One Bloor West may have its pre-construction sale agreements terminated
Eight years after breaking ground, Toronto’s most controversial super-tall condo is still hitting hurdles
Canada’s first super-tall skyscraper has hit yet another speed bump. Recent court filings reveal that people who bought condo units pre-construction may be getting their sale agreements revoked.
Tridel’s One Bloor West (formerly the One, under Mizrahi Developments) broke ground in 2017 and was expected to welcome residents by December of 2022. But, more than eight years later, the beleaguered project is now looking at an early-2028 completion date.
Related: This already super-tall waterfront development is getting more towers
Tridel took over One Bloor West last December, after the building was placed into receivership a year earlier. Mizrahi currently owes lenders $1.9 billion.
In an attempt to recover as much money as possible, the project’s court-appointed monitor has now filed with the Ontario Supreme Court to terminate 314 of the 329 existing sale agreements. The reasoning? While Toronto’s condo market remains in the gutter, an analysis from Tridel counterintuitively argues that many of the units purchased in 2017 and 2018 will nab higher prices if re-launched and sold in 2026. The developer plans to market the units under the brand of a yet-to-be-chosen luxury hotel, a strategy expected to inflate their prices even further.
The second half of the proposal involves slashing the unit count from 476 to 411 in order to build larger luxury units—a reaction to Torontonians’ growing aversion to small condos unsuited for families.
Related: Swansea Mews to receive 650 new homes—three years after its ceiling collapsed
A court hearing to approve the sale-agreement cancellation and revised unit count is scheduled for November 17. If it receives approval, Tridel expects the plan to generate more than $200 million in revenue. “Tridel’s role is to provide stability and leadership, ensuring One Bloor West is completed to the highest standards,” said the developer in a statement. “Construction and design work are continuing as planned, and our focus remains on guiding the project through its next phase.”
The 314 buyers in question—whose collective deposits total $105 million—would receive full refunds plus interest as well as first dibs on the new units 45 days before they hit the open market.
Teagan Sliz covers Ontario real estate for Toronto Life and Storeys. She also writes for Cottage Life and has reported on everything from hidden-gem restaurants to Canadian wildlife and forest fires. She graduated from Queen’s University with a bachelor’s in history and art history and from Centennial College, where she studied Canadian publishing.
