teddles
New Member
“new builder took this over as a vanity project which is why it’s going 91 stories” is a spicy hot take.
- Thread starter urbandreamer
- Start date
UtakataNoAnnex
Senior Member
Conversely, "the 85 storey version resembles a circumcised member" is pretty spicy too... 
tstormers
Senior Member
Taken Wednesday from Adelaide and Bathurst.
C-mac
Senior Member
Well I really hope you're right. I know nothing about the financials of these things, but it doesn't make sense to me they wouldn't want to go as high as they can seeing as it was the height was approved. I realize it's more materials and labor, but I would think getting more units in the end would still be more profitable.
Collingwoodbuildinglover
Active Member
Yeah unfortunately if you look at the financials of any large project of this scale 90% of them usually go at least 40% over budget and under sell I forget where it is but there is a 400 m tower in the States that was over budget by 3.2 billion dollars and behind schedule by 3 years this project isn't actually an anomaly if anything sky Tower is with the fact that it is actually well planned and budgeting is done appropriately
Benito
Senior Member
fanoftoronto
Active Member
The frustrating thing about this projects is that this project is one the few condo developments that has both a massive impact on the skyline as well as an architectural vision that's more than grey and blue spandrel galore.
But instead of proving that Toronto is worthy of such mass and architecture, because this project was mis-managed by whoever, this building will end up proving to the naysayers that this is why it's safer to not take a risk in Toronto.
Hopefully Forma and Sky Tower are able to redeem such projects. I don't have much hope in Concord Sky.
Also, just noticed that Concord simply took the name from Sky Tower! Like dude, literally use any other name!!
But instead of proving that Toronto is worthy of such mass and architecture, because this project was mis-managed by whoever, this building will end up proving to the naysayers that this is why it's safer to not take a risk in Toronto.
Hopefully Forma and Sky Tower are able to redeem such projects. I don't have much hope in Concord Sky.
Also, just noticed that Concord simply took the name from Sky Tower! Like dude, literally use any other name!!
Obsidian
Active Member
Well the trouble with this project and the bankruptcy of Cresford does prove to limit your ambition in the Toronto market.
I have my doubts we ever see the taller Forma building as currently design ever be built.
Maybe if we remove the foreign buyer ban and limits to AirBnbs, we may see more ambitious projects get built as designed
jer1961
Active Member
Photos taken yesterday, Friday (May 31). Good to meet fellow UT contributor kotsy also taking snaps of 1 Bloor! With all the photos posted here, surprising I don't bump into more UT photographers! Friday, at the top of the tower, the forms are where they were a week ago, with the third mechanical section still being worked on, levels 57 and 58. Read in that report above something about level 62 being the first level that might change depending on if the tower goes to 85 or 91 levels... They are pretty close to that now. The blue corner forms are also where they were last week, at the top of the last-installed hanger section. They can't move up until the next hangers are placed, and that won't happen until the top forms move past the third mechanical section.
Meanwhile, the black Rail Climbing Systems (RCSs) are installing the skin of the building rapidly now, moving up multiple floors since last week in some cases. The east, north and west RCSs were at levels 27, 27 and 25 last week, respectively. This week, they are at levels 29, 28 and 27. And as a result we are quickly getting the true look of the tower emerging.
Starting with my usual "time-lapse" Flickr album addition, showing the near-weekly progress of the rise of the tower since October 2020, then to views from the south, Yonge and Alexander, then from around Yonge and Charles. The crane with shadows, and a view of the east face from below. Next, the view from Bloor west of Balmuto in front of Holt Renfrew, and a silhouette shot with 1 Bloor E reflecting. Some near-diagonal views from Cumberland east of Bay, and a set from the NE area of Yonge and Bloor - the airplane passing overhead shot was taken while meeting kotsy. Finally, a shot from Bloor and Bedford, road construction crews on the westbound lanes. Pretty sure the "thumbs-up" was directed at the waiting line of traffic, now clear to pass. Finally, a shot from halfway down Devonshire.
www.flickr.com
Meanwhile, the black Rail Climbing Systems (RCSs) are installing the skin of the building rapidly now, moving up multiple floors since last week in some cases. The east, north and west RCSs were at levels 27, 27 and 25 last week, respectively. This week, they are at levels 29, 28 and 27. And as a result we are quickly getting the true look of the tower emerging.
Starting with my usual "time-lapse" Flickr album addition, showing the near-weekly progress of the rise of the tower since October 2020, then to views from the south, Yonge and Alexander, then from around Yonge and Charles. The crane with shadows, and a view of the east face from below. Next, the view from Bloor west of Balmuto in front of Holt Renfrew, and a silhouette shot with 1 Bloor E reflecting. Some near-diagonal views from Cumberland east of Bay, and a set from the NE area of Yonge and Bloor - the airplane passing overhead shot was taken while meeting kotsy. Finally, a shot from Bloor and Bedford, road construction crews on the westbound lanes. Pretty sure the "thumbs-up" was directed at the waiting line of traffic, now clear to pass. Finally, a shot from halfway down Devonshire.
