Toronto The One | 308.6m | 85s | Tridel | Foster + Partners

October 26th, from the CN Tower:

CN Tower.jpeg
 
Civdis said:
I heard from a pretty reliable source in the industry that Tridel may become involved here. Not sure exactly how as the asking price of $1.2B is way out of the market. Do not take this to the bank, but the person who told me is pretty connected in the industry.
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Do you think that would have any implications on the height, or is the original height a done deal at this point?
 
NIL OMNI said:
From my limited understanding, the $1.2B purchase price that has been so often referenced in this thread was only one of two options for the Participating Bidders. See the Sale and Investment Solicitation Process - the Development Proposal option is likely the more realistic one (italics/underscores/caps are mine):

"The purpose of the SISP is to seek and implement proposal(s) from Participating Bidders for either:
  1. (i) a Transaction Proposal, being an acquisition or investment in the Project pursuant to one or more sale or investment transactions with an individual or aggregate purchase price or investment amount equal to or exceeding $1.2 billion, being the minimum bid threshold required by the Senior Secured Lenders; OR
  2. (ii) a Development Proposal, being an arrangement with the Senior Secured Lenders to complete the construction, development and realization of value from the Project on terms acceptable to each of the Receiver and Senior Secured Lenders (together with the Transaction Proposal, the “Opportunities” and each, an “Opportunity”).
The goal of the Transaction Proposal or Development Proposal is to maximize the value of the Project and continue its construction and development to completion for the benefit of stakeholders."

See also the Receiver's most recent and scathing report (which contains some praise for Skygrid). We are past the posted deadlines (Oct 14 for Court approval - pending Court availability - of the winning bid, and there's no indication on the Receiver's website of any extension to the deadlines so far) so time will tell what's next...

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Great point NIL. I think Tridel may be selected as a development partner, thank God they have significantly completed the exterior 😎.

This quote from the latest report caught my eye. Will it really take 3 more years to complete this project?
  1. 12.10 Overall, based on SKYGRiD’s schedule, the Project is expected to be completed in the second half of 2027, in comparison to MI’s last estimated completion date in the first half of 2028.
 
Civdis said:
Great point NIL. I think Tridel may be selected as a development partner, thank God they have significantly completed the exterior 😎.

This quote from the latest report caught my eye. Will it really take 3 more years to complete this project?
  1. 12.10 Overall, based on SKYGRiD’s schedule, the Project is expected to be completed in the second half of 2027, in comparison to MI’s last estimated completion date in the first half of 2028.
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Well, I will start analyzing this by evaluating how far this project's progress is. Right now, the core is about 262 metres.

Here are a few photos from this morning:

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The "Manhattanization" of downtown Toronto continues...
 
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