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gabe
Guest
I stayed at the Sofitel in New York. what a nice hotel! It's right up there with Ritz Carlton and Four Seasons hotels. 1 bloor is a great location for Sofitel.
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exstasie
Active Member
In Toronto, yeah.
And by just because you can find it cheap doesn't mean its budget.
I know you can easily stay at 1 King West for around $125CDN a night.
I ended up staying at the Sheraton downtown for $165CDN on New Year's Eve Night, which I think is a cheap rate.
Last Year I stayed at the Marriott in Yorkville for less than $150 on new Year's Eve as well.
It's all relative though since there are so many ways to get 'discounted' prices on great hotels. Budget price for a non-budget hotel.
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gabe
Guest
In a few years time toronto is going to have some great hotel deals with all these 5 star hotels being built! 
UrbanAffair
Senior Member
On hold.
Any of you who know Altus Group, know what they do with consulting and helping out developers in real estate across this country, (and the UK and NYC). Today I was lucky enough to have Altus in and I talked with them about some of the bigger projects in the city. Good news, Trump and Shangri-la rumours of being on hold or cancelled are all false. However, 1 Bloor does not yet have financing. The bank in europe did not come through, as was reported, so they are waiting on that too, and Altus said banks are very slow to allow money to start being loaned out again. I am assuming some will question this info, that is why I have provided names and I don't post often unless I have solid info. I am not one to start rumours, but this is the way it is as of right now. Hopefully this will change in a soon and money will flow again to developers but who knows how long that will take.
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Any of you who know Altus Group, know what they do with consulting and helping out developers in real estate across this country, (and the UK and NYC). Today I was lucky enough to have Altus in and I talked with them about some of the bigger projects in the city. Good news, Trump and Shangri-la rumours of being on hold or cancelled are all false. However, 1 Bloor does not yet have financing. The bank in europe did not come through, as was reported, so they are waiting on that too, and Altus said banks are very slow to allow money to start being loaned out again. I am assuming some will question this info, that is why I have provided names and I don't post often unless I have solid info. I am not one to start rumours, but this is the way it is as of right now. Hopefully this will change in a soon and money will flow again to developers but who knows how long that will take.
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hkric88
Active Member
That sounds reasonable, for once. Thank you for actually giving this forum a shot of real info, instead of stupidity. I don't think it should be surprising that a project this large, at this time, might have difficulty regaining financing quickly at times like this. I note how none of the fear-mongering operative phrases such as 'cancelled' were used. Its doubtful that 1 Bloor will never rise, I'm sure it will in time, there is no money to build now, a simple problem, not an easy one, but a simple, cut and dry. A conspiracy-less reason that I am sure the project team is working very hard to resolve.
marcus_a_j
Senior Member
Bazis losing financing (or having troubles) and seeking a new source is not new news. Mikeinto posted that awhile ago.
Automation Gallery
Superstar
Nowadays you cant believe anyone and anything There is so much crap and rumours going around the best thing to do is sit back and ENJOY THE RIDE.
SP!RE
°°°°°°
May I enquire as to why Bazis would have the lot demolished when they didn't even have financing secured?
And don't bitch at me for asking a question. I'm not spreading rumours or judging too soon. I'm just asking.
And don't bitch at me for asking a question. I'm not spreading rumours or judging too soon. I'm just asking.
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taal
Senior Member
Maybe they thought funding was in place.
We've heard a ton of rumors of them getting/losing financing so it's not a stretch to believe at one point in time they had financing ready to go.
We've heard a ton of rumors of them getting/losing financing so it's not a stretch to believe at one point in time they had financing ready to go.
41stfloor
Active Member
Cheaper taxes?
androiduk
Senior Member
According to a conversation I had with a city planner, they did have financing when they began but lost it when the markets fell apart.
Observer Walt
Senior Member
Mckarisma, your post is highly credible. Your info comes from a known and respected source. I welcome that in this thread; I have complained more than once about unfounded rumour. I am predicting that Bazis will get the financing, but it's obviously a real challenge these days.
Spire, fair question. Demolition of the property would go ahead for any of a number of reasons. Lower taxes, as already mentioned. Lower insurance premiums and less exposure to liability. Easier to demolish before winter sets in. It was observed that they did some borehole drilling on the site, which would not have been possible with the buildings in place. Also, just as a wild guess, they might have wanted to avoid interfering later with some of the Bloor Street redevelopment going on immediately adjacent.
Spire, fair question. Demolition of the property would go ahead for any of a number of reasons. Lower taxes, as already mentioned. Lower insurance premiums and less exposure to liability. Easier to demolish before winter sets in. It was observed that they did some borehole drilling on the site, which would not have been possible with the buildings in place. Also, just as a wild guess, they might have wanted to avoid interfering later with some of the Bloor Street redevelopment going on immediately adjacent.
UrbanAffair
Senior Member
Its true I would find it hard to beleive any post such as my own on the bloor east drama. I don't blame anyone for not believing it if they dont. I am by no means an expert in the industry, at least not yet, as I don't get in to the appraisal and commercial real estate economic consulting until April earliest. I just posted this because I had a class presentation for my real property course and Altus presented and they work for 80% of the condominium projects downtown. They thought it funny about the rumours of Shangri-la and Trump especially on a side note. I am kind of frustrated with myself that I didn't ask about any timeline for Aura, although I have emails for these gentlemen, so perhaps I will ask them.
thank you for the post support, I love getting my info from this site daily, and just wish to do my part too when possible.
Cheers
thank you for the post support, I love getting my info from this site daily, and just wish to do my part too when possible.
Cheers
Toronto - West
New Member
Sofitel - Montreal
I've stayed at the Sofitel Montreal twice, and it's a nice hotel, but somewhat of a disappointment with a bland exterior. How can a new hotel not have a pool?
Regardless, Sofitel is a great hotel chain and would make a great addition. The more competition, the better the quality. 1 Bloor East will happen, likely not in it's current form, but eventually.
I've stayed at the Sofitel Montreal twice, and it's a nice hotel, but somewhat of a disappointment with a bland exterior. How can a new hotel not have a pool?
Regardless, Sofitel is a great hotel chain and would make a great addition. The more competition, the better the quality. 1 Bloor East will happen, likely not in it's current form, but eventually.
BMyers
Active Member
Altus does handle most of the cost consulting in the city and would be a reliable source, however (as a former non disgruntled employee) of the company, the financing situation of a client (which I would assume they are)is not something they should be commenting on publically. I'm going to have to call my friends over there and tell them to be more tight lipped, as an industry we don't want more negative information put out there.
From the last I heard they still had a lot to work out with the Lehman Brothers bankruptcy and construction would not start until that issue was dealt with.
From the last I heard they still had a lot to work out with the Lehman Brothers bankruptcy and construction would not start until that issue was dealt with.
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