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1 Bloor East, DEAD AND BURIED (Bazis, -2s, Varacalli)

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Wow. A week without any activity on this thread. Just like the site.
Monday is June 15th, so if they have to start construction 31 days after June 15...
They can't just wait until July and then make a call for people to start working. And if there were plans to start construction, surely they would somehow get leaked. Or can they use this clause to stall more? What is the minimum they can do to "start construction"? Have someone push dirt around with a mini bulldozer?
 
June 10

Looks like they are removing a vault or somrthing on Bloor St
IMG_june-11-09-0098.JPG


Ah!!! another waste land
IMG_june-11-09-0108.JPG
 
3 more days until the BIG announcement ~ :rolleyes:
 
This is not so much a financial mess as a legal one. With a substantial number of units having already been pre-sold, isn't there a way to get out of the Lehman Bros. entanglement, so this project can proceed?
 
I'm not a lawyer but I don't see how you can just pluck individual assets out of a portfolio from a bankrupt entity. It looks like all of this is at the mercy of U.S. Bankruptcy Court. Lamco (see post #3736) is supposed to be formed early next year to extract all viable assets as a whole. Maybe Bazis can convince purchasers to hold on until then or maybe they can start construction at a very slow pace (a guy with a shovel) until things get sorted out.
 
androiduk said:
I'm not a lawyer but I don't see how you can just pluck individual assets out of a portfolio from a bankrupt entity.
Click to expand...

I know that won't happen here, but that is the plan for the GM restructuring, isn't it?
 
drum118 said:
Looks like they are removing a vault or somrthing on Bloor St
IMG_june-11-09-0098.JPG
Click to expand...

Could that be the old connection from Bloor subway station to the Bloor streetcars?

42
 
A real estate insider recently told me that Bazis can't get financing, either for 1BE or Emerald Park. Now I know this falls into the unfounded rumours category, but I trust this guy, as he's fairly high up in the RE development ladder. He's actually the second developer to tell me this in the last two weeks, so the evidence is not good.
 
I dont know. I dont think their reputation is going to get them enough financing to do that much with the site. Fingers crossed!
 
Therion said:
A real estate insider recently told me that Bazis can't get financing, either for 1BE or Emerald Park. Now I know this falls into the unfounded rumours category, but I trust this guy, as he's fairly high up in the RE development ladder. He's actually the second developer to tell me this in the last two weeks, so the evidence is not good.
Click to expand...

Financing for Emerald Park is probably premature, given that the project has major outstanding planning issues. Lenders would want to see those resolved first. As for One Bloor East, who really knows at this point? The Lehman mess is just that, a mess. It's anyone's guess how it will be straightened out, or when.
 
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