- Thread starter urbandreamer
- Start date
NotARealtor
New Member
You are absolutely correct. That's what they are doing there and although very interesting it is very difficault. There is really no other choice for them when they want to maintain the existing structure above. However, It's not cheap and not easy.
But then again as someone else pointed out Mizrahi may have no other choice and may need to spend the money to buy the time he would lose otherwise. I've heard that he promised Apple and other retailers to deliver the building to them in mid 2018 which is crazy if they want to go deep which they have to in order to support an 80+ story building.
From what my friend told me they are having problems both in terms of financing because one of their investors has asked for its $110M loan back as they no longer believe in the project and don't want to invest in it, and now after a year of nothing happening on the site the construction is not going to be able to meet the deadlines they had proposed. I just hope someone builds this building and it doesn't turn into another Foster building that never got built.
Automation Gallery
Superstar
Gee in the few posts from you, all i have heard is negativity,
..so in other words...you don't think this project will get off the ground?
urbandreamer
recession proof
If you'd just had a haircut on the stock market would you proceed with buying a million dollar condo here?
enrigue8
Active Member
If you have enough deep pocket yes ,but most likely no if you not a milllionaire
urbandreamer
recession proof
What if you went from $40 million on paper to $8 million on paper? I wouldn't be buying a million dollar view of the L Tower crane.
Contra
Senior Member
Then face north.
A Torontonian Now
Senior Member
I think you're overestimating the effect of the current market correction. Unless you had an extremely poorly diversified portfolio, no one has lost 75%+ of their holdings, and the correction already seems as though it may be over.
It's more of a question of someone with $40 million on paper becoming someone with $32 million on paper and a decent chance of recouping that loss in the next 12 - 24 months. I don't think that would affect their condo buying choices much at all.
NotARealtor
New Member
Sorry to be the bearer of bad news. Of course, something will eventually be built on these lands. But given what has transpired in the past year, I am confident it will not be what we have been shown. It may not even be a building by Mizrahi if he manages to sell it, or if he defaults on his loan. I attended the community meeting for this site and Mizrahi said the only reason he rushed to demolish the buildings was to have soil investigation started right away and start digging down. That was a year ago and I've not seen any real activity on this site. So something is wrong. Either he lied about the reason for demolition or he is having financial problems.
I had dinner with my friends who live t 133 Hazelton and they said Mirahi has been touring the building almost on daily basis with investors for The One. They also expressed concern that the project next door, 181 Davenport, is not moving forward. Apparently, the only trades working on site are those who are installing the windows and the stone/brick. They said the labour force working inside the building has gone down to a hand full of workers on a busy day.
I just hope whoever ends up developing and building this building continues with the Foster design.
Automation Gallery
Superstar
Ugh, no activity, you're kidding right?
Did you ever think he does not have full approval for the dig, one of the buildings standing is a heritage site and still has to be addressed before anything starts
I think you and your friends are jumping the gun and hoping this thing goes belly up...sit back and enjoy the ride
david-realtor
Active Member
Some of what you are saying does not make sense. There is a new project proposed by this developer at 128 Hazelton (Hakim Optical). There was a community meeting on the 28th regarding this. If what you are saying is true than why would the developer propose another development?
Armour
Senior Member
Mizrahi should hand this over to Massari. He knows how to get things done.
G.L.17
Senior Member
Strange Advance
Active Member
Nice to see them working around the trees.