[Redroom Studios]

the part where two news outlets say the project is going ahead at 80 storeys as planned... the other that says the building is dead. Or maybe you understand the English language in a different manner than I do... ? Thats why I'm also having a hard time understanding others assessment as if they didnt read or hear the part reporting the project going ahead as planned. To some degree I think its open to interpretation what that deal means... does it mean a third party is buying the land outright or are they buying the land and entering into a partnership with Bazis? Again, the various stories disagree on this the way I read it.

 

[alklay]

The only official announcement is the fact that its been sold. The rest is just guessing. There certainly is no 'alliance' and there is certainly no announcement that the building is going ahead as planned.

 

[Redroom Studios]

CTV report: "a deal has been reached that will allow the project to go ahead"... "the lawyer for Bazis tells us that a third party has come on board"

National Post "A source close to the deal said the 80-storey building will continue as planned"

all I'm saying is that this sounds more logical than what the Star reported. Maybe you have a predisposition to want to hear only the negative... perhaps you were one of the detractors that wants this project to fail?

I am open to hearing a logical reason why Bazis made the deal with this third party rather than the consortium holding the defaulted loan? In my mind the only reason would be to keep the project alive and keep their hand in it.

Go Bazis!

 

[gristle]

Why would anyone cancel this project after spending the time and money marketing and selling it?

If anything, the articles posted suggest a desire by an investor to get in on this development.

 

[khris]

The only official announcement is the fact that its been sold. The rest is just guessing. There certainly is no 'alliance' and there is certainly no announcement that the building is going ahead as planned.

Only The Star says it's been sold. CTV says that a third party has joined Bazis to build it.

 

[TOBoy]

The only official announcement is the fact that its been sold. The rest is just guessing. There certainly is no 'alliance' and there is certainly no announcement that the building is going ahead as planned.

Did you even read anything that was posted here, or the newspaper articles mentioned?

 

[Big Daddy]

CTV News release

http://watch.ctv.ca/news/clip204856#clip204856

Unfortunately you have to put up with an ad first.

 

[alklay]

Only The Star says it's been sold. CTV says that a third party has joined Bazis to build it.

The official announcement says its has been sold. Its even quoted twice, in both the Star and the Post, just in case in you missed it the first time. And I even put it in the sentence above the sentence you quoted.

 

[TOBoy]

The official announcement says its has been sold. Its even quoted twice, in both the Star and the Post, just in case in you missed it the first time. And I even put it in the sentence above the sentence you quoted.

From the Post. There's no indication that it's been sold:

The creditors of Bazis International, the developer of One Bloor, have decided to drop their receivership demands after the developer reached a deal with a third party to make full payments on a $46-million loan it received to build the tallest residential building in the country at the corner of Yonge and Bloor streets.

“A well-established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property,†read the statement by the development company.

The full payment is to be made by mid-September. A source close to the deal said the 80-storey building will continue as planned. In July, Bazis International blamed the poor economy for it not being able to make payments on the $46-million dollar loan it received.

The building was scheduled to include more than 592 units, a luxury hotel with 126 suites and three floors for office and other commercial spaces. When plans for the building were announced, people camped out for days hoping to buy units in the elite real estate.

 

[alklay]

For those who seem to miss the same statement over and over again, when you enter into a binding agreement for something, with a closing date, it means one person is buying and one person is selling.

 

[Peepers]

For those who seem to miss the same statement over and over again, when you enter into a binding agreement for something, with a closing date, it means one person is buying and one person is selling.

This fact alone does not preclude Bazis from having a stake in the project going forward. While someone else may own the land (worth $50 Million) Bazis "owns" sales contracts worth $100's of Millions. This is not just "percieved" value but is real value provided they get a shovel in the ground soon. As long as the original design was economically sound I see no reason why this new player would not want to proceed based on the original plans. It would be the fastest and surest way to get a return on their investment.

 

[Big Daddy]

the part where two news outlets say the project is going ahead at 80 storeys as planned... the other that says the building is dead. Or maybe you understand the English language in a different manner than I do... ? Thats why I'm also having a hard time understanding others assessment as if they didnt read or hear the part reporting the project going ahead as planned. To some degree I think its open to interpretation what that deal means... does it mean a third party is buying the land outright or are they buying the land and entering into a partnership with Bazis? Again, the various stories disagree on this the way I read it.

To me it’s pretty clear - a large developer has bought out Bazis position in this project. That does not mean the deal is dead, it means someone else is now at the wheel. It's actually the best possible solution as Bazis is unlikely to clear up its financial problems quickly but selling their position in such a prestigious development would certainly help.

And really why wouldn’t a Tridel (or other) want to finish what’s already planned and approved? The cost of going through that process again for no clear gain would be huge and pointless.

 

[gristle]

From the CTV clip, I think the model they briefly show is Aura at College Park.

They also mention a "hole in the ground." That ain't so.

 

[cdr108]

my 2 cents ...

1. if there's a joint venture with Bazis, then the project can go ahead as planned ... either 67s or 80s ... as the PSA contracts would still be valid.
Building the tower as quickly as possible for closing gets the developers their money ASAP with the least risk.

2. if Bazis is no longer involved in the project, all the PSA contracts are void. The new developer would have to bring in a new design, marketing plan, and would have a really hard time to sell at least 75% of units (in the new financial requirements of banks) and not get anywhere near the price of $1000 PSF they got for in 2005/2006.

Delays costs money and increases the risks to the developers.

 

[Nebakenezer]

my 2 cents ...

1. if there's a joint venture with Bazis, then the project can go ahead as planned ... either 67s or 80s ... as the PSA contracts would still be valid.
Building the tower as quickly as possible for closing gets the developers their money ASAP with the least risk.

2. if Bazis is no longer involved in the project, all the PSA contracts are void. The new developer would have to bring in a new design, marketing plan, and would have a really hard time to sell at least 75% of units (in the new financial requirements of banks) and not get anywhere near the price of $1000 PSF they got for in 2005/2006.

Delays costs money and increases the risks to the developers.

Yup! Exactly! It makes total sense to go ahead. And makes no sense to halt and restart. Almost certainly bazis will be involved, if in name and reputation only. They must have used this as leverage in their bargaining to maintain a role with the new developers vs time running out and property going into receivership to the other consortium.