BloorMan
Active Member
Just read about that. SKYGRid to take over project.
- Thread starter urbandreamer
- Start date
just east of the creek
Active Member
Given the Receiver in charge of this project now, this was very predictable and not surprising in the least. I am sure we will now witness some degradation in how this building is fitted out, and the projects final completion. Should be interesting to see how this further unfolds. I am sure there will be more to come as a sale process continues.
Rimawi
New Member
Skygrid to take over The One project at Yonge and Bloor
www.thestar.com
Excerpts from the article:
“We just have a difference of opinion on how to build this building,” he continued. “I like to build stuff that's the top quality and the best there is … and they want take it in a different direction.”
And
Mizrahi confirmed the news to the Star late afternoon on Monday. “We just have a different vision for how I want to finish the building versus what's going to happen,” he said. “That created an impasse.”
This sounds like there is going to be cheapening going forward
. I hope the cladding at least stays the same. They can’t put up cheeper material on the top part at this stage right?whatever
Senior Member
Pfft! No way! Oh boy. Can't wait to sit back and watch the circus come to town. If the reciever wanted to torpedo the project they could've just come out and said so.
Collingwoodbuildinglover
Active Member
It's interesting how in the article it still has the one being placed at 85 stories. Wondering if possibly the receiver is only going to go to this height instead of the 91 that was approved
thaivic
Active Member
It seems that the scale of this project was above Sam's ability from the beginning. When you start building without the proper permits and the project comes to a standstill for months on end due to not having permits in place is not the way to build a project on time or on budget.
I have been in the building industry for more then 40 years and a project of this scale and complexity has to be run by a seasoned GC that can organize and deliver on time and unfortunately he thought that he could accomplish this.
I give him credit for the vision of creating an incredible building.
I have been in the building industry for more then 40 years and a project of this scale and complexity has to be run by a seasoned GC that can organize and deliver on time and unfortunately he thought that he could accomplish this.
I give him credit for the vision of creating an incredible building.
LoMein
New Member
Tuscani01
Senior Member
Though the height increase is tied to additional benefits the city secured. If the receivership doesn’t want to commit to that deal, there’s no height increase. This could be the impasse.
Northern Light
Superstar
Skygrid to take over The One project at Yonge and Bloor
www.thestar.com
Excerpts from the article:
“We just have a difference of opinion on how to build this building,” he continued. “I like to build stuff that's the top quality and the best there is … and they want take it in a different direction.”
And
Mizrahi confirmed the news to the Star late afternoon on Monday. “We just have a different vision for how I want to finish the building versus what's going to happen,” he said. “That created an impasse.”
This sounds like there is going to be cheapening going forward
I do not foresee any change in exterior cladding. That wouldn't make any sense.
There isn't likely a huge savings to be had with 'internal' cheapening either, given that there are contracted units which will have a fair bit of specificity on finish.
I suppose one could lower the fit and finish of interior common areas, but it really doesn't seem likely.
I think @Tuscani01 is more likely to be on point. I can think of one or two other things that could come up, but his is the best explanation, I think. But we'll have to see!
Collingwoodbuildinglover
Active Member
It would kind of be funny if the building ended up only be built to the 75 stories that was proposed when the project first broke ground
khaldoon
Active Member
More floors means more units to sell with disproportionately lower cost. This is why all developers lobby for more floors. The way I read this is that that the receiver wants to cut costs by using cheaper interiors while Mizrahi thinks that will cheapen the building and thus you can’t expect to charge “luxury” prices.
Northern Light
Superstar
What? With all your early mornings and the odd weekend in the office, I had you pegged for still being 'new'ish' LOL Who gets into the office before 8am, when you've got 40 years under your belt? What kind of example is that setting for the young people? "Work really hard, and you get to keep working hard" ? LOL
Collingwoodbuildinglover
Active Member
I kind of read it with the cost and overruns thing that it's possible that materials were back ordered or delayed and that Sam was not willing or could not source new materials to fill the void causing delays. Just kind of how I read it
A Torontonian Now
Senior Member
My read on the article was that they were contemplating exactly this (what I bolded), to cheapen the fit and finish of interior common areas. Mizrahi is opposed because even if he won't be making money from the building (or at least the amount he wanted - I expect there might be some backdoor ways he still will such as flipping units he may have obtained rights to early on) he wants it to be a legacy project with everything high end.
That said, I agree with your skepticism in the sense that I doubt there will be much savings to be had there. It would be an unfortunate value engineering exercise for insignificant savings.
Actually, another, much larger, potential value engineering measure that just occurred to me (and I really, really hope will not be the case) would be to alter the crown element above the top occupied floor of the building, where the supercolumns will meet. If the supercolumns just ended rather than having that horizontal crown element, I expect that would result in significant savings.
