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

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Wow. Talk about failing PR 101. If you aren't ready to talk to the media yet, you say "no comment!" You don't say, "we have no comment, because we aren't ready to talk to the media yet."

Yeessshhhh.
 
By that comment it sounds like a statement is imminent. I'm generally an optimist but that just doesn't sound good.
 
It seems odd to me that they are bringing this up at the Committee of Adjustment on April 22 unless they really do intend to move ahead. See: http://www.toronto.ca/planning/pdf/cofa_tey_agenda_b_22april09.pdf

1 BLOOR ST E
File Number: A0259/09TEY Zoning By-law 1167-2008 (waiver)
Owner(s): ONE BLOOR STREET EAST
LIMITED
[
Ward: Toronto Centre-Rosedale
(27)
Agent: ROSARIO VARACALLI
Property Address: 1 BLOOR ST E Community:
Legal Description: CON 1 FB PT PARK LT8
PURPOSE OF THE APPLICATION:
To allow the indoor and outdoor amenity space of the building to be used by residents and hotel patrons.
REQUESTED VARIANCE(S) TO THE ZONING BY-LAW:
Section 3(c), By-law 1167-2008
A minimum of 2000 m2 of residential amenity space is required to be provided on the lot.
In this case, the word ‘residential’ will be removed and the section will read “not less than 2000 m2 of amenity space shall be provided on the lotâ€.
 
I guess they want to share the required amenities between the hotel and the condo. They may also be leaving their options open in case they have to convert part of the hotel into condos or vice versa. I don't know if they planned it this way but the Cosmopolitan Hotel on Colborne St. is selling units as condos and telling prospective buyers they have to apply to the city to tax the unit as a residential condo and not as a hotel unit.
 
It seems odd to me that they are bringing this up at the Committee of Adjustment on April 22 unless they really do intend to move ahead.
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The question isn't their intention but if they can actually pull it off.
 
True, but all of these adjustments cost money. Possibly a lot of money, depending on who their lawyers are. Presumably no one would be paying it if they weren't expecting a return on their investment.
 
This should get built. I'm pretty sure. Banks are too scared to lend right now, and they have too many others things to worry about also. But the building and residential market in toronto is completely sound.
 
well some say it isn't however we all heard the story about 12 condos being stalled all in one area in Calgary.
 
Possibly one other reason I think it isn't getting built as fast as it should, Is because they haven't put a famous brand on it yet. Ritz, Four Season, Shangri-La, Trump are all getting built.

I know there was talk of a sofitel brand being put on the hotel. But that would be a huge mistake in my opinion. Sofitel isn't a particularily strong brand in North america.

I think the Taj, and Jumeriah would be better choices. Even Waldorf Astoria or Mandarin Oriental possibly.
 
jks said:
^^ Not necessarily. 1Bloor's sales aren't the problem, it's getting the city permits and possibly financing.
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Financing i can understand, but im totally puzzled why this development still does not have the proper city permits. One would think in these crappy economic times and the eyesore that this fenced off site has created, the city would move a bit quicker.:confused:
 
Automation Gallery said:
Financing i can understand, but im totally puzzled why this development still does not have the proper city permits. One would think in these crappy economic times and the eyesore that this fenced off site has created, the city would move a bit quicker.:confused:
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I feel I have to start this response with the disclaimer that I have no direct inside knowledge of this project......that being said, I can answer your question with this hypothetical.

Permits often require the applicant to show they have the necessary resources to post the required letters of credit to commence the work that is the subject of the permit. So, for example, before they start digging they need the shoring and excavation permit, to start digging they will to post signficant LCs to cover the potential damage to neighbouring properties, the subway and the road system......this will be a big LC....it would not surprise me if the city would want evidence of the abiltity to post such an LC before going too far.....these LCs are (more often than not) provided by the same lender who provides the construction facility....if they do not have that lender yet, they may not be able to post the required LCs.

Again, this is a totally hypothetical answer but it might explain why the city has not issued permits.....sometimes it is not simply beauracratic systems that slows cities down.
 
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