Blovertis said:
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.
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Why are there still posts like this, forecasting the 'death' of this building???
 
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.
 
Koops65 said:
Why are there still posts like this, forecasting the 'death' of this building???
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Because its not clear that throwing good money after bad makes sense. Even if they finish it, they have $1.4B in units to sell. Not sure it's a build it and they will come at this point, so while each additional floor creates cost, it's not clear that it creates profit.
 
Wasn’t the plan to get the mechanical level built, close up the lower shell, install a safety “net”, finish the landscaping and open the lower levels and retail “soon”? That revenue generation sounds like the most important aspect to me now.

I can’t image Apple not moving into a building that seems built for them and I’m sure Apple doesn’t what someone moving into their “brand” building. I’m guessing Apple will renegotiate for cents on the dollar and open next year. I assume the giant had their legal out of the contract which might have also helped sink the little guy.

Edit. What happened to Metroman? Is he lurking here somewhere?
 
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Photos taken today, Friday (Oct. 20). My first series of photos after the project being placed into receivership the other day. In terms of progress for the past week since my last post last Friday, there seems to have been no more installation of the skin. The glass is installed on the 10th floor, started on the 11th floor (the south side), and the cladding seems fully installed on the east side (10th floor), partly on the north side. All three of the Rail Climbing Systems (RCS) are still on the 10th floor, despite the cladding all in place on the east side meaning the east RCS is presumably ready to be raised one floor. Status quo in terms of where everything was a week ago. Movement on the top, however, as the crane is about to be raised, with a new section ready to be added, and attachment points installed for the next set of crane braces, the blue scaffolding on the south side partly removed to allow the braces to be placed. Forms have risen one floor for the super-columns, to level 41 or 42(?), and the inside corners, revealing more of the second mechanical sections.

After my latest "time-lapse" album addition on Flickr, some views of the new crane section and some of the brace attachment points on the south side, plus several views from Cumberland east of Bay, and Bloor at Bedford.

www.flickr.com

One Bloor West (The One) "time-lapse"

From October, 2020, as above-ground construction started in earnest at The One (1 Bloor W.) in Toronto. More or less a weekly photo usually taken on a Friday, with some gaps during early-on construction hiatuses. The initial photographs are from 2015, during demolition at the site, 2018, during...
www.flickr.com www.flickr.com

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Koops65 said:
Why are there still posts like this, forecasting the 'death' of this building???
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You don’t think this project being put into receivership is concerning? It’s already obvious that some of the lenders and equity partners will take a bath. The question is how much soaking will these people be able to endure to see the project through.
 
Here are the rest of the photos from October 19, 2023:

Bloor side:

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Golden Corner / Champagne Corner:

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Yonge side:

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Note that from now on, I will be posting only two batches of photos of The One per visit (and I make a visit once per day): one batch for distance photos and another batch for photos up close.
 
Blixtein said:
You don’t think this project being put into receivership is concerning? It’s already obvious that some of the lenders and equity partners will take a bath. The question is how much soaking will these people be able to endure to see the project Of course it's concerning
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Of course it's concerning, but so far, all of the interested parties seem to be in agreement that construction should continue, until the building is complete. Some posters seem to "push" the agenda that this building is history, or toast, or a goner, or whatever, but the actual evidence suggests otherwise... the level of ignorance and the movement towards some sort of conspiracy theory about this whole project makes me shake my head.
 
The issue now is that the real estate market is in decline. The higher rates are thinning the buyer pool. It will be hard to see how subordinated debt/unprotected lenders will agree to see this project to completion if prices continue to drop and they will continue to drop. I suggested they cap the building at 50 or so floors and cut their losses.
 
The cap is at 91 though. Unless stated otherwise, the plan is to reach that, then cut their losses...for good or bad.
 
But this is the opposite of cutting losses. Going to 91 at this point is essentially building 70 spec luxury condos in a market full of luxury product. I'm sure they'll at least consider it because at this point, with this much drama, who is going to pay premium pricing for units at this project?
 
SonyPayStation said:
Because it’s not clear that throwing good money after bad makes sense. Even if they finish it, they have $1.4B in units to sell. Not sure it's a build it and they will come at this point, so while each additional floor creates cost, it's not clear that it creates profit.
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$600 million loss is projected. Anyone who doesn’t see this is potential fraud by design is blind.
 
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