Bazis is not bankrupt. The standard procedure for developers of large projects such as Emerald Park is for each project to be financed separately. In the case of 1BE, the financing that they had arranged disappeared when Lehman Brothers collapsed, and it was impossible to replace it in the new, super-conservative lending environment. Bazis had no choice but to abandon the project, despite having sold 100% of the units in the building. Their other projects, on the other hand, were not financed through Lehman Brothers and hence are still moving forward.
 
Mongo said:
Bazis is not bankrupt. The standard procedure for developers of large projects such as Emerald Park is for each project to be financed separately. In the case of 1BE, the financing that they had arranged disappeared when Lehman Brothers collapsed, and it was impossible to replace it in the new, super-conservative lending environment. Bazis had no choice but to abandon the project, despite having sold 100% of the units in the building. Their other projects, on the other hand, were not financed through Lehman Brothers and hence are still moving forward.
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i thought the problem with 1BE was some kind of financial scandal that took place in Kazakstan, no?
 
luxome said:
i thought the problem with 1BE was some kind of financial scandal that took place in Kazakstan, no?
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No, the problem was that financing had been arranged through Lehman Brothers, and when it went down, the other usual sources of construction financing rapidly dried up. Bazis was the victim of extreme bad luck, nothing more. If they had originally arranged their financing for this project through some other source, I am sure that 1BE would be currently under construction.

The abuse they get on this board for being from Kazakhstan is nothing but racist BS, in my opinion.
 
There were other issues at 1BE prior the the Lehman fiasco that led to the delay of the public launch of this project by several months. Some of these issues that are not directly related to financing are also extending themselves to Exhibit.
 
Mike in TO said:
There were other issues at 1BE prior the the Lehman fiasco that led to the delay of the public launch of this project by several months. Some of these issues that are not directly related to financing are also extending themselves to Exhibit.
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Yeah... i guess its a bitch being an outsider trying to do business in a city that only supports canadian developers.:rolleyes:
 
There are valid reasons and rationale why there are barriers to market entry and the barriers are the exact same for new Canadian or international developers. A completely open and unregulated market where anyone with a few dollars in their pockets with no experience in this marketplace can show up and build anything they want would expose consumers, government and industry to significant risks.
 
amen to that, they have that in other places around the world, and it has spelt catastrophy for many construction and RE development industry...
 
I heard there will be another council meeting about "Emerald Park" zoning, planning, etc. on March 09, 2010. Has anybody heard about it?
 
you guys still think its possible that 1 bloor be built but in a different location and with different supporting financing???
I mean they had the whole project pland and completed on paper... so why not just find a new sponsor and location?
that building would have been a great addition to toronto. so stupid to just throw it away...
I have a feeling that the new project wont live up to the standard :( but i do hope im wrong.
what do you guys think?
 
kronkie said:
I have a feeling that the new project wont live up to the standard :( but i do hope im wrong.
what do you guys think?
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1 bloor street is history, and which new project that wont live up to the standard are you talking about....sorry if i misunderstood something.
 
It never seemed like a lot of people really liked 1 Bloor East. It received a lot of criticism over the years.

On the topic of Emerald Park, I think this one will go up, but future projects by Bazis seem to be in doubt to me unless they are smaller scale.
 
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What is the current status of this project? The Sales office seems to be unable to return phone calls. How much longer can they delay this?

Has anyone here other than myself bought into this project?
 
Hi Marcone, If you call and leave a message with your contact details, they will return your call. As I said before, there will be another council meeting on March 09, 2010 regarding zoning and planning of Emerald Park.
 
Mithradate said:
Hi Marcone, If you call and leave a message with your contact details, they will return your call. As I said before, there will be another council meeting on March 09, 2010 regarding zoning and planning of Emerald Park.
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Thanks for the advice. I've left a number of messages for the sales office, with a brief description why I am calling. Yet haven't heard back. Actually onetime they returned my message and left me a message saying "Thank you for calling, We have a package of floor plans and a price list ready for you to come and pick up"

Also, try calling their head office, I get a report that the number is not in service.

This company seems to be up to some odd business practices. I shouldn't be coming onto this forum for news on my condo. The builder should be keeping purchasers posted instead of sending a infrequent notices asking for me to purchase or refer people to their other project crystal blu.
 
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