St. Even
Active Member
thanks Exodus.
makes sense.
makes sense.
grey
Senior Member
Interesting. I'd love to see those furnished suites.
Johnzz
Active Member
Here are some renderings for what it's worth:
http://www.collegeparkcondos.com/pdf/1m+d_bedroom_den.pdf
http://www.collegeparkcondos.com/pdf/1m+d_kitchen.pdf
Epi
Active Member
Ahh okay I see, makes sense. I never went to the sales office in the past.
dt_toronto_geek
Superstar
Well I'll be damned! I still don't get it, but whatever it takes to move some property.
firsttimebuyer
New Member
First post
This is my first post ... but bought a unit at Aura and I live right above the sales office. Stopped by yesterday at their "open house" and asked about construction.
Was told that "the project is not delayed, and construction will start before the end of the year".
They were also only selling 2 units on the lower floors, and ~10 on the upper floors. Now, they very well might have been holding back more units - not too sure ... but certainly doesn't seem like it's 95% sold.
This is my first post ... but bought a unit at Aura and I live right above the sales office. Stopped by yesterday at their "open house" and asked about construction.
Was told that "the project is not delayed, and construction will start before the end of the year".
They were also only selling 2 units on the lower floors, and ~10 on the upper floors. Now, they very well might have been holding back more units - not too sure ... but certainly doesn't seem like it's 95% sold.
allabootmatt
Senior Member
Hmmm...they had been saying August for a while previously.
Johnzz
Active Member
Hey firsttimebuyer, welcome!
It seems very strange for them to say the project isn't delayed. They should have begun several months ago.
Bob
New Member
A close friend of my who works in the development industr told me, they are having the same issues as many other builders, first of all the total amount of the loan is too big and they have to put 4-5 banks together. But the larger issue is the banks are now requiring the developers to put up 25%equityty in each project rather then 10-15% they need to put in before. on the project of that size that mean they would need to put up over $100m of cash.
You will see more of smaller developments and less projects in the future as there is only so much cash that each developer is willing to put in to each project.
Lets hope that this one will go forward.
You will see more of smaller developments and less projects in the future as there is only so much cash that each developer is willing to put in to each project.
Lets hope that this one will go forward.
Patriot
Active Member
"Construction will start before the end of the year"
This is disappointing. The corner desperately needs to be redone. The banks are being too stringent on projects in Canada given that we haven't had the issues like in the USA.
With such uncertainty in building times and the like, there's almost no incentive to invest in condos until they are already built. Otherwise you run the risk of becoming another delayed project, or a cancelled project, etc.
This is disappointing. The corner desperately needs to be redone. The banks are being too stringent on projects in Canada given that we haven't had the issues like in the USA.
With such uncertainty in building times and the like, there's almost no incentive to invest in condos until they are already built. Otherwise you run the risk of becoming another delayed project, or a cancelled project, etc.
Exodus
Active Member
This is my first post ... but bought a unit at Aura and I live right above the sales office. Stopped by yesterday at their "open house" and asked about construction.
Was told that "the project is not delayed, and construction will start before the end of the year".
They were also only selling 2 units on the lower floors, and ~10 on the upper floors. Now, they very well might have been holding back more units - not too sure ... but certainly doesn't seem like it's 95% sold.
they were talking about starting construction at the end of August.
sounds like they are 'delayed' yet again...
NorthYorker
New Member
hmm... I trust the bank's opinion.
firsttimebuyer
New Member
Looks like 1 Bloor is officially dead. Only reason I'm posting is supply/demand works in Aura's favor
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Redroom Studios
Senior Member
really, where'd you hear that news?
isaidso
Senior Member
CTV National News, CTV Toronto, and the National Post say it's going ahead. The Globe and Mail and the Toronto Star say it's likely dead. Here's the National Post article followed by the Toronto Star article.
NATIONAL POST
Work on One Bloor to continue after loan deal
Posted: August 18, 2009, 10:27 PM by Barry Hertz
Neighbourhoods, Real estate
By Giuseppe Valiante, National Post
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.
http://network.nationalpost.com/np/...allest-condo-to-continue-after-loan-deal.aspx
TORONTO STAR
Developer sells failed 1 Bloor condo-hotel property
Aug 19, 2009 04:30 AM
TONY WONG
BUSINESS REPORTER
The site of the controversial 1 Bloor hotel and condominium project, which was to be Canada's tallest residential tower, has been sold.
Developer Bazis International released a statement late yesterday 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. Hundreds of buyers had lined up for weeks to own a unit in the property in 2007. Units went for half a million and up. The penthouse was reportedly sold for $25 million.
Developer Michael Gold, the Canadian face of Bazis International, 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 likely means that 500 condo purchasers will not realize their dreams of living in the city's tallest tower. They are also waiting to hear of what will become of the $70 million in deposits held in trust by Gold's lawyers.
http://www.thestar.com/business/article/682807
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