Toronto One Bloor West | 308.6m | 85s | Tridel | Foster + Partners

interchange42 said:
Essentially, the earlier plan for the building proved to not be financially viable, hence the receivership. When a new developer takes over, it's par for the course for previous contracts to be cancelled, as the new developer typically looks for ways to make completing the building make financial sense.

42
Click to expand...
I've always been suspect about buying pre-construction, mostly because new buildings often seem to take awhile to work out all the kinks even when occupied. But if now developers essentially are saying they'll take your money to get a project off the ground but then cancel that contract if they think they can make more money, I don't know what message that sends for consumer confidence. But hey housing in this city is just an investment tool to make a profit, right? Shameful.
 
dob467 said:
I've always been suspect about buying pre-construction, mostly because new buildings often seem to take awhile to work out all the kinks even when occupied. But if now developers essentially are saying they'll take your money to get a project off the ground but then cancel that contract if they think they can make more money, I don't know what message that sends for consumer confidence. But hey housing in this city is just an investment tool to make a profit, right? Shameful.
Click to expand...
The fine print in condo purchase contracts has always allowed developers to cancel under certain circumstances, that's not new. Developers do not typically want to cancel though as they have reputations to build at the same time they are putting their housing up. Cancelations are therefore rare, usually the result of worst-case scenarios. Nevertheless, the possibility of cancelation of any project exists, so there are those, yourself included, who are wary of pre-construction purchases, and no knock on them.

This, however, is not the simple scenario of a developer taking money and then canceling, just because, as you seem to be characterizing it. There is a very complicated financial situation here that sent this building into receivership. and has ended up with a new developer cancelling contracts that the defunct one agreed to. If the original contracts did not cover the cost of construction, then to get the building finished — which everyone who lives in this city has an interest in (we do not want unfinished blight on our skyline for any reason) — the new developer can seek approval to cancel the original contracts if they believe that it's the best way to get the building completed. It's a sad situation, but if there's no further money coming from the existing situation, a new situation has to be sought out. This is not simply a case of looking to make a profit (which is how every private company in every sector of the economy operates): if you've been following this project, you'll understand that this move by Tridel is an attempt on behalf of its client and the project's chief creditor, KEB Hana Bank of South Korea, to lose less money on this building.

42
 
I would posit that what happen here was a "'worse case scenario" as the original developer had no intention of defaulting on this but was forced to under the circumstance. I won't get into how he was most likely to be blamed for this...as I don't think that's important for this exercise. The current developer had to change the unit pricing that would of likely been in disagreement of what folks had paid for purchasing those to try to get back some of the end's meet over this tower. So best and likely ethical thing to do here is to cancel purchases and start anew.

I am also pretty sure there where legal clauses written into the agreements with each purchase that this could actually happen. And the purchasers signed in on that...

...again to stress, I do not like this. But it is what it is, for good or bad. /sigh
 
Last edited:
Around 5pm ish today from Queen's Park then a bit later from Bloor & Yonge:
1000098507.jpg

1000098604.jpg
 
jer1961 said:
Well, seems to be back to normal now - seemed to be up earlier but to a max of 2m each photo, now up to regular size that I can post.... These are all from Friday (Nov. 14), so already a little dated.

As compared to the previous Friday, the crown is the same, and the east and north Rail Climbing Systems are up a level or two, with the visible installed glass still at level 74.

www.flickr.com

One Bloor West (The One) construction

Photos of One Bloor West (The One) construction progress, including a "before" shot from 2011 and several from 2015 after the demolition of Stollery's. Notable for becoming Canada's first supertall building, i.e., over 300 metres (985 feet) tall. (The CN Tower does not fall under the definition...
www.flickr.com www.flickr.com

www.flickr.com

One Bloor West (The One) "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 www.flickr.com


View attachment 696491View attachment 696496View attachment 696495View attachment 696494View attachment 696493View attachment 696500View attachment 696499View attachment 696498View attachment 696497View attachment 696492View attachment 696502View attachment 696501View attachment 696503View attachment 696489View attachment 696490
Click to expand...
Worth the wait.
 
Photos taken today, Friday (Nov. 21). While the crown of the building looks unchanged since my photos from last Friday, the Rail Climbing Systems (RCSs) installing the skin have all moved up as we see more and more of the finished exterior of the tower. The highest visible installed glass is now at level 75, on the south side, and the east RCS is now at that level. The north RCS is up to 74, west to 73 and the mini-RCS on the south face is at level 71, at least if I see this right (I don't always...). So, 9 floors to go for installing the skin, and 2 of those floors are on the mechanical level.

Light changed dramatically as I photographed this in the afternoon, the tower looks great in many light iterations.

www.flickr.com

One Bloor West (The One) "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 www.flickr.com


UTIMG_4045.jpg
UTIMG_3718.jpg
UTIMG_3817.jpg
UTIMG_3480.jpg
UTIMG_3527.jpg
UTIMG_3572.jpg
UTIMG_3593.jpg
UTIMG_3652.jpg
UTIMG_3638.jpg
UTIMG_3680.jpg
UTIMG_3923.jpg
UTIMG_3402.jpg
UTIMG_3410.jpg
UTIMG_3328.jpg
UTIMG_3226a.jpg
 
You must log in or register to post here.

Back
Top