October 26, 2024:

Davenport and Berryman:

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Stec said:
Whoa sorry off topic but what is that super slim building in the foreground? How have I missed this development!? Looks like something out of New York billionaires row!
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That is 50 Scollard Street:

50 Scollard | 147.62m | 41s | Lanterra | Foster + Partners

1325 was torn down to make way for a parking lot according to to the property owner I was talking to today. He is planning on tearing 54-58 Scollard Ave down also at a later date. He can make more money on the parking than leasing the buildings out. He said 1325 was only built in 1986 and...
urbantoronto.ca urbantoronto.ca

I also take photos of it once or twice a week on average.
 
Toronto Star: Receiver alleges Sam Mizrahi owes The One’s lenders $58.8 million for ‘overpaying’ himself
Excerpts:
After receiver Alvarez & Marsal removed him from the project over allegations of management failures last March, Mizrahi said he was owed $11 million for outstanding fees and costs of labour and construction management, including amounts owed to subcontractors who undertook work for the project.
But in new court filings released on Oct. 18 Alvarez & Marsal claims that Mizrahi owes The One’s lenders more: $58.8 million for excess labour charges and breach of contract.
Since seizing control of the project, the receiver has made allegations in court filings that suggest Mizrahi bit off more than he could chew when he attempted to build Canada’s second tallest mixed-use tower.
“Mizrahi had little or no prior experience developing, marketing or building real estate that approaches the size, scope and complexity of the project,” the receiver wrote in a court document.
“Every experienced professional that the receiver has consulted with in respect of Mizrahi’s performance as general contractor of the project has identified significant issues,” it added.
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Mizrahi allegedly owes the lenders $49.3 million in labour fees that “significantly exceeded” rates charged by other construction managers for similar services, while his performance “did not justify above-market compensation,” the receiver wrote.
Skygrid, the construction manager hired to replace Mizrahi Developments, has since charged about $1 million less per month than Mizrahi invoiced. Alvarez & Marsal is also investigating whether Mizrahi billed the lenders for work that was never done by subcontractors on the project.
Out of the total $58.8 million, the receiver says Mizrahi owes about $9.5 million in breaches of contract, including refusing to return $1.8 million in commissions collected from condo sales whose buyers defaulted — in part or entirely — on their deposits.
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Civdis said:
This article quotes the 85 storey height ugh. It also quotes the late 2027 completion. I really do not understand that when it will likely be topped out by late spring 2025.
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First, re: 85 storeys

Skygrid seems to have convinced the receiver that dividing up the mostly unsold storeys into more, smaller suites per floor is the way to get the most money out of the building. I don't get it though; who would spend the elevated per square foot prices on tiny suites? If you're spending $2,000 per sq ft or whatever on a suite, you want space along with the luxury, and there's no way you're going to plop down $1,000,000 for only 500 sq ft.

Next, topping out and completion:

Completion does not mean opening or occupancy, as you'd know. It could easily begin occupancy sooner than two years after topping out, but I suspect that with this building being as tall/large as it is, that they expect that internal fit-out of every floor is going to take longer than usual, especially with so many unsold suites, and also with luxury finishes for the sold ones. Just guesses re: the fit-out though.

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