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

More comments from Mizrahi via Storeys: https://storeys.com/mizrahi-forced-out-the-one/

Under the new construction manager, no changes will be made to the outside of the building, Mizrahi says, noting that the skyscraper's hybrid exoskeleton is already more than halfway done, built up to the 53rd floor with 38 storeys left to go.

"It's the interior finishes that they're changing," Mizrahi said. "That, to me, is as fundamental as the exterior, especially for people who are buying at over $3,000 a square foot, right? This is the most expensive, highest real estate in Canada at the most prominent corner. This is not a formula-built building or a cookie cutter building. This is a high-end, luxury icon."
 
wmedia said:
Perhaps a future UT front page article should be an educational piece on what the roles and responsibilities of a property developer, architect, and general contractor actually are, so forum members don't get themselves in such a tizz.
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To be fair, Mr. 42 has given us plenty of finger wags in that regards... 😼
 
UrbanOzz said:
is it possible he's just spewing venom out of anger and frustration and that things actually aren't going to change that much?
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Exactly. This just reeks of, "I wanted to build it really nice, but they wouldn't let me and now it's going to be all cheap."

Relax.

It's going to be just fine. Now the grown-ups are in charge.
 
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steveve said:
"It's the interior finishes that they're changing," Mizrahi said. "That, to me, is as fundamental as the exterior, especially for people who are buying at over $3,000 a square foot, right? This is the most expensive, highest real estate in Canada at the most prominent corner. This is not a formula-built building or a cookie cutter building. This is a high-end, luxury icon."
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Propping up the value of the Mizrahi brand for future projects isn't a concern of the creditors: they'll deliver to the letter of the purchase agreement.
 
xy3 said:
I dont think it's legal to substantially cheapen pre-construction units that have already sold. You can't promise full size luxury kitchen with a gas range and then switch it to kitchenette with an electric hotplate at the last second. If it was legal youd see loads of new fly-by-night developers popping up and pulling that bait and switch constantly.

But I think it's reasonable to replace the unsold units with cheaper quality studio/1 bed investor units. Yes, it would cheapen the exclusivity of the building, but at least those who have purchased wont have their actual units downgraded. Common areas would also be subject to cheapening.
A height decrease wouldnt make sense financially. The only way to reduce the loss of this building is to add as many entry level units as possible.
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steveve said:
More comments from Mizrahi via Storeys: https://storeys.com/mizrahi-forced-out-the-one/

Under the new construction manager, no changes will be made to the outside of the building, Mizrahi says, noting that the skyscraper's hybrid exoskeleton is already more than halfway done, built up to the 53rd floor with 38 storeys left to go.

"It's the interior finishes that they're changing," Mizrahi said. "That, to me, is as fundamental as the exterior, especially for people who are buying at over $3,000 a square foot, right? This is the most expensive, highest real estate in Canada at the most prominent corner. This is not a formula-built building or a cookie cutter building. This is a high-end, luxury icon."
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Probably a non-issue, as it's likely just a matter of time until the current pre-construction unit holders are either "invited" to pay up to match the current market price of their unit or have their APS cancelled, so their unit can be resold at the current market price. It's my understanding that the removal of the original developer, with whom the APS was entered into, is a prerequisite for said actions. In my opinion, that's their plan.
 
steveve said:
More comments from Mizrahi via Storeys: https://storeys.com/mizrahi-forced-out-the-one/

Under the new construction manager, no changes will be made to the outside of the building, Mizrahi says, noting that the skyscraper's hybrid exoskeleton is already more than halfway done, built up to the 53rd floor with 38 storeys left to go.

"It's the interior finishes that they're changing," Mizrahi said. "That, to me, is as fundamental as the exterior, especially for people who are buying at over $3,000 a square foot, right? This is the most expensive, highest real estate in Canada at the most prominent corner. This is not a formula-built building or a cookie cutter building. This is a high-end, luxury icon."
Click to expand...
I'm glad that nothing will be done to the exterior/exoskeleton of the building. I am also relieved that this project is progressing as planned. It would be a total waste if it stopped abruptly like some projects did in China.
 
steveve said:
More comments from Mizrahi via Storeys: https://storeys.com/mizrahi-forced-out-the-one/

Under the new construction manager, no changes will be made to the outside of the building, Mizrahi says, noting that the skyscraper's hybrid exoskeleton is already more than halfway done, built up to the 53rd floor with 38 storeys left to go.

"It's the interior finishes that they're changing," Mizrahi said. "That, to me, is as fundamental as the exterior, especially for people who are buying at over $3,000 a square foot, right? This is the most expensive, highest real estate in Canada at the most prominent corner. This is not a formula-built building or a cookie cutter building. This is a high-end, luxury icon."
Click to expand...
It's also great that The One will remain 91 storeys tall when completed.
 
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