Toronto The One | 328.4m | 91s | Mizrahi Developments | Foster + Partners

My hope is they push forward this fabulous addition to Toronto's growing cache, adding in the same manner as the new Bay Park Centre will that Ivanhoe Cambridge has committed to build for CIBC. These two signature projects will resonate world wide, much the same as First Canadian Place did - in the last century.

Bout time!!

Mr. Mirvish, your turn. Get a wiggle on.
 
Project information
Address: 1 Bloor West, Toronto
MLS Zone: C1
Developer: Mizrahi Developments
Architect: Foster + Partners, Core Architects
Landscape architect: The Planning Partnership
Category: Condo, Retail
Status: Pre-Construction
Height: 998 ft
Storeys: 80
Number of units: 416
Parking spots: 314
Amenities: 24 hour concierge, roof deck, swimming pool
Website: onebloorwest.com
Email: reception@onebloorwest.com
Other links: Twitter
Registration: onebloorwest.com/residential
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OMB is saying 82 / the UT database says it is 80
So maybe just a different way of saying the same thing.
 
The OMB release includes "....the Applicant has agreed to make a substantial financial commitment of approximately $21.9 million toward community...".

That is a fairly substantial number.

What is the basis for these amounts? Is there some rough guideline or formula based on the number of units or total estimated value of the project?
 
julesomar said:
The OMB release includes "....the Applicant has agreed to make a substantial financial commitment of approximately $21.9 million toward community...".

That is a fairly substantial number.

What is the basis for these amounts? Is there some rough guideline or formula based on the number of units or total estimated value of the project?
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Section 37 agreements are a tool of planning, usually used to leverage funds from developers for community improvement in order to increase density of the development. http://www.toronto.ca/legdocs/mmis/2014/pg/bgrd/backgroundfile-66994.pdf
 
I still think this one has a long ways to go. Any downturn in the Toronto condo market over the next 2 years will seriously hurt their chances of constructing beyond the 7 storey retail base. Let's hope it does get built though as this would truly be iconic.
 
julesomar said:
What is the basis for these amounts? Is there some rough guideline or formula based on the number of units or total estimated value of the project?
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There is less transparency and openness to the Section 37 process than there is to a Papal conclave.

But there is a rough rule of thumb that the City tries to recover about 15% of the value of the increased density for public benefits.
 
travis3000 said:
I still think this one has a long ways to go. Any downturn in the Toronto condo market over the next 2 years will seriously hurt their chances of constructing beyond the 7 storey retail base. Let's hope it does get built though as this would truly be iconic.
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I'm not sure this would be true if they pre-sold all the units by the end of the year, since buyers would be on the hook for the money even if the market does decline.
 
innsertnamehere said:
anyone know where the updated architectural plans would be? would you have to call the OMB case coordinator to get them?
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Yes, generally as soon as something goes to the Board, the City stops being involved (often, they become adverse parties). I know the process here was a little different in that the City stayed on to endorse the settlement but I doubt they'd have the latest materials.
 
travis3000 said:
I still think this one has a long ways to go. Any downturn in the Toronto condo market over the next 2 years will seriously hurt their chances of constructing beyond the 7 storey retail base. Let's hope it does get built though as this would truly be iconic.
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I disagree - I'm sure they have a retail tenant they have to satisfy very soon and the market is still hot for condos. One would need a crystal ball to see what the market might look like two years from now.
 
New article from BBH
With both city council and OMB approval, the highly anticipated residential project can officially commence with pre-construction preparations and residential pre-sales. The sales gallery is currently under construction and is anticipated to open to the public this September. The developer is also in the midst of obtaining all the necessary permits to start excavation, shoring and tieback installation, which Mizrahi expects to start in or before September.
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When the project is completed in late 2022, THE ONE will become Canada’s tallest building and second tallest structure after the CN Tower. The 305.6 metre tower will rise 82 storeys above Yonge Street and Bloor Street East at one of the most high profile intersections in the city.
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Maybe I'm forgetting one of the reports, but is this tidbit from the BBH article new? "...the addition of a green wall at the Balmuto entrance..."
 
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