RyanD said:
from the UT story:
  • Estimated budget is now over $2 billion.
  • 346 residential units have been sold totalling $675 million. 70 remain unsold, all above the 50th floor.

Breaking even means those 70 remaining suites have an average selling price of $18.9m. Someone better chop up that floorplate asap.
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You are not factoring in rent/leasing of the retail/office/hotel in this development. That will fetch some nice revenue as well so way less than $18.9m/condo to break even.
 
I could see a lot of the large unsold residences being chopped up into studio or hotel suites with kitchenettes for investors. Stinsons old sales videos for the suites at Sapphire Tower comes to mind.
 
Pinnicle One Yonge and The One projects started construction at the same time. Can someone explain to me how Pinnicle has finished one building and well in to their second while The One isn’t even close to half way done. This is the progress The One has made since 2018.
IMG_0687.jpeg
 
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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You’re dreaming pal. Once the receiver sorts out the spectacular catastrophe that Mizrahi has caused on this project they’ll get rid of him. While it’s pure speculation on my part it wouldn’t shock me to learn that millions and millions have gone missing considering how much money they’ve already spent on the less than half finished project. Furthermore, the developer is involved in numerous other lawsuits, including with his own partners, which raises even more suspicions to a casual observer with no skin in the game.
 
Stash O’Neill said:
Pinnicle One Yonge and The One projects started construction at the same time. Can someone explain to me how Pinnicle has finished one building and well in to their second while The One isn’t even close to half way done. This is the progress The One has made since 2018.
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....it's pretty obvious from the diagram you did not give credit for, that the structure to build this is vastly more complex than the first tower built to a more conventional affair at about 2/3rds of The One's height. So apples to melons here.

There is also this strange notion being bantered around by a few who seem to argue in dubious faith, that financial incompetence is equated to constructional incompetence. While it's been demonstrated that the finances where the Flight of the Bumblebee in a mismanaged key, has not really translated over to the building side from what I suspect most can see. So if you want to go after Mizrahi for that, I am going to wager you're probably will be out of your league.
 
LoMein said:
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.
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How long before receiver discovers tens of millions are missing?
 
I’ve always thought from day one that Mizrahi was way in over his head with this project and I’m not surprised that this is where we are right now.
 
UtakataNoAnnex said:
....it's pretty obvious from the diagram you did not give credit for, that the structure to build this is vastly more complex than the first tower built to a more conventional affair at about 2/3rds of The One's height. So apples to melons here.

There is also this strange notion being bantered around by a few who seem to argue in dubious faith, that financial incompetence is equated to constructional incompetence. While it's been demonstrated that the finances where the Flight of the Bumblebee in a mismanaged key, has not really translated over to the building side from what I suspect most can see. So if you want to go after Mizrahi for that, I am going to wager you're probably will be out of your league.
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I asked a simple question. Why do you automatically assume I’m going after Mizrahi? Did I mention his name? No. Did I mention incompetence? No. Why are you so defensive of Mizrahi? I may be out of most urbantoronto user’s leagues however, for someone who has a difficult time with simple sentance structure, I highly doubt I’m out of yours. I have no idea why, when there are so many posts previous to mine that actually mention Mizrahi, you would come after me, who said absolutely nothing about him. By the way, you explanation was weak and not helpful in anyway.
 
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Stash O’Neill said:
Pinnicle One Yonge and The One projects started construction at the same time. Can someone explain to me how Pinnicle has finished one building and well in to their second while The One isn’t even close to half way done. This is the progress The One has made since 2018.
View attachment 514236
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Excellent question. It seems to me that there is something overly complicated about the design of this building. Not wrong, but not something that just anyone can take on.
For example, what’s up with the RCS? Much taller buildings have successfully installed their curtain wall without such contraptions. 270 Park (Foster and Partners) as a current example.
 
UpwithOlives said:
Excellent question. It seems to me that there is something overly complicated about the design of this building. Not wrong, but not something that just anyone can take on.
For example, what’s up with the RCS? Much taller buildings have successfully installed their curtain wall without such contraptions. 270 Park (Foster and Partners) as a current example.
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Yeah, I was thinking it must’ve had something to do with the complexity of the design or engineering. It’s hard for a novice such as myself to know whether it had to do with that or other factors like location, project scope, material management etc. I think I remember there being a significant delay while waiting for permits to continue building above ground but, I’m not sure.
 
UpwithOlives said:
Excellent question. It seems to me that there is something overly complicated about the design of this building. Not wrong, but not something that just anyone can take on.
For example, what’s up with the RCS? Much taller buildings have successfully installed their curtain wall without such contraptions. 270 Park (Foster and Partners) as a current example.
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The RCS I imagine is basically there to provide working area for the installation of the panel system at the columns. The columns on this project are much bigger than on 270 Park. The curtain-wall could easily be installed without it.
 
Stash O’Neill said:
By the way, you explanation was weak and not helpful in anyway.
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Actually it was the same as UpwithOlives...they just used a different example...

<snip>

I would least like to thank you though for the clarification though. So with that, you can now take my last part as not directed at you then...since that's not what you where really implying as you stated.

...either way, I hope you find the answer you are looking for here! /bows

Edit/Update: Changed to reflect the moderation to post in question.
 
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