Johnny Au
Superstar
June 1, 2024:
- Thread starter urbandreamer
- Start date
June 1
Collingwoodbuildinglover
Senior Member
It would appear that we have completed the pour for the second level of the mechanical floor so we should be seeing them beginning to move mechanical fixtures into place before beginning forming for the next floor then I imagine we will see you pace pick up those sky grid may take abit to get up to speed that we are used to on the lower section
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Receiver to List Toronto’s The One for $1.2B
A court-appointed receiver plans to list Toronto’s massive debt-riddled the One condominium development project for $1.2 billion.
Alvarez & Marsal said in a Superior Court of Ontario (Commercial List) court filing that the 85-storey project’s senior secured creditors have required the receiver to set that asking price as a minimum bid threshold. The receiver said it could sell the entire project at this time or arrange for developers or others to complete the development and market the mixed-use tower’s residential units and commercial component.
There could be one transaction of a series of deals completed to achieve at least $1.2 billion in proceeds. The project is nearing the point at which decisions need to be made on existing condominium sales agreements and a hotel development deal that will affect part of the tower, the receiver added.
“Now is the appropriate time to market the project to solicit any and all potential forms of value maximizing transactions or investments that may be available in the market,” said Alvarez and Marsal in the report.
To help maximize the value, Alvarez & Marsal wants to reconfigure the building’s top floors, increasing the unit count to 503 from 415.
The receiver has selected JLL to market the project after selecting five finalists from among companies that submitted proposals. Alvarez & Marsales are preparing a solicitation and investment sales process (SISP) with the goal of securing a successful court-approved bid by October 14.
The recent court filing was the receiver’s second report. The latest plans come after Alvarez and Marsal appointed SKYGRiD Construction as the project’s general contractor and developer. Located at 1 Bloor Street, the 85-storey project is grappling with more than $1.2 billion in debt.
SKYGRiD replaced Sam Mizrahi, a local real estate developer who also co-owns the project.
Alvarez & Marsal plans to conduct the formal marketing and initial due diligence process in July and set a final bid deadline for September 24.
Receiver to List Toronto's The One for $1.2B - Connect CRE
A court-appointed receiver plans to list Toronto's massive debt-riddled the One condominium development project for $1.2 billion.
www.connectcre.ca
A court-appointed receiver plans to list Toronto’s massive debt-riddled the One condominium development project for $1.2 billion.
Alvarez & Marsal said in a Superior Court of Ontario (Commercial List) court filing that the 85-storey project’s senior secured creditors have required the receiver to set that asking price as a minimum bid threshold. The receiver said it could sell the entire project at this time or arrange for developers or others to complete the development and market the mixed-use tower’s residential units and commercial component.
There could be one transaction of a series of deals completed to achieve at least $1.2 billion in proceeds. The project is nearing the point at which decisions need to be made on existing condominium sales agreements and a hotel development deal that will affect part of the tower, the receiver added.
“Now is the appropriate time to market the project to solicit any and all potential forms of value maximizing transactions or investments that may be available in the market,” said Alvarez and Marsal in the report.
To help maximize the value, Alvarez & Marsal wants to reconfigure the building’s top floors, increasing the unit count to 503 from 415.
The receiver has selected JLL to market the project after selecting five finalists from among companies that submitted proposals. Alvarez & Marsales are preparing a solicitation and investment sales process (SISP) with the goal of securing a successful court-approved bid by October 14.
The recent court filing was the receiver’s second report. The latest plans come after Alvarez and Marsal appointed SKYGRiD Construction as the project’s general contractor and developer. Located at 1 Bloor Street, the 85-storey project is grappling with more than $1.2 billion in debt.
SKYGRiD replaced Sam Mizrahi, a local real estate developer who also co-owns the project.
Alvarez & Marsal plans to conduct the formal marketing and initial due diligence process in July and set a final bid deadline for September 24.
kotsy
Senior Member
kotsy
Senior Member
UpwithOlives
Active Member
They're still working on the forms for the walls and columns for 58. Once those are poured, the blue platforms should move up and the next set of hangers can be placed, and then yes, the pace should pick up again. The report says they should be at 62 by the end of June...
Rascacielo
Senior Member
Today
Collingwoodbuildinglover
Senior Member
And there are those beautiful hangers RCS has really picked up pace though will be interesting to see what happens when they get to the next mechanical floor
Richtea
Active Member
From today:
allengeorge
Senior Member
Additional article in the G&M about the sale:
www.theglobeandmail.com
Didn’t realize that the lenders would just go ahead and complete the project if the sale didn’t go through. If no sale goes through my money is on 85 storeys.
Troubled condo project The One looking for $1.2-billion sale – or else lenders won’t unload it
Lenders are owed $1.5-billion after Sam Mizrahi and Jenny Coco defaulted on loan payments during construction
www.theglobeandmail.com
Didn’t realize that the lenders would just go ahead and complete the project if the sale didn’t go through. If no sale goes through my money is on 85 storeys.
HometownPride
New Member
Tsk tsk Kotsy out taggin' buildings
BloorMan
Active Member
From today (Tuesday). They poured the corners lower down and working on level 59:
travis3000
Active Member
Additional article in the G&M about the sale:
Troubled condo project The One looking for $1.2-billion sale – or else lenders won’t unload it
Lenders are owed $1.5-billion after Sam Mizrahi and Jenny Coco defaulted on loan payments during construction
Didn’t realize that the lenders would just go ahead and complete the project if the sale didn’t go through. If no sale goes through my money is on 85 storeys.
Given they already have the approval for 91 storeys, the most logical business solution would be to build high and chop the bigger units into smaller more affordable units. I can see why the 7-10 million dollar units aren't selling, but if all of a sudden they became 2-4 million dollar smaller units, that's a guaranteed sale especially at this height. Might as well make some money given all the materials have been bought and paid for.
UpwithOlives
Active Member
Good to have you back, been missing this perspective!