sites as well. I’m sure we’ll be hearing more in the coming days and hopefully with all the attention from the media more statements will be given from Bazis as well. 

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
Thanks to all the readers that have been calling and emailing me with comments on the project.  If Sunday isn’t too busy, I might do a post with some of the questions readers have asked. It should be an interesting week ahead of us to say the least!!

The much anticipated deadline for the fate of 1Bloor has come and gone with very little official news being released.  I along with many others were hoping for a some sort of a release from Bazis as to whether or not they’d continue with the project.  Unofficially what I’ve heard is the project is a go, but very few other details are known.  There’s also a story about the tower being reduced in size, yet no one knows exactly by how much. 

It was also brought to my attention that the lastest time frame, required Bazis to notify buyers only if the project was’nt a go. As of Friday July 17th, I haven’t heard from anyone who has received such notice.  And so we wait, just as we have for the past 31 days…with still not enough answers and even more questions. 

I’ve been updating this story as it evolves.  Check out my latest updates by clicking here!!
As soon as anymore info is known, I’ll be posting it online so check back often.