Can Ya Dig It? Standing On The Corner At One Bloor Street East
May 9th, 2009 Categories: Condo Marketplace, News Wire, Photographs
There’s just so much to write about when it comes to the Toronto real estate market; I never run out of ideas or inspiration. However, that doesn’t mean every idea spills out of my head and lands on paper, so to speak, or graduates from my over-stuffed Draft folder.
Every so often I’ll try to impose some organization on my “works-in-progress”. It doesn’t surprise me that as time marches on, I’ve totally forgotten about some really interesting Toronto real estate stories.
Something’s Missing
At Yonge and Bloor
Case in point: I’ve always been intrigued by Bazis International’s
1 Bloor project. Last November I took some photographs of the site, located at the south-east corner of Yonge and Bloor. My intention was to post an article that discussed whether the recent downturn in the Vancouver condo market foreshadowed trouble for Toronto condo projects.
I started but never finished the article. In fact, here’s how far I got:
>>>It’s hard to believe it’s almost a year ago that people were pushing and shoving one another on Toronto’s Bloor St., frantic for the opportunity to secure a unit in one of the hottest condo properties then being promoted to investors in the Toronto real estate market.
Fast forward to earlier this week, when I was driving along Bloor St., doing a fine job of weaving around the dumpsters, traffic pylons and work crews. Undeniably, that’s one hot mess to navigate, although I did make great time from Sherbourne St. over to Avenue Rd. Go figure!
But what always catches my eye is the site for the still-to-be-built 1 Bloor project. The pushy line-ups are, of course, long gone and demolition of the site appears to be complete. While acknowledging rumours, the project’s architect has assured the current economic slowdown won’t jeopardize the project. Construction is expected to start this month and will take about 40 months to complete.
It will be interesting to watch this luxury project unfold.<<<
And it has been.
What’s Next For
Toronto’s 1 Bloor Project?
This project intrigues. The luxury. The line-ups. The lack of concrete! If you’re wondering what’s happening with this project, the June 2009 issue of Toronto Life has an interesting article, “A Whole Lot of Nothing”, about the 1 Bloor project. Lehman Brothers is on title, thus its collapse last September had a HUGE impact on the project. Will the project find new financing or fail? According to Toronto Life, on June 15 Bazis enters into a 31–day period during which they can notify buyers that the project is cancelled, and return the deposits held in trust by a law firm. If the project isn’t cancelled during that period, the deals become binding. And then it becomes really interesting.
As the clock ticks down, I thought I’d share the photographs I took that day.
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What is the latest on One Bloor’s construction?
Is it on or the period has lapsed and they have to cancel and refund?
Thanks