1451 Wellington St W | 39m | 12f | U/C - Page 24

Ottawacurious · #**461** Posted **May 22, 2024, 10:29 PM**

Yup. It'll be a progressive move in with lower floors first.

Davis137 · #**462** Posted **May 23, 2024, 12:04 PM**

IIRC, this is the same developer that has been busy with "The ONE" in Toronto...issues with financing and other variables...which would explain the lower attention to projects like this one...

J.OT13 · #**463** Posted **May 23, 2024, 1:04 PM**

Quote:

Originally Posted by Davis137

IIRC, this is the same developer that has been busy with "The ONE" in Toronto...issues with financing and other variables...which would explain the lower attention to projects like this one...

That is the case.

ponyboycurtis · #**464** Posted **May 24, 2024, 4:49 AM**

A few excerpts from a Financial Post article dated Feb 28th, 2024 re: The ONE.

"The project was reported to be over budget by approximately $600 million and had accumulated around $1.7 billion in debt. It was also two years behind schedule."

"On Monday, A&M issued a notice of disclaimer to Mizrahi, effectively removing the company from its role as the general contractor and developer of The One."

So not the best of days for Mizrahi.

J.OT13 · #**465** Posted **May 24, 2024, 1:23 PM**

Quote:

Originally Posted by ponyboycurtis

A few excerpts from a Financial Post article dated Feb 28th, 2024 re: The ONE.

"The project was reported to be over budget by approximately $600 million and had accumulated around $1.7 billion in debt. It was also two years behind schedule."

"On Monday, A&M issued a notice of disclaimer to Mizrahi, effectively removing the company from its role as the general contractor and developer of The One."

So not the best of days for Mizrahi.

That's too bad. The pandemic really did a number on many businesses and developers.

Davis137 · #**466** Posted **May 24, 2024, 2:07 PM**

The ONE is still going forward...well, up...it's a brilliant structure, as it blends some design aesthetics from the 60's and 70's, with modern flair...

ponyboycurtis · #**467** Posted **Jun 13, 2024, 7:17 AM**

More bad news from the Mizrahi camp.

June 10, 2024

"It’s a tough time to be associated with the Mizrahi name. We’re not even midway through June, but the month has already seen The One embroiled in more turmoil amid a dispute over the sale of the project, and Mizrahi’s condo project at 128 Hazelton Avenue slapped with a receivership order amid allegations of a $47M debt.

And onto the next one: the Ontario courts have granted another receivership order over another one of Mizrahi’s projects at 180 Steeles Avenue West in Vaughan. The project is a multi-tower development set to bring over 2,000 new residential units to the area. The site is presently awaiting rezoning."

29M debt on the project in the second paragraph.

In their pleas for receivership, Constantine says they have “lost confidence in Mizrahi and the Mizrahi Group’s ability to fulfil their financial obligations,” and also describes “a complete breakdown in the relationship” with Mizrahi.

https://storeys.com/mizrahi-project-...-receivership/

J.OT13 · #**468** Posted **Jun 14, 2024, 3:06 PM**

Sad. They really made an effort to build high quality, unique projects (for rich people).

Skipper · #**469** Posted **Aug 28, 2024, 1:10 AM**

Does anyone know if this building is still expected to open this fall as the developer indicated in an OBJ article in March 2024?

SL123 · #**470** Posted **Aug 28, 2024, 2:06 AM**

Quote:

Originally Posted by Skipper

Is this project still on target for Fall occupancy? There doesn’t seem to be many workers on site and some units have yet to be partitioned and drywalled

Their website says nearing completion but I would not trust their website

urbanforest · #**471** Posted **Aug 28, 2024, 3:20 AM**

I’ve been observing it from a distance and the pace, at least from the outside, has been glacial. I don’t imagine it’ll open by the end of the year.

Harley613 · #**472** Posted **Aug 28, 2024, 12:13 PM**

I am pretty confident this one is toast and will end up in the courts for a while before another developer picks it up, similar to the abandoned towers at Clyde & Baseline.

Har13 · #**473** Posted **Aug 28, 2024, 9:59 PM**

Saw appliances going in last week.

binku · #**474** Posted **Aug 31, 2024, 9:21 PM**

Drove through the area today and it looks the same from the exterior as it did in the September 2023 photo someone posted. Other projects in the area also appear stalled (smaller Azure building south of the taller structure), although people in construction PPE were walking all sites. Not sure if they're construction workers or consultants/white collar team members