High-profile Toronto condo project in major financial trouble
Вставка
- Опубліковано 26 чер 2024
- It has already been plagued with delays and setbacks for years, and a mega tower in the heart of the city has now been placed into receivership. Tina Yazdani with the latest on the high-profile condo project.
we need those 31 million-dollar condos because people don't have places to live. head in sand!!!
lol
We need nofrills apartments built that have $500 a month rent so people cant actually work minimum wage and save money.
Ok so here is a thought exercise. If it's too expensive to build this, it means rents would have to be even higher to add more supply not lower.
The problem isn't the cost of construction. The problem is your currency has been devalued by the government and lost its purchasing power. That's how you get unaffordability at the same time projects can't be completed on budget. The candle is burning at both ends.
@@rustyscrapperCondo units are generally sold, not rented ... unless the buyer rents it out. Should this be as Lux as talked about, it should drive down the cost of some neighboring not-so-luxury-anymore condo units; including the rented units.
And well, those who can afford it, aren't really impacted by devalued currency.
Should the owner completely run out of financing and they go broke, someone else will pick up the investment.
No No all is good! The budget will balance itself, just ask Justin!
This is a deja vu, the building next to it (1 bloor east) was also in receivership back in 2008. History repeating itself. That block is cursed.
200 years ago the south west corner of Yonge and Bloor was a native burial site known as Sand Hill. Development of the site started early in the 19th century without any regard for it's former use. Burials were desecrated. Bones were mixed with concrete.
Is the site cursed?
Getting the concrete done means you're 20% finished, not HALF finished. With interest rates now climbing this is bad management.
pretty hard to predict what Trudeau or BoC/Tiff will do over 5+ yrs. have to deal w a lot of complex govt people in TOR, then rates, changing energy codes - etc etc.. Have to acknowledge the efforts to face the risks... & sometimes lose.
Did I hear the guy say Toronto needs this project completed because of the need for affordable housing? At $3million+ per unit? What nonsense!
Mizrahi has no experience building a large condo like this, he's had a few low rise condos in the area, not in this scale, not surprised
The folly of building higher and higher . . . destruction of neighbourhoods, more isolation, high rents, wind tunnels, blocking of sun. What's the advantage - bragging rights?
Calgary had high-rise concrete jobs that took 15 years to complete. Worked there in 2000, returned in 2013 to see these FINALLY get finished, but it never made the news: some money was just lookin gfor a place to park.
I work in this industry and i can tell you that this is not the only one thats in trouble. This is just the first one we have heard of going through this. Some sites are at a complete standstill right now with no work being performed
Example of non natives destroying the land...destroying the economy ...not written in treaties....American scam is not working anymore
A lot of rich people worried what do without their 6th home meant for their bratty kid who needs somewhere to park their Lamborghini
Hold up. You think rich people live in shoebox condos? They live in the suburbs...
@@P3RF3CTD3ATH yea I'm sure it's the minimum wage workers that are living in downtown toronto condos 😂
@@mstar7520 ah if not rich people then just poor people according to you.
@@P3RF3CTD3ATHyeah but guess where they hide their girlfriends
@@P3RF3CTD3ATHMORTGAGE FRAUD
"Such an important corner" - well, the area used to be. Stollery's; Roy's Square; The Bay; the Towne, Plaza, and Uptown Cinemas; Britnell's bookstore. It was vibrant, with human-scale, street-level activity; but is now morphing into a cold, soulless, vertical conglomeration of glass and steel. Now we get the empty shell of Nordstrom Rack, and Chick - fil -A. Remove the life of a neighbourhood so that more people can move in. What a loss!
There should be a law that all high-rises have shops and other places that create foot traffic on the main floor with doors opening to the street, not just downtown but also in suburban Toronto and in the rest of the GTA.
I believe that city councillor Paula Fletcher supports that idea but in many cases it doesn't seem to be happening.
