Yeah a disaster that the city created when they revoked permits due to the lockdown not due to the developer. So to put this all on the construction workers and developers is unfair. They played a role but it isn't completely then

Literally if the building had been another two floors higher it would have had its above grade permits before lockdown and would easily probably be 10 floors higher than it is today
 
There is a lot of knowledge on this forum about architecture but zero about development. This is not a case of a developer running into "bad luck" or "COVID". It's a combination of fraud and incompetence. It's all been documented and is readily available online. It's been posted in this thread for years. Simply read the articles.
 
EBT said:
I have been reading some of the posts above and while it is somewhat reassuring that the construction is proceeding, I think the city should urgently look at granting height increases or other concessions that the new lenders may require in order to make this project viable. The last thing we want is this tower to stand unfinished for decades to come and that is a real possibility as the economy goes from bad to worse! The city should grant the new project leader carte blanche at this crucial stage to ensure it gets built. Ditto all other major projects currently under construction!
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There is no chance this won't get built. Too much money has been spent, a significant portion of the building is sold, and all the creditors have an interest in being paid back. This is why the receiver is coordinating lending and continuing construction.

Even if construction stopped, the property would quickly be sold to a buyer who would finish construction. The is not the same situation as the Bay-Adelaide Centre, which was built on speculation during a severe commercial real estate downturn.

It's too late for significant design changes. I could see modifications to the building, such as reducing the height, though I doubt this would save a significant amount of money. More likely, we will see changes to the interior layouts to make them more sellable or profitable.
 
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So looking back through the thread they officially started digging. Let's just say January 2018 that gives a 4-year timeline to complete the building. If it wasn't possible that Apple had an agreement to take occupancy while building was under construction, I don't know of any timeline that could have met this as it takes a building minimum a year to get back to grade once it goes down depending on the levels. The main mistake they made in the first place was giving such a ambitious timeline and not accounting for the possibility of interest spikes as when this project was started, interest rates were pretty well zero so it would have been easier to hook investors at higher costs and made it harder to pay them back. I do agree there was a lot of financial malpractice here but I don't like it saying that this site is anything other than what it is. It is going to be one of the nicest buildings in Toronto when it is complete and I look forward to seeing it complete. I hope all tenants make money on it and that it is an icon for us all to admire for years to come. This is my last post on this because I feel like I have actually gotten shown that I am wrong and for that I am thankful it's why I love this forum. So many people with so much information and so much knowledge
 
Start Fox said:
Interestingly the filings also say that 346 residential units have been sold totalling $675 million. 70 remain unsold, all above the 50th floor so presumably will go for a premium. I'm not sure of the economics of the retail, hotel, and commercial components but ya, that seems like a big gap.
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that would be 20m per unit to break even lol
 
RyanD said:
from the UT story:
  • Estimated budget is now over $2 billion.
  • 346 residential units have been sold totalling $675 million. 70 remain unsold, all above the 50th floor.

Breaking even means those 70 remaining suites have an average selling price of $18.9m. Someone better chop up that floorplate asap.
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You are not factoring in rent/leasing of the retail/office/hotel in this development. That will fetch some nice revenue as well so way less than $18.9m/condo to break even.
 
I could see a lot of the large unsold residences being chopped up into studio or hotel suites with kitchenettes for investors. Stinsons old sales videos for the suites at Sapphire Tower comes to mind.
 
Pinnicle One Yonge and The One projects started construction at the same time. Can someone explain to me how Pinnicle has finished one building and well in to their second while The One isn’t even close to half way done. This is the progress The One has made since 2018.
IMG_0687.jpeg
 
Collingwoodbuildinglover said:
They aren't appointing a new developer. Mizahi is still the developer that has not changed there has been a receiver appointed to oversee debt repayments and scheduling not to overtake development personally. Given everything this project has gone through, I think it is coming along quite well. Multiple different forming systems are constructed specifically for this building as well as multiple engineering systems, both in the ground floor and the underground to call this an unmitigated disaster is an insult to the engineers and the workers working on it
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You’re dreaming pal. Once the receiver sorts out the spectacular catastrophe that Mizrahi has caused on this project they’ll get rid of him. While it’s pure speculation on my part it wouldn’t shock me to learn that millions and millions have gone missing considering how much money they’ve already spent on the less than half finished project. Furthermore, the developer is involved in numerous other lawsuits, including with his own partners, which raises even more suspicions to a casual observer with no skin in the game.
 
Stash O’Neill said:
Pinnicle One Yonge and The One projects started construction at the same time. Can someone explain to me how Pinnicle has finished one building and well in to their second while The One isn’t even close to half way done. This is the progress The One has made since 2018.
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....it's pretty obvious from the diagram you did not give credit for, that the structure to build this is vastly more complex than the first tower built to a more conventional affair at about 2/3rds of The One's height. So apples to melons here.

There is also this strange notion being bantered around by a few who seem to argue in dubious faith, that financial incompetence is equated to constructional incompetence. While it's been demonstrated that the finances where the Flight of the Bumblebee in a mismanaged key, has not really translated over to the building side from what I suspect most can see. So if you want to go after Mizrahi for that, I am going to wager you're probably will be out of your league.
 
LoMein said:
There is a lot of knowledge on this forum about architecture but zero about development. This is not a case of a developer running into "bad luck" or "COVID". It's a combination of fraud and incompetence. It's all been documented and is readily available online. It's been posted in this thread for years. Simply read the articles.
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How long before receiver discovers tens of millions are missing?
 
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