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

[Ottawacurious]

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

[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...

[J.OT13]

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]

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]

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]

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]

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]

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