Cant wait to hear about the closing costs on these as people who bought units need to pay double what they initially had to pay for their unit.
If they can buy a unit they can spend for more
@@CODTerracraftthat’s not how peoples finances work…
The people running this are a bunch of lemons.
More like criminals.
MY 540K Condo @ 400 The East Mall was 100K Ican't imagine what the closing will be on this place if it ever gets finished.
Maybe they should make sure these companies are financially okay before giving the go.
politicians @@MrJoeSomebody
Problem is that they could have been financially okay prior to starting construction. Major problem right now being the high and fast interest hike, that changed everything for everyone in the construction field as construction loans are not cheap at all specially now after the hikes
build what no one can afford; what can go wrong?
Whats with the worthless skyscrapers.
nice affordable homes for 31 million. good job.
Affluenza strikes again... haha!
Prices here are nuts!
No wonder apple checked out.
The city allows to Keep building condos that majority of the population can't afford. New comers and refuges need affordable places to live. Many condos in the gta, are built for investors. Cheap living spaces under 500K dosen't exist anymore. All Toronto is looking for is more property tax revenue.
New comers and refugees? WHAT ABOUT THE PEOPLE WHO WERE BORN IN CANADA! Immigration needs to be severely cut back, Canada is destroying itself with grotesque over-immigration.
Just the beginning....
Did that professor seriously say we need to make sure we build a city for 'everyone' with 'affordability' like those words even matter in Toronto. Especially when discussing a tower like The One😨😰🤢
I am a risk manager in a bank, this guy came to our office to present to us and i refused to our management not to lend because it was too risky. That was in 2018
it is always easy to be the one that has a cushy low risk job at a bank - and to say no. the country is built on risk takers -taking risks, that is the hard part. nobody could foresee covid, the lies by Tiff & Trudeau, the sending out of billions for nothing, followed by the inevitable inflation and crash... a communist country & increasingly radical politicians - makes business environment difficult.
@@Feedback4Utoday He has issues, markup was high with risk, the risk management at our Bank predicted - it is not sustainable, and that’s exactly what happen. I don’t know what you talking about
You can't write a coherent paragraph in the English language and you are a risk manager at a bank. Welcome to what Canada has become.
@@Feedback4Utoday Unfettered capitalism is just as bad as unfettered socialism. There needs to be a balance.
@@Feedback4Utoday
You really hate the Toronto International Film Festival don't you?
Planning to blame it for an increase in sun spots next ?
i laughs in hysteric when the one being interviewed talked about housing so terribly needed....so please tell me "who" needs a 3 million dollar condo...not sure that is what is missing in Toronto and this will just become another fiasco and a huge Air b n b mess.... fabulous...keep going Toronto well done.!!!!
Beautiful building at 40 floors it has a long way to go before it ever finishes it will be a eye sore until then .
The other thing is this building would have been truly world class looks like Toronto not the world class city they think they are if they can’t build world class
Is anywhere else having high rise issues?
If you live there, people are going to say, "Wow, you live at the Juan?".
so does this mean progress will continue?
Who’s building it ?
Audio issue, couldnt focus on what they were sayin
$1.7 Billion and not even half finished? It will cost at least another $2 Billion to finish, but the lenders will only forward another $350M? Makes no sense at all. Biggest problems are yet to come.
And it begins……………..
Sam Mizrahi was a former client of mine.
Had to hunt him down for money he owed for out of scope work we completed.
Kept giving me the runaround, until I showed up at his davenport showroom and started making a racket there. Only then he finally paid what he owed...
He's taking lessons from developer University. Donald Trump went there.
Probably what's going on. He's not paying anyone
What about 251 Lakeshore Boulevard East project. No one knows what is happening to that project. Construction hasn’t started. Major delays
Toronto's Titanic? Imagine being a pre-construction investor.
😆😂
Yup!
Deposit money should be in a real estate trust account. The current system makes no sense. Deposit money should be protected not at risk when the building goes into receivership.
