Kyle Alexander said:
storeys.com

Tridel Finalizes Contract To Construct The One, Completion Expected In 2028

Following court approval of the contract, the receivership proceedings for The One will shift to CCAA creditor protection proceedings.
storeys.com storeys.com

A little more details on Tidels planshttps://storeys.com/tridel-mizrahi-the-one-contract-approval/

Seems the hotel has also backed out and they are looking for a new partner.
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Here are some interesting excerpts on the timeline for the construction of the rest of the building:
Although The One was once set to reach 91 storeys, it will now top out at 85 storeys as originally conceived. Concrete pouring has now commenced on the penthouse levels as of last month and is expected to complete with Level 85 in September 2025. Updated drawings reflecting Tridel's reconfiguration plan are currently in the process of being prepared ahead of a submission to the City of Toronto. The remaining structural components are then expected to reach substantial completion by November 2026.

Previously, the Receiver had estimated that overall completion of The One was expected in late-2027, but that has now been pushed back to early-2028.
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KAR246 said:
Here are some interesting excerpts on the timeline for the construction of the rest of the building:
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So they expect it will take 2.5 years to finish the building after topping out? Seems a bit long which may indicate that they have not done much interior work so far?
 
khaldoon said:
So they expect it will take 2.5 years to finish the building after topping out? Seems a bit long which may indicate that they have not done much interior work so far?
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I would expect that after the fate of the previously sold units became uncertain, that it wouldn't have made sense to build anything inside because they didn't know who they were building for: layouts, finishes, etc.

I really hope that once the building is topped off and the building sealed behind its curtainwall that interior fittings take place through the loading dock. I live nearby and I'm sick of this decade-long construction site.
 
Rascacielo said:
I think it's a bit more than that. I saw the elevation drawing somewhere showing even the top of the 85th floor is still below 300m, only the crown will take it to 308.6 m. (if anyone has it handy, please re-upload). And we're still 3 floors short of the 85th. The most you can say is that the core has probably reached the 84th floor.
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Here is the link for documentation related to the 85-storey version:
www.toronto.ca

Application Details

www.toronto.ca www.toronto.ca

The elevation drawings for this project are included in the 14.43 MB "Architectural Plans" document; here is a screenshot I took from it:
Screenshot 2025-04-08 224535.png


Based on my update from yesterday, it appears they are working on the floor labeled "level 82 - 282.275m". I assume that would mean 2 more residential floors to pour, followed by the winter garden and TMD penthouse.
 
Ooffff: As for the hotel component of The One, the previous agreement with Hyatt has been cancelled and JLL has been retained to serve as the advisor to find a new operator. That process is already underway and JLL is expected to return with proposals in a few months.

This means the retail and hotel portions are... mostly vacant; I can't remember - i thought they had announced a F&B / event partner for the non hotel floors?
 
pw20 said:
Ooffff: As for the hotel component of The One, the previous agreement with Hyatt has been cancelled and JLL has been retained to serve as the advisor to find a new operator. That process is already underway and JLL is expected to return with proposals in a few months.

This means the retail and hotel portions are... mostly vacant; I can't remember - i thought they had announced a F&B / event partner for the non hotel floors?
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Cancelled as in Hyatt walked away or cancelled as in Tridal wants to take another stab at the current market? I don't even think they need to have retail here, just make the main floor a hotel lobby, restaurant and event space. The intersection would benefit from having an active presence here at all hours of the day. Hotel guests coming and going and evening events sure beats a clothing store or whatever that is closed after 8pm.
 
khaldoon said:
So they expect it will take 2.5 years to finish the building after topping out? Seems a bit long which may indicate that they have not done much interior work so far?
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As a purchaser, I can tell you that we have heard nothing. Looks like our floor(40) is not being reconfigured so I may actually still get the unit. Having said that, you may be onto something with regard to not starting interior finishes as they may not want to do that if the plan is to cancel the purchase agreements. My unit was purchased for $1,390/ft2, could they get more in this market? Tough to say. The other issue is the new completion date of 2028, that is beyond the "Outside Occupancy Date" of December 24, 2027, after which purchasers can cancel or collect compensation.
 
nightstreak said:
Cancelled as in Hyatt walked away or cancelled as in Tridal wants to take another stab at the current market? I don't even think they need to have retail here, just make the main floor a hotel lobby, restaurant and event space. The intersection would benefit from having an active presence here at all hours of the day. Hotel guests coming and going and evening events sure beats a clothing store or whatever that is closed after 8pm.
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Yeah I actually thought of this idea a while back especially with the pure presence that the main floor will have being so large
 
Collingwoodbuildinglover said:
Yeah I actually thought of this idea a while back especially with the pure presence that the main floor will have being so large
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A hotel isn't paying the PSF that a retailer would; there's a reason you don't see hotels taking up major entrances on shopping arteries... 😬😬
I don't know the specifics but:
  1. You generally don't walk away from a done deal to try and renegotiate unless you think you can get a significantly better deal. There's both termination costs and you're not guaranteed a new tenant. I don't think we are in a time of crazy demand when it comes to hotels in Toronto.
  2. Given in the press release announcing Andaz it said it would open in 2022 and now they're saying 2028 - they most likely had an out close that allowed them to leave the deal if the certain milestones weren't met.
 
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