News   Nov 08, 2024
UrbanToronto Industry Updates: City of Toronto’s Rental Housing Push, Ontario Market Forecasts, and December's Buildings Show
 910     0 
News   Nov 08, 2024
Tricon's Birch House Welcomes Residents to the Canary District
 1.2K     4 
News   Nov 08, 2024
News Roundup for November 8, 2024
 4.6K     0 

Sapphire Update, out-of-business (Stinson)

Status
Not open for further replies.
Just how long is the history of trying to develop something at this location? Wasn't the original (?) incarnation called Toronto Tower in the pre-Harry era?

Funny that the first 50 storey mixed residential tower planned in that immediate area will probably be the last of the crop to go up.
 
First Toronto Tower then Downtown Plaza then Sapphire version 1, 2 and 3.
 
Although this business plan is a step up from the previous Sapphire, Stinson continues to disappoint with his lack of professionalism. I was especially amused by the building layout (www.sapphiretower.com/levels.pdf). Seems like Stinson wants to dig under NPS to incorporate parking.
 
The sketch only uses three colours of crayons so I'll assume it was conceived over a quarter chicken dinner at Swiss Chalet...I'd have said Jack Astor's but that establishment tends to have only green and purple crayons and brown paper available.
 
^I assume you have kids and thats why you know.

As for Sapphire, it will add a nice peak above the flat roofs around it, but thats if it ever gets built.
 
so they put in a sketch instead of the usual rendering ,big frikkin deal.didnt they do the same for that condo 77 charles st or something.im sure there will be a proper rendering soon.
plus its better than flying people aka lumiere.
 
Legally, you own copyright to your work, even when it is commissioned, once it is paid for by the client. Works of the imagination, such as illustrations, are your intellectual property and it is illegal to reproduce them for profit without your permission. This permission can include a written contract to pay you for reproducing your work.
Click to expand...

Unless the original contract stipulated that you transfer your copyright to the buyer, which I'm guessing most contracts for specifically-commissioned advertising would do.
 
Globe and Mail Dec 16, 2006 -Stinson draws OSC Complaint

Stinson draws OSC complaint
JANET MCFARLAND

The Ontario Securities Commission has accused Toronto real estate developer Harry Stinson of improperly selling securities to the public -- namely units in his Sapphire Tower condominium project.

While standard condo units are not considered securities, the OSC said units in the proposed Sapphire Tower in downtown Toronto would have also allowed purchasers to participate in a rental pool program as part of a proposed hotel feature of the condo project. The rental pool constituted a security that required OSC approval, the commission said in a statement of allegations issued yesterday. "The conduct of Stinson and Sapphire Tower contravened Ontario securities law and was contrary to the public interest," the OSC alleged.

For his part, Mr. Stinson says his dispute with the OSC is not a major issue. He says no units have been sold in the project because Toronto City Council rejected his development plan after deciding the original design was too tall.

And he says he is planning to relaunch the development as a smaller, standard condo tower with no hotel component, which means the units will not qualify as securities in the future. "It's all been a very expensive experience," he said in an interview yesterday from his downtown office. Mr. Stinson said his troubles with the OSC were largely resolved a year ago, but it has taken longer than expected to finalize a settlement.
 
The latest rumours:

Mr. Mirvish has been very patient in waiting for Mr. Stinson to pay off the $30+ million still owed to him (1 King had significant cost over-runs in part due to Stinsons indecisiveness with a number of aspects of the project, change orders etc that have been well documented). The deadline for payment is apparently Feb 28th.

I've heard that to meet this deadline and the difficult financial position Stinson has put himself in has resulted in a deal for the Sapphire site. I would qualify this as still being very much a rumour at this point... but I've heard the Sapphire site is going to be picked up by a Chinese company and that Stinson may still be short of the money he still owes for 1 King West.

I should qualify the previous statement as being very much a rumour vs a concrete status report of the project.
 
Thank God, no more Sapphire.

What do you think the Chinese may build in its place.

(btw I never wish financial hardship on anyone, including Harry I hope he is successful running the 1 king west hotel.)
 
It would be interesting to know how many of his creditors already have instructed their lawyers to draft bankruptcy petitions.
 
Sapphire always had the look of a refugee from Shanghai's skyline.
 
On the other hand.


NOTICE OF MEETING

REVIEW PRESENTATION ON THE NEW SAPPHIRE TOWER

MONDAY FEBRUARY 5, 2007

7:00PM

AUSTIN GALLERY

1 KING STREET WEST
(Southwest Corner of King/Yonge)

Join Harry Stinson and staff for the latest information.
Please indicate number of attendees by email,
phone and/or fax.
 
^ yeah I saw that as well. Conflicting messages, so that meeting could be about a public launch for Sapphire or to inform buyers about a potential sale of the site. Is anyone going to that?

As I said, what I heard should be treated as a rumour and not any formal kind of announcement.
 
Status
Not open for further replies.

Back
Top