Toronto is at a breaking point. I can hear it creak
It's because they closed and tore down Stollery's. The iconic men's tailor.
or maybe because its being built on a former grave site
Is there a TikTok dance for this sad situation?😢😢
Well to begin with apple requested to have no columns inside so the builder made some adjustment to place the load bearing columns outside of the shell of the building. I would sue apple for pulling from this flagship location. Number two when you call a project the One first of all it's an insult to the All Mighty cause he's the One and Only on this Universe and this project was deemed to fail. Let's hope it failed miserably and never be built as this only for the 1% and not adding any value to the everyday struggling Joe and Jane!
The city needs to ban the construction of poorly built concrete jails ( condos) . We don't want any more built. Please stop ! Toronto has been destroyed by them.
Oh no, those poor penthouse owners to be
The City must buy it and make it an affordable housing building
Lol working people can’t afford a roof. The last thing the city needs is our taxes paying for affordable rental units in a luxury condo likely housing bums.😂
Buy with whos money? City does not print its money. Go ask taxpayers if they want to buy and house ppl there
I highly doubt the city of Toronto has $2B in cash just kickin' around 🤣
Great! I hope this insanity with real estate crashes hard!
Me too. It's just bad karma falling back on thoae irresponsible greedy developers.
I'm not looking forward to the Pinnacle project at the foot of Yonge St. I get this woozy feeling in the pit of my stomach.
How do you own a condo when you dont really own any of it?
Hahahahahahahahahahahahaah best news of the day 😂😂😂
This is just the beginning
Who's going to want to move into units of an unfinished building?
Condo project in financial trouble?
Is this "The One"?
NO BAILOUTS like they do in america
Bail ins
ONE day
This is laughable….we don’t actually need more housing for people, we need less people trying to live in the most expensive cities.
It’s time to stop spending, people need to slow downnnn.
All those money I guess comes from iran government to mirzaie
its a doomed project, there's no way those units or penthouses will fetch that much now
Do we really want this many rich middle easterners living at Yonge + Bloor?
Ya,affordable units..what are they smoking 😅
Dear me. There's a housing crisis for millionaires. Let's get those luxury condos finished. Millionaires are tired of living in tents.
Toronto pretende ser la new york de Canadá entonces atraigan mas personas dispuesta a enrriquecer esa economia y bajar los precios de viviendas
Give it to the city so they can house the homeless
Camon domino effect, make the real estate bros wish they never heard of rich dad poor dad
? This adds to affordable homes at am average price of $3,000,000. I dont get it!
but i thought Toronto is a world class city like NY
Nothing about this build is affordable for the average buyer.
Blaming covid for a concrete building.
That idiot said affordable housing 😂 only 31million for one of the top end units 🙄
31 million dollar condo smh
There should be zero impact from Covid.. You work outside
WHO'S DOING THIS LOL
Be safe- Get your vaccine. COVID 23
Is that a Liberal riding? Trudeau will bail it out.
the government should give them money
😂😂😂
You builders thought u were so cool. Look at u now😂 Look at u now🤣
Is this guy fried or what allying bout affordable housing and the cheapest unit $3 million dollars
Hahaha!
😂😂😅😂😅😂😅😂😅😂😂
BIG CAP
Let me guess, foreign (China) money
Scam! Lol
the country is built on risk takers -taking risks, that is the hard part. nobody could foresee covid, the lies by Tiff & Trudeau, the sending out of billions for nothing, followed by the inevitable inflation and crash... a communist country & increasingly radical politicians - makes business environment difficult.
It’s just for the rich
🐂💩 marketing
Toronto is doomed
we charity run out of cash? no worries justin will bail you out
Ohhh you poor developers.....NOT!!! Good!!!!!!!!!!!!!!
Toronto used to be a city I was proud of. I moved out in 2018. I hate crime ridden Toronto and the majority of it's horrible new immigrants. Tear it down and put the money to something more useful.
Canada Tofu Projects