[frizzed]

This thread, which chronicles the attempt by Bazis International to develop the southwest corner of Bloor and Yonge Streets, follows from this thread, when the site was owned by Kolter.

This thread ends when Bazis sold the land to Great Gulf. The thread following the Great Gulf project is here.

interchange 42

 

[rdaner]

Yonge-Bloor may get new tower

Yonge-Bloor may get new tower
DANNY GALLAGHER

Special to The Globe and Mail

The forlorn southeast corner of Toronto's busiest downtown intersection is poised for a makeover, with news the developer that had planned to build a 60-storey complex at 1 Bloor St. E. has sold the property.

Close to four years after Nastapoka Holdings proposed an ambitious residential and retail complex for that neglected corner of Yonge and Bloor Streets, the construction cranes will apparently crank up soon.

What has renewed this new hope is that five weeks ago Kolter Property Co. sold 1 Bloor St. E. to Bazis International of Thornhill for an undisclosed price. Nastapoka had been a joint venture consisting of Kolter and Simkesla Group, but Kolter bought out Simkesla three months ago.

The city's assessment value of the property for 2007 is $33.66-million.


"We've wanted to build at the site for a long time but our interests had become diversified in the U.S. and that property had become a non-core asset for us,'' Kolter vice-president Scott Webb said yesterday, speaking on behalf of Kolter president Robert Julien, a Torontonian who is a principal shareholder in the company.

"My assumption and understanding is that is the intent of Bazis to commence the project and develop the property based on the density rights of 60 storeys that they purchased. I believe that they will go ahead."

Calls to the Bazis International offices in Concord, Ont., were not returned.

The proposal approved by city council in 2002 was a landmark skyscraper containing retail space, a cinema, a small amount of offices and condominiums, and was to have involved parts of Yonge and Bloor and nearby Hayden Street, where the Naval Club is located.

Famous Players Theatres was to build a 2,900-seat, 8,554-square-metre multiplex on the fourth and fifth storeys of the podium. The 1,161-square-metre Naval Club would have been rebuilt as part of the development. The 205-metre-high residential tower was to have contained 525 condos and would have been enclosed in glass and metal with an average floor plate of 775 square metres.

 

[thx1038]

Yonge-Bloor may get new tower

I've been waiting for a long time for this one.

But I'm not so sure about the developer. Its really a group of overseas investors, a numbered company.

Their only track record; Crystal BLU.

 

[Bogtrotter]

It will be interesting to see if they maintain the previous design.

 

[bizorky]

One can assume that the cinema plans are also up in the air (beyond being on the fourth an fifth floors, that is).

 

[Canuck 36]

We would still be a long time off before seeing activity. The condo market has cooled, and if they're planning more office space, there's a bit of a glut being built right now.

 

[thenay]

I doubt the design will be the same but who knows, they may buy the rights for it and go with it as it was already approved and just start building Skips a lot of red tape if they can do that.

 

[Mike in TO]

Although if they are willing to give up a year or two to apply for increased density they may receive it. Consider that since 1BE was initially approved that the Four Seasons located midblock on Bay St in a more sensitive location to height was given substantial density. Using that application as a precident 1BE could potentially achieve significant density increases with virtually zero opposition.

I attended a couple public meetings on 1BE a few years ago and to my surprise virtually all members of the public were in favour of the 60s proposal with some asking why it wasn't taller given the location.... a far different atmosphere than most other public meetings I've attended.

 

[Canuck 36]

Indeed, seems like one is to expect a large tower at this location.

Here's hoping the final product is worth waiting for.

 

[AlexisTO]

This would have been the perfect spot for Trump Tower. Even in it current design.

 

[interchange42]

I would really like to see Nova Scotia's Empire Cinemas chain go into the base of this one. They got 4 lower-profile GTA area theatres (Princess Walk, Elgin Mills, Square One, Burlington) when the competition bureau forced Cineplex to divest a few locations when it swallowed up Famous Palyers. Empire needs a central location to really make their presence felt in Ontario, and this major-traffic location would guarantee them often-full theatres. Cineplex needs the competition to keep them honest, too. (Thanks fully AMC is going to give them some down at Yonge-Dundas Square soon.)

Here's hoping that the old Burka-Varacalli design is thrown out (in favour of something better of course). I'd really like to see a seriously impressive multi-use complex go in here - more shops, the cinema, some office space, a hotel component (if it's true from the article in the ShangriLa thread that another 10 chains are considering Toronto), and of course condos to top it off. All that and widen the sidewalks a bit here too.

up-your-density 42

 

[TdotTrickyRicky]

I would also like to see something really tall go up there, preferably mixed use with an office component. A straight condo building would be kind of disappointing to me given the location.

 

[urbanvillageboy]

Yonge-Bloor

I work out across the street from this site and I noticed last weekend that the Aldo store was closing due to "lease expiry." That was a very busy little store so it's hard to imagine that Aldo would readily give up that location. My guess is that they couldn't renew for an extended period. Also I was told that my gym, which is new, decided on its location because they'd been told that the opposite side of Yonge was soon to be redeveloped.

FYI- My last gym was in 5 St. Joseph which was suddenly emptied of its tenants, a gym and a club, because of "nonpayment of rent." That site now appears on the Hariri-Pontarini website and is slated for redevelopment as a condo with the historic facade retained at street level, just like the building next door.

 

[Sir Novelty Fashion]

Re: Yonge-Bloor

Forget the tower. Demolish the block! Pave it! Make it a park! Let's buy it up and do something really forward-looking.

I pledge $10. Who's with me?

 

[andreapalladio]

Re: Yonge-Bloor

That gastly gym when TU? Where will the circuit boyz go? Whatever will they do?