The One (1 Bloor West) "time-lapse"
From October, 2020, as above-ground construction started in earnest at The One (1 Bloor W.) in Toronto. More or less a weekly photo usually taken on a Friday, with some gaps during early-on construction hiatuses. The initial photographs are from 2015, during demolition at the site, 2018, during...
www.flickr.com
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just east of the creek
Active Member
There is one storey on the web that the receiver will shortly take steps to post a ‘For Sale’ sign on this development. Have not had a chance to check the web site for the relevant postings in the court documents.
just east of the creek
Active Member
The relevant documents are here re a sale and a reconfigured floor plan for the upper floors: https://www.alvarezandmarsal.com/sites/default/files/canada/Second Report of the Receiver_0.pdf
Johnny Au
Senior Member
June 1, 2024:
June 1
Collingwoodbuildinglover
Active Member
It would appear that we have completed the pour for the second level of the mechanical floor so we should be seeing them beginning to move mechanical fixtures into place before beginning forming for the next floor then I imagine we will see you pace pick up those sky grid may take abit to get up to speed that we are used to on the lower section
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Receiver to List Toronto’s The One for $1.2B
A court-appointed receiver plans to list Toronto’s massive debt-riddled the One condominium development project for $1.2 billion.
Alvarez & Marsal said in a Superior Court of Ontario (Commercial List) court filing that the 85-storey project’s senior secured creditors have required the receiver to set that asking price as a minimum bid threshold. The receiver said it could sell the entire project at this time or arrange for developers or others to complete the development and market the mixed-use tower’s residential units and commercial component.
There could be one transaction of a series of deals completed to achieve at least $1.2 billion in proceeds. The project is nearing the point at which decisions need to be made on existing condominium sales agreements and a hotel development deal that will affect part of the tower, the receiver added.
“Now is the appropriate time to market the project to solicit any and all potential forms of value maximizing transactions or investments that may be available in the market,” said Alvarez and Marsal in the report.
To help maximize the value, Alvarez & Marsal wants to reconfigure the building’s top floors, increasing the unit count to 503 from 415.
The receiver has selected JLL to market the project after selecting five finalists from among companies that submitted proposals. Alvarez & Marsales are preparing a solicitation and investment sales process (SISP) with the goal of securing a successful court-approved bid by October 14.
The recent court filing was the receiver’s second report. The latest plans come after Alvarez and Marsal appointed SKYGRiD Construction as the project’s general contractor and developer. Located at 1 Bloor Street, the 85-storey project is grappling with more than $1.2 billion in debt.
SKYGRiD replaced Sam Mizrahi, a local real estate developer who also co-owns the project.
Alvarez & Marsal plans to conduct the formal marketing and initial due diligence process in July and set a final bid deadline for September 24.
Receiver to List Toronto's The One for $1.2B - Connect CRE
A court-appointed receiver plans to list Toronto's massive debt-riddled the One condominium development project for $1.2 billion.
www.connectcre.ca
A court-appointed receiver plans to list Toronto’s massive debt-riddled the One condominium development project for $1.2 billion.
Alvarez & Marsal said in a Superior Court of Ontario (Commercial List) court filing that the 85-storey project’s senior secured creditors have required the receiver to set that asking price as a minimum bid threshold. The receiver said it could sell the entire project at this time or arrange for developers or others to complete the development and market the mixed-use tower’s residential units and commercial component.
There could be one transaction of a series of deals completed to achieve at least $1.2 billion in proceeds. The project is nearing the point at which decisions need to be made on existing condominium sales agreements and a hotel development deal that will affect part of the tower, the receiver added.
“Now is the appropriate time to market the project to solicit any and all potential forms of value maximizing transactions or investments that may be available in the market,” said Alvarez and Marsal in the report.
To help maximize the value, Alvarez & Marsal wants to reconfigure the building’s top floors, increasing the unit count to 503 from 415.
The receiver has selected JLL to market the project after selecting five finalists from among companies that submitted proposals. Alvarez & Marsales are preparing a solicitation and investment sales process (SISP) with the goal of securing a successful court-approved bid by October 14.
The recent court filing was the receiver’s second report. The latest plans come after Alvarez and Marsal appointed SKYGRiD Construction as the project’s general contractor and developer. Located at 1 Bloor Street, the 85-storey project is grappling with more than $1.2 billion in debt.
SKYGRiD replaced Sam Mizrahi, a local real estate developer who also co-owns the project.
Alvarez & Marsal plans to conduct the formal marketing and initial due diligence process in July and set a final bid deadline for September 24.