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

[waterloowarrior]

CTV says project is a go, Toronto Star says it will likely not happen.. or does the star just mean it won't be the tallest?

 

[Prometheus The Supremo]

80 floors? Was not the original proposal? Then they scaled it back to 67 when the financial mess hit them? So they are going back to the original design? If so, that is great news.

it could just be wrong facts on the news.

I just watched the news release on the CTV website. They seem confident that the news is true. However, there was no mention of the number of floors. So we may very well see the project proposed at 67s.

maybe they edited the webcast? they said 80 on TV.

 

[DaninToronto]

Something tells me the Crystalblue tower may be the only tower that goes up in this city by Bazis.

 

[yyzer]

This last paragraph in the Star article is Tony Wong's opinion...it is not part of the statement from Bazis....

The sale of the condominium likely means that the 500 purchasers of the hotly sought-after property will not see their dreams of living in the tallest tower in the city come true. They are also waiting to hear what will become of the $70 million in deposits held in trust by Gold's lawyers.

They should rename it Soap Opera Place....

 

[androiduk]

^ That's funny yyzer, we think alike, take a look at the latest incarnation of my 'location'. It used to be Yonge & Bazis then Yonge & Boo Hoo.

 

[yyzer]

nice, android...

/overheard at Yonge and Bloor...'do you enjoy the TSO? No, I get my kicks from the BSO'.....

 

[khris]

So the only thing you can take from it, is that there is a third party developer from Toronto now involved in this project.
The Star says it was sold to the unnamed third party, and CTV says they've joined Bazis.

Which story is the most factual? More waiting ensues.

 

[Redroom Studios]

I mean, it only makes sense to me that this third party is in alliance with Bazis to keep the project alive. (and I suggested as much in a previous post that got deleted along with all that spamming from Janbe) What other possible benefit could be in this deal for Bazis... unless out of pure spite towards the local consortium holding the defaulted loan. To me, the CTV version makes more sense... and plus, it was on televsion so it must be true.

p.s. - I thought I just saw a ghost.

 

[Peepers]

I noticed that the CFTO reporter spoke directly to the Lawyer for Bazis whereas the Star report seem to be based solely on a press release so I would give more weight to the CFTO report. One thing that seems clear is the developers who held the mortgage and had talked about a more "modest" tower are out of the picture (good news). Also keep in mind that Bazis owns a small piece of land vital for the development which it bought outright from the city so I can't see this going ahead without Bazis.

 

[alklay]

The Star is quoting a statement directly from Bazis. Its been sold.

 

[Automation Gallery]

Just found this.

Work on One Bloor to continue after loan deal

The creditors of Bazis International, the developer of One Bloor, have decided to drop their receivership demands after the developer reached a deal with a third party to make full payments on a $46-million loan it received to build the tallest residential building in the country at the corner of Yonge and Bloor streets.

“A well-established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property,†read the statement by the development company.

The full payment is to be made by mid-September. A source close to the deal said the 80-storey building will continue as planned. In July, Bazis International blamed the poor economy for it not being able to make payments on the $46-million dollar loan it received.

The building was scheduled to include more than 592 units, a luxury hotel with 126 suites and three floors for office and other commercial spaces. When plans for the building were announced, people camped out for days hoping to buy units in the elite real estate.

http://network.nationalpost.com/np/...allest-condo-to-continue-after-loan-deal.aspx

 

[Observer Walt]

Also keep in mind that Bazis owns a small piece of land vital for the development which it bought outright from the city so I can't see this going ahead without Bazis.

Any deal will include the sale of the entire site. No one would buy the site without the small piece you refer to.

It appears certain that the mortgage holders are out of the picture, as is Bazis. Something will be built here, but almost certainly not the 80 storey project, or the 67storey project, as previously proposed. Almost certainly, purchasers will get their deposits back, and things will begin from the beginning, more or less. The fact that approvals for a large mixed-use building are already in place will give the new owner a bit of a head start on the process.

 

[Eastside]

If the Bazis plan does indeed get scuttled, it would probably be an appropriate time to try and get some public pressure to have a design competition for whatever does eventually get built on this site.

 

[Redroom Studios]

^^^ that was already posted on the previous page.

It seems that there are two different versions of the story here, the way I read it. CTV and the National Post seem to agree to one version and then there's the Toronto Star on the other hand with its negative take. To me, The Star's version seems to be the least likely.

 

[alklay]

"Developer Bazis International released a statement today saying: "A well established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property with closing in mid-September.""

What part of this official statement, stated in both the Star and the Post, is "least likely" to you?