A few weeks ago, real estate practitioners, investors,
speculators, lenders and aspiring homeowners were all surprised to
learn that The One, a monster development at 1 Bloor St. West in
Toronto, was being placed into receivership. The project undertaken
by Sam Mizrahi and his company, Mizrahi Inc., is slated to be an
85-storey mixed-use residential tower in the heart of the city,
comprising retail stores, a restaurant, a hotel and luxury
residential suites. It would be an iconic addition to Toronto's
growing skyline...
After years of delay and financial difficulties, including
issues arising from the COVID-19 pandemic, supply chain issues and
other unplanned disruptions, The One now faces a total of more than
$1.6 billion in secured indebtedness. The project as a whole is
estimated to cost in excess of $2 billion, which is more than $600
million above the $1.4-billion cost estimated in 2019.
