C-mac said:
I don't think architecture is an issue at all here.
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Compare how fast One Saint Thomas went up in 2007, which was at a similar price point, compared to this Foster project. The engineering is undoubtedly more complex as another posted pointed out.
 
To the comments suggesting adding height to make more money - at this scale construction becomes proportionately more expensive the taller you go. Not just in absolute terms but on a PSF basis vs. shorter towers, midrise or lowrise due to the complexity, materials, more advanced HVAC and building systems, etc. Add to that the complexity of this design, assuming even it's structurally possible to add a significant number of increased floors at this point, and it's not really a viable solution.

I suppose they can try to extract NYC billionaire row values for these theoretical units, but that market doesn't exist here to the same degree. Honestly nor should we want it to; are there any of these supertall residential projects that aren't mired in controversy, cost overruns or calamities otherwise? I like The One architecturally but it's just another vanity project for the superrich that won't do anything to address housing insecurity.
 
ProjectEnd said:
I snuck down to the bottom of that pit one early morning back in spring 2008. The sound of the water pumps was deafening.

Latest is Related is claiming they will "mobilize in 45 days": https://chicago.urbanize.city/post/400-lake-shore-drive-will-begin-construction-45-days
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Oh right...the big hole. It looked like a small collapsed star was occupying that area from above... 🙀

...the current project looks no where near as spectacular or tall what they where proposing to put there. I suppose the silver lining here is it's less likely to run into expenditure issues this way....cleaning up an embarrassing eyesore. Hopefully.
 
xy3 said:
Compare how fast One Saint Thomas went up in 2007, which was at a similar price point, compared to this Foster project. The engineering is undoubtedly more complex as another posted pointed out.
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Furthermore, that building, with its timeless limestone facade, is located in a far better location. Yonge and Bloor is not AAA in the least; ask anyone who lives in the area. Yonge and Yorkville, Bay and Bloor, Avenue and Bloor and anything in Yorkville is far superior. I would rate this location B+.

The sleazy marketing of this disaster somehow convinced a whack of buyers (how many of them real and how many non arm's length?) that the location is better than it is in reality.
 
Art Tsai said:
replacement
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SonyPayStation said:
Why is everyone looking for a silver bullet that killed this? Let me describe this from the outside and you can tell me if it's setup for success:

Developer who has never built a high rise builds Canada's tallest and arguably most epxensive high rise, with structural system which has never been built in Canada, in middle of one of Toronto's busiest intersections, with overseas capital, and decides to fire CM and self-perform construction management in middle of Global Pandemic.

Developer started the development by smashing heritage facade in dead of night. Architect of Record is Core who has experience in local high-rise development of smaller scale.

Compare to Forma:

Storied high rise developer, who has built several of Canada's largest towers, builds complex facade with one of Canada's best GCs, funded by local REITs and Family Offices, with debt from Schedule A banks. Architect of Record us Adamson who has done drawings for most of world's largest towers.

Forma may die yet but we aren't in the same part of the river.
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Yeah, you nailed it dude. People in these threads really don't understand the development industry at all. Anyone in the know, knew this project was being mismanaged from the start and was headed towards this current situation.

Also, I find it funny how Sam is almost definitely following this thread. Hi Sam!
 
Blovertis said:
For me the only question right now is how many additional storeys $315 million is going to buy
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Likely, not that many.

According to their financial projections, the receiver is going to burn through nearly half that amount by January 2024 alone...

Mizrahi Facility.PNG


Evidentially, something more permanent will obviously have to be worked out (or is being worked on), if this project is to actually get completed.
 
DevDudeToronto said:
Yeah, you nailed it dude. People in these threads really don't understand the development industry at all. Anyone in the know, knew this project was being mismanaged from the start and was headed towards this current situation.
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Perhaps more that we are interested in the architecture and watching the building rise and less interested in the financial weeds.
I understand that’s a separate forum. But each to their own…
 
Strange Advance said:
To those of you in the know, like Northern Light, what do you think is the chance this thing gets built as currently specified?
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Built without massive revisions? Fairly likely. Small revisions? More likely.

Honestly we don’t know other than that construction is still continuing. It’s very much a wait and see thing. Given that the creditors aren’t immediately halting work tells me that they think the best way forward is to keep going on the project - hopefully it stays that way.
 
Strange Advance said:
To those of you in the know, like Northern Light, what do you think is the chance this thing gets built as currently specified?
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I was tangentially involved in a condo project some years ago where the developer went bankrupt but in that case the structure was finished but the interiors weren't. There was LOTS of "value engineering' and items 'forgotten' about. If I were a purchaser here I would be quite worried as the structure of this One is not even finished.
 
Ooof and they lost Apple as their main retail tenant! :eek: Wasn't the ground floor retail designed specifically for Apple? That must also be devastating on the buildings finances??? I really hope somehow this gets completed!
 
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