Civdis said:
Sorry everyone, this is all my fault! You see, I am a sucker for mega projects. I was and still am an original owner in 1 King West and look what happened to Harry, bankrupt. I purchased pre-construction at the One some 6 odd years ago and look what happens, receivership! Obviously I am the curse lol. The good news is that 1 King got completed, I hung on, and it is one of my best investments on a cash flow basis. I have no doubt that The One will also get finished (way too far along to stop, someone will pick up the pieces), with a lot of blood in the streets of Yorkville. The ultimate irony, they are literally pouring the slab for my unit as we speak 🥴
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This post actually made my day reading it. Glad that the project at King got finished and I hope this project is finished well and turns into a major cash flow for you the same as King
 
Tesla said:
I'm sure a new credible developer will shortly be appointed to salvage what's left of this unmitigated disaster.
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They aren't appointing a new developer. Mizahi is still the developer that has not changed there has been a receiver appointed to oversee debt repayments and scheduling not to overtake development personally. Given everything this project has gone through, I think it is coming along quite well. Multiple different forming systems are constructed specifically for this building as well as multiple engineering systems, both in the ground floor and the underground to call this an unmitigated disaster is an insult to the engineers and the workers working on it
 
Collingwoodbuildinglover said:
They aren't appointing a new developer. Mizahi is still the developer that has not changed there has been a receiver appointed to oversee debt repayments and scheduling not to overtake development personally. Given everything this project has gone through, I think it is coming along quite well. Multiple different forming systems are constructed specifically for this building as well as multiple engineering systems, both in the ground floor and the underground to call this an unmitigated disaster is an insult to the engineers and the workers working on it
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*unmitigated financial disaster
 
DF416604 said:
*unmitigated financial disaster
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Once again, multiple projects throughout the world suffered financially as a result of covet lockdowns. This building sat with two stories in the ground for multiple months with one of the largest luffng cranes in all of Toronto. Sitting in the middle can't say that didn't cost money and that was not their fault
 
drum118 said:
Feb 12
Lot of meat in those columns and brace supports. Even the floor bracing is something.
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Does no one forget that this is how it sat for at least 4 months
 
Yeah a disaster that the city created when they revoked permits due to the lockdown not due to the developer. So to put this all on the construction workers and developers is unfair. They played a role but it isn't completely then

Literally if the building had been another two floors higher it would have had its above grade permits before lockdown and would easily probably be 10 floors higher than it is today
 
There is a lot of knowledge on this forum about architecture but zero about development. This is not a case of a developer running into "bad luck" or "COVID". It's a combination of fraud and incompetence. It's all been documented and is readily available online. It's been posted in this thread for years. Simply read the articles.
 
EBT said:
I have been reading some of the posts above and while it is somewhat reassuring that the construction is proceeding, I think the city should urgently look at granting height increases or other concessions that the new lenders may require in order to make this project viable. The last thing we want is this tower to stand unfinished for decades to come and that is a real possibility as the economy goes from bad to worse! The city should grant the new project leader carte blanche at this crucial stage to ensure it gets built. Ditto all other major projects currently under construction!
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There is no chance this won't get built. Too much money has been spent, a significant portion of the building is sold, and all the creditors have an interest in being paid back. This is why the receiver is coordinating lending and continuing construction.

Even if construction stopped, the property would quickly be sold to a buyer who would finish construction. The is not the same situation as the Bay-Adelaide Centre, which was built on speculation during a severe commercial real estate downturn.

It's too late for significant design changes. I could see modifications to the building, such as reducing the height, though I doubt this would save a significant amount of money. More likely, we will see changes to the interior layouts to make them more sellable or profitable.
 
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Collingwoodbuildinglover said:
Yeah a disaster that the city created when they revoked permits due to the lockdown not due to the developer. So to put this all on the construction workers and developers is unfair. They played a role but it isn't completely then
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The COVID construction pause happened in April (one month after the photo you referred to was taken) and only lasted until mid-May.

The receivership documents say that completion was originally scheduled for December 2022, but now estimates are completion *maybe* in March 2025. A one-month construction pause led to three years in delays? I don't buy it.
 
So looking back through the thread they officially started digging. Let's just say January 2018 that gives a 4-year timeline to complete the building. If it wasn't possible that Apple had an agreement to take occupancy while building was under construction, I don't know of any timeline that could have met this as it takes a building minimum a year to get back to grade once it goes down depending on the levels. The main mistake they made in the first place was giving such a ambitious timeline and not accounting for the possibility of interest spikes as when this project was started, interest rates were pretty well zero so it would have been easier to hook investors at higher costs and made it harder to pay them back. I do agree there was a lot of financial malpractice here but I don't like it saying that this site is anything other than what it is. It is going to be one of the nicest buildings in Toronto when it is complete and I look forward to seeing it complete. I hope all tenants make money on it and that it is an icon for us all to admire for years to come. This is my last post on this because I feel like I have actually gotten shown that I am wrong and for that I am thankful it's why I love this forum. So many people with so much information and so much knowledge
 
Start Fox said:
Interestingly the filings also say that 346 residential units have been sold totalling $675 million. 70 remain unsold, all above the 50th floor so presumably will go for a premium. I'm not sure of the economics of the retail, hotel, and commercial components but ya, that seems like a big gap.
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that would be 20m per unit to break even lol
 
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