One Bloor, Toronto

May 14, 2010

ONE BLOOR The most anticipated Toronto condo development of the decade redesigned and developed by Great Gullf is ready for sale! Released by Great Gulf Homes, the real estate development team behind the iconic Number One Bloor Toronto condo tower project. The location of the new Great Gulf Homes One Bloor Toronto Condos is located right at 1 Bloor Street East, Toronto, Ontario and will feature an impeccable locale at the southeast corner of Bloor Street and Yonge Street, in the heart of the city. The architect for the Number One Bloor Toronto condos for sale is Hariri Pontarini Architects and the Landscape Architect and Urban Design team consists of Janet Rosenberg + Associates Landscape Architecture. The interior designs of the ultra luxury Toronto One Bloor Condos will feature the impressive work of award winning Cecconi Simone Inc. The official district community in which the presale Toronto Number One Bloor condo tower is located is Bloor-Yorkville, one of the most prestigious and exciting communities in the city. In addition, the mixed use development will primarily include ultra high-end Toronto condos for sale, but the bottom two floors of the Number One Bloor Toronto condo podium will house luxury and boutique retail stores as well as services for residents to enjoy. What’s interesting about this Great Gulf Homes Number One Bloor Toronto condo development is that the original plans for this site at 1 Bloor Street East Toronto was owned by Bazis International, which ran into financial difficulties during the global financial crisis. Because of this, Bazis International was unable to find financing nor fund the development of the 1 Bloor Toronto condos as they were called. Therefore, Bazis International was forced to abandon their plans for the 1 Bloor Toronto condo high-rise that they so much wanted to build in the heart of the city, and things have looked good ever since. With Bazis International 1 Bloor Toronto condo project dead in the water, Great Gulf Homes acquired the site at 1 Bloor Street East in late 2009 and in December 2009, they announced the plans for a new condominium high-rise tower at this Bloor-Yorkville project site. Named Number One Bloor Toronto Condos by Great Gulf Homes, this follows in a long line of successful condominium towers at Charlie, X1 and X2 by this same developer.
One Bloor – revised development that will go up on that corner. To be completed in 2014, the complex with curves and flair was designed by Hariri Pontarini Architects.Many changes have been made in the shift from One Bloor to One Bloor II: 65 storeys instead of 80 AND 690 suites instead of 801Come mid-April, the original 490 buyers will be able to opt back in, with prices ranging from “$390,000 to more than $1.5 million for units ranging from 530 to 1,724 square feet”

Design team consists of

Janet Rosenberg + Associates Landscape Architecture. The interior designs of the ultra luxury Toronto One Bloor Condos will feature the impressive work of award winning Cecconi Simone Inc. The official district community in which the presale Toronto Number One Bloor condo tower is located is Bloor-Yorkville, one of the most prestigious and exciting communities in the city. In addition, the mixed use development will primarily include ultra high-end Toronto condos for sale, but the bottom two floors of the Number One Bloor Toronto condo podium will house luxury and boutique retail stores as well as services for residents to enjoy. What’s interesting about this Great Gulf Homes Number One Bloor Toronto condo development is that the original plans for this site at 1 Bloor Street East Toronto was owned by Bazis International, which ran into financial difficulties during the global financial crisis. Because of this, Bazis International was unable to find financing nor fund the development of the 1 Bloor Toronto condos as they were called. Therefore, Bazis International was forced to abandon their plans for the 1 Bloor Toronto condo high-rise that they so much wanted to build in the heart of the city, and things have looked good ever since. With Bazis International 1 Bloor Toronto condo project dead in the water, Great Gulf Homes acquired the site at 1 Bloor Street East in late 2009 and in December 2009, they announced the plans for a new condominium high-rise tower at this Bloor-Yorkville project site. Named Number One Bloor Toronto Condos by Great Gulf Homes, this follows in a long line of successful condominium towers at Charlie, X1 and X2 by this same developer. One Bloor – revised development that will go up on that corner. To be completed in 2014, the complex with curves and flair was designed by Hariri Pontarini Architects.Many changes have been made in the shift from One Bloor to One Bloor II: 65 storeys instead of 80 AND 690 suites instead of 801Come mid-April, the original 490 buyers will be able to opt back in, with prices ranging from “$390,000 to more than $1.5 million for units ranging from 530 to 1,724 square feet” Register now for VIP access April 13, 2010. At the MOST IMPORTANT INTERSECTION IN CANADA, where the high fashion and effortlessly elegant style of Bloor Street meets the restless youthful energy of Yonge, will soon emerge Canada’s tallest residential condominium/hotel/retail development, 1 BLOOR. Truly located at the epicenter of Canada, with unrivalled direct access to both of Toronto’s subway lines, 1 Bloor enjoys a commanding location in the country’s largest city. Chic old-money Rosedale, a couple of blocks to the North; Yorkville, just across the street, and bustling downtown Toronto, with its myriad attractions, a few subway stops to the South. And literally outside 1 Bloor’s front door, THE BEST OF EVERYTHING. Deluxe Shopping. Fine Dining. And many of Toronto’s greatest cultural attractions. When planning began on 1 Bloor, important decision was made. The location demanded something special; Bloor and Yonge is no ordinary intersection. It is the crossroads of Canada’s largest city. The crossroads of Canada. What was required was simply this: an exceptional building that truly celebrates this priceless piece of Canadian Real Estate. 1 Bloor is not only an instant landmark; it is a stunning sensuous, sleek building which will truly act as a BEACON ON THE TORONTO SKYLINE. Certainly its five signature fins at the buildings top will forever assure 1 Bloor’s iconic status. Soaring eighty stories above Bloor and Yonge Street, 1 Bloor is so strikingly thin and elegant that it belies its great height. Grounded by a three story glass retail podium, 1 Bloor almost nestles into the Toronto’s vibrant mid-town streetscape. When 1 Bloor opens its doors in a few years time, the street from which it takes its name will have truly undergone an aesthetic metamorphosis. The long anticipated and carefully planned “Beautification of Bloor Project” will transform Canada’s premier LUXURY SHOPPING strip into a boulevard that will rival any in the world for elegance and chic. A fitting backdrop for the elegant condominiums and shops – Cartier, Tiffany, Gucci & Vuitton – that line Toronto’s legendary Mile of Mink. Another of 1 Bloor’s stellar attractions is the ability of condominium residents to access the many facilities and services of the elegant and ENCHANTING HOTEL below. From maid service, to room service, to the concierge, to the car valet, all available to residents of 1 Bloor; just speed dial and all your needs requited. If RETAIL THERAPY is your thing, 1 Bloor will soon become the “sweet spot” in your universe. Unique to Bloor will be a three-storey retailing development that will be home to a variety of stores and services. From some of the worlds greatest brands, to in all likelihood, a first-class food emporium, handy for the winter months. But that’s just the beginning. Across the street is the flagship of the country’s greatest luxury emporium, Holt Renfrew. And just minutes further down Bloor, such retailing icons as Cartier and Tiffany, Chanel and Escada, and of course and number of eclectic shops along Yonge. Whether you enter 1 Bloor from its exquisitely landscaped motor court entrance, with its vast expanse of stunningly white Carrerra marble, or directly from the subway entrance, you encounter an interior aesthetic as dramatic and compelling as the buildings striking exterior. With its striking colour palette – black, charcoal grey & white – THE LOBBY is the opening act in a seductive journey of discovery that