[Tesla]

Compare how fast One Saint Thomas went up in 2007, which was at a similar price point, compared to this Foster project. The engineering is undoubtedly more complex as another posted pointed out.

Furthermore, that building, with its timeless limestone facade, is located in a far better location. Yonge and Bloor is not AAA in the least; ask anyone who lives in the area. Yonge and Yorkville, Bay and Bloor, Avenue and Bloor and anything in Yorkville is far superior. I would rate this location B+.

The sleazy marketing of this disaster somehow convinced a whack of buyers (how many of them real and how many non arm's length?) that the location is better than it is in reality.

 

[DevDudeToronto]

replacement

Why is everyone looking for a silver bullet that killed this? Let me describe this from the outside and you can tell me if it's setup for success:

Developer who has never built a high rise builds Canada's tallest and arguably most epxensive high rise, with structural system which has never been built in Canada, in middle of one of Toronto's busiest intersections, with overseas capital, and decides to fire CM and self-perform construction management in middle of Global Pandemic.

Developer started the development by smashing heritage facade in dead of night. Architect of Record is Core who has experience in local high-rise development of smaller scale.

Compare to Forma:

Storied high rise developer, who has built several of Canada's largest towers, builds complex facade with one of Canada's best GCs, funded by local REITs and Family Offices, with debt from Schedule A banks. Architect of Record us Adamson who has done drawings for most of world's largest towers.

Forma may die yet but we aren't in the same part of the river.

Yeah, you nailed it dude. People in these threads really don't understand the development industry at all. Anyone in the know, knew this project was being mismanaged from the start and was headed towards this current situation.

Also, I find it funny how Sam is almost definitely following this thread. Hi Sam!

 

[citylights]

For me the only question right now is how many additional storeys $315 million is going to buy

Likely, not that many.

According to their financial projections, the receiver is going to burn through nearly half that amount by January 2024 alone...

Evidentially, something more permanent will obviously have to be worked out (or is being worked on), if this project is to actually get completed.

 

[UpwithOlives]

Yeah, you nailed it dude. People in these threads really don't understand the development industry at all. Anyone in the know, knew this project was being mismanaged from the start and was headed towards this current situation.

Perhaps more that we are interested in the architecture and watching the building rise and less interested in the financial weeds.
I understand that’s a separate forum. But each to their own…

 

[Strange Advance]

To those of you in the know, like Northern Light, what do you think is the chance this thing gets built as currently specified?

 

[innsertnamehere]

To those of you in the know, like Northern Light, what do you think is the chance this thing gets built as currently specified?

Built without massive revisions? Fairly likely. Small revisions? More likely.

Honestly we don’t know other than that construction is still continuing. It’s very much a wait and see thing. Given that the creditors aren’t immediately halting work tells me that they think the best way forward is to keep going on the project - hopefully it stays that way.

 

[Riseth]

One way or another this tower will be completed. It's a matter of when not if.

 

[DSCToronto]

To those of you in the know, like Northern Light, what do you think is the chance this thing gets built as currently specified?

I was tangentially involved in a condo project some years ago where the developer went bankrupt but in that case the structure was finished but the interiors weren't. There was LOTS of "value engineering' and items 'forgotten' about. If I were a purchaser here I would be quite worried as the structure of this One is not even finished.

 

[Stec]

Ooof and they lost Apple as their main retail tenant! Wasn't the ground floor retail designed specifically for Apple? That must also be devastating on the buildings finances??? I really hope somehow this gets completed!

 

[Blovertis]

Likely, not that many.

According to their financial projections, the receiver is going to burn through nearly half that amount by January 2024 alone...

View attachment 514471

Evidentially, something more permanent will obviously have to be worked out (or is being worked on), if this project is to actually get completed.

So at the current burn rate, the $315 million will take us up to, let's say, April. At, say, one floor every week or two, that ought to get us another 20 storeys before the money runs out.

 

[buildtoronto]

Excellent question. It seems to me that there is something overly complicated about the design of this building. Not wrong, but not something that just anyone can take on.
For example, what’s up with the RCS? Much taller buildings have successfully installed their curtain wall without such contraptions. 270 Park (Foster and Partners) as a current example.

This is actually an excellent observation. The One is a joke among informed structural engineers and many others in the industry. It's literally an over-designed massive steel building painted with concrete. Also, the architectural layout has serious issues from a constructability perspective. So it was only a matter of time before something like this happened. In contrast, One Yonge has a robust structural system that is quite easy to build. The most complicated design is not often the best one.

 

[thecharioteer]

Why is everyone looking for a silver bullet that killed this? Let me describe this from the outside and you can tell me if it's setup for success:

Developer who has never built a high rise builds Canada's tallest and arguably most epxensive high rise, with structural system which has never been built in Canada, in middle of one of Toronto's busiest intersections, with overseas capital, and decides to fire CM and self-perform construction management in middle of Global Pandemic.

Developer started the development by smashing heritage facade in dead of night. Architect of Record is Core who has experience in local high-rise development of smaller scale.

Compare to Forma:

Storied high rise developer, who has built several of Canada's largest towers, builds complex facade with one of Canada's best GCs, funded by local REITs and Family Offices, with debt from Schedule A banks. Architect of Record us Adamson who has done drawings for most of world's largest towers.

Forma may die yet but we aren't in the same part of the river.

Excellent points.

 

[vinny_the_hack]

I'm sure most of you know about the Bayview ghost which stood empty for over 20 years before finally being demolished.

 

[Koops65]

So at the current burn rate, the $315 million will take us up to, let's say, April. At, say, one floor every week or two, that ought to get us another 20 storeys before the money runs out.

Why are there still posts like this, forecasting the 'death' of this building???

 

[AdamS]

This doesn't have to be a polarized choice of 91 floors or bankruptcy. They could construct 10 or 15 more floors and call it a day.
Bottom line this whole story is disappointing. I do raise an eyebrow seeing Mizrahi driving a Ferrari with spouse in a Rolls. If he owns them great, if they're lessed thru this project it's not a good look especially if investors are getting burned.