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I don't see why Great Gulf won't make use of the site as a central sales office even if they don't plan on developing it right away. Then again, I don't see why they would wait developing the site either unless they plan on keeping ownership of whatever they build.
 
maestro said:
I don't see why Great Gulf won't make use of the site as a central sales office even if they don't plan on developing it right away. Then again, I don't see why they would wait developing the site either unless they plan on keeping ownership of whatever they build.
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I say build....they might as well take advantage of this mini-boom going on right now before the HST and GREEN ROOFS take effect.:)
 
Automation Gallery said:
I say build....they might as well take advantage of this mini-boom going on right now before the HST and GREEN ROOFS take effect.:)
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Too late with respect to HST (purchase and sale agreements enetered into after June 18, 2009 with closings that occur after June 30, 2010 are subject to HST) and possibly with respect to green roofs.... and a whole bunch of other regulatory changes in the pipeline.

Also obtaining financing (there are no residential construction loans available for over $50 million from any schedule A banks except TD) to start building right away when existing deposits are being returned on purchase and sale agreements is a legal and financial hurdle that GG would find near impossible to overcome.
 
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A Press Release from Robins Appleby & Taub

1 BLOOR EAST DEPOSITS TO BE RETURNED TO CONDOMINIUM PURCHASERS

As Canadian legal counsel to Bazis International Inc., Toronto law firm Robins Appleby & Taub LLP confirms that Bazis International Inc. has entered into a binding agreement to sell its Toronto 1 Bloor East property to an affiliate of Great Gulf Homes in a transaction closing in September, 2009. As a result of the sale, any development of the property will be an entirely new project.

Robins Appleby & Taub LLP wishes to reassure the public that any deposits that had been paid by condominium purchasers of the now discontinued Bazis International Inc. project remain safely held by Robins Appleby & Taub LLP in a trust account as required by the Condominium Act of Ontario. The funds will be returned with interest to the purchasers as soon as possible.

Robins Appleby & Taub LLP is currently in the process of providing the purchasers with an information package setting out the refund process so that the necessary arrangements can be made.

As featured in an April 14, 2009 article in The Globe and Mail, Robins Appleby & Taub LLP was the first law firm in Canada to devote an entire practice group to providing support to commercial real estate developers and lenders during the current liquidity crisis. The Real Estate Investment Advisory Group – also known as the BRIDGE group – consists of a team of legal experts in the fields of real estate, litigation, and tax law. BRIDGE specializes in providing innovative and creative solutions to financing, transactional, restructuring and recovery problems.

BRIDGE was front and centre in the negotiations between Bazis International Inc. and the buyer for the sale of the 1 Bloor East property. Immediately prior to these negotiations, BRIDGE successfully defended Bazis International Inc. against a receivership court application made by a group of Toronto financiers and developers who had purchased the first mortgage loan on the 1
Bloor East property from the European financial institution Société Générale, which is headquartered in France.

The substantial Toronto presence of Bazis International Inc. continues with its Emerald Park and Crystal Blu projects, which are both proceeding on schedule and without issue. BRIDGE is legal counsel to Bazis International Inc. on these projects.

BRIDGE is available for media comment regarding:
● the 1 Bloor East deposits;
● the sale of the 1 Bloor East property by Bazis International Inc.;
● the status of other Bazis International Inc. projects in Toronto; and
● the issues currently facing the Toronto commercial real estate industry.
Additional information on BRIDGE
http://robinsapplebyandtaub.com/bridge/Globe_Article-041409.pdf
www.robinsapplebyandtaub.com/bridge
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With size of this site and the available density, I wonder if GG will consider building two shorter towers in the 40s range instead of one 80s? It would cost them less and they could phase the development based on market demands. Not to mention that they have had great success with 35s - 45s towers to date, so why not stick with what works. Just a though.
 
Alexisto008 said:
With size of this site and the available density, I wonder if GG will consider building two shorter towers in the 40s range instead of one 80s? It would cost them less and they could phase the development based on market demands. Not to mention that they have had great success with 35s - 45s towers to date, so why not stick with what works. Just a though.
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They could do that, no doubt. But if any corner of the city deserves something grand, it's Younge and Bloor. I really hope something spectacular goes there. Anything less would be a disappointment.
 
ILuvTO said:
They could do that, no doubt. But if any corner of the city deserves something grand, it's Younge and Bloor. I really hope something spectacular goes there. Anything less would be a disappointment.
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I agree, even if they have to park it for 5 years, we need a monster on that corner.:)
 
An MLS type development with shopping, cinemas!, perhaps offices or hotel and then two condos above would be ideal, and likely easier to get built here than a 60 or 80 storey monster. GG & partners commissioning a design review panel would also be a bonus.
I can dream.
 
dt_toronto_geek said:
An MLS type development with shopping, cinemas!, perhaps offices or hotel and then two condos above would be ideal, and likely easier to get built here than a 60 or 80 storey monster. GG & partners commissioning a design review panel would also be a bonus.
I can dream.
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Your probably right.:)
 
dt_toronto_geek said:
GG & partners commissioning a design review panel would also be a bonus.
I can dream.
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I too would love to see an international design competition for this site, with the stated -- or even unstated -- goal of outshining the Absolute competition that produced the "Marilyn" building design. (I personally think that a number of the other finalists would also have been excellent choices.)

I'm not holding my breath though.
 
I too would love to see an international design competition for this site, with the stated -- or even unstated -- goal of outshining the Absolute competition that produced the "Marilyn" building design. (I personally think that a number of the other finalists would also have been excellent choices.)
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Now we're talkin!

Screw competition ... this corner is made for Nouvel.
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Yeah baby!
 
1bloor--->

how about a office tower? something incredible, amazing?
1 bloor was an amazing project...but there are other projects that will come close to that for sure!
im thinking something like John Hancock Center at the 1bloor location?
what do you people think?
 
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