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Mike in TO said:
They've been desperately trying to find a dance partner since spring 2008 when things started falling apart for them (which is incidentally months before Lehman bros or the market crash)
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I had been under the impression that it was the 2008 crash and the Lehmann bankruptcy that made things unravel. So what started falling apart for Bazi's before then?
 
jw03 said:
Looks like Bazis is defaulting all over the place. Here is the Notice of Termination of the lease on their Presentation Centre in 33 Bloor Street East, posted today.

(My apologies for the triad of photos, the type was illegible on account of resolution when in a single photo, taken with my phone.)
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I henceforth declare that Bazis got PWNED.
 
all the buyers in this project should be really happy if the project is totally cancelled and the deposits are returned. The whole project was a huge mistake from the beginning, starting with the extremely high prices that were paid for the units, totally out of the market and reality. the worst mistake that you can make in Real Estate is buying over the market price, it does not make any sense.
 
CFTO is JUST NOW reporting that a last minute deal was reached today to avoid receivership. According to the CFTO report Bazis has "brought in a third party" to ensure that the land loan will be paid and that the project is still a "go"
 
and you know the news never makes any mistakes! ;)

Peepers said:
CFTO is JUST NOW reporting that a last minute deal was reached today to avoid receivership. According to the CFTO report Bazis has "brought in a third party" to ensure that the land loan will be paid and that the project is still a "go"
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i saw that too. they said it's around 80 floors and scheduled for completion in 2011.
 
Today is supposed to be judgement day with the courts.

Any news on that, wiht Judge Siegler?
 
I just watched the news release on the CTV website. They seem confident that the news is true. However, there was no mention of the number of floors. So we may very well see the project proposed at 67s.
 
is there any way someone can post the link to this CTV / CFTO news story? I searched for it and couldnt find it.

80 storeys was the original proposal... as far as I am concerned the 67 storeys is just a rumour that has emerged in the last month or so.
 
Redroom Studios said:
is there any way someone can post the link to this CTV / CFTO news story? I searched for it and couldnt find it.

80 storeys was the original proposal... as far as I am concerned the 67 storeys is just a rumour that has emerged in the last month or so.
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The video report is posted on the CFTO webpage

go to the link before and on the right hand side of the page you will see the link in the video player

http://toronto.ctv.ca/

edit: look for link "one bloor project still a go"
 
Redroom, it's this...

http://toronto.ctv.ca/

just type where it says CTV news at 6pm (right-hand side of screen)....the Bazis piece is a few minutes into the newscast.....they do say that it was Bazis' lawyer who announced the news...
 
1 Bloor Sold!

http://www.thestar.com/printArticle/682689

1 Bloor sold TheStar.com - GTA - 1 Bloor sold
August 18, 2009
Tony Wong
Staff Reporter

The controversial 1 Bloor hotel and condominium project - which was supposed to be the tallest residential tower in Toronto - has been sold.

Developer Bazis International released a statement today saying: "A well established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property with closing in mid-September."

The Star revealed last month that the Kazakhstan-backed company intended to sell the property on the southeast corner of Yonge and Bloor Sts.

In 2007, hundreds of buyers lined up, some even camping out, to put deposits on units in the property. Units went from $500,000 and up. The penthouse was reportedly sold for $25 million.

Developer Michael Gold had stopped making payments on a $46 million loan in December. When the loan continued to be in default, a consortium of lenders tried to place the project in receivership.

The group offered $50.5 million to Gold. But he ended up selling the property to someone else.

"It is too early to discuss future development plans. However, further details will be made available at the appropriate time after closing. Due to the confidentiality agreement we cannot comment at this time," said the Bazis statement.

The sale of the condominium likely means that the 500 purchasers of the hotly sought-after property will not see their dreams of living in the tallest tower in the city come true. They are also waiting to hear what will become of the $70 million in deposits held in trust by Gold's lawyers.
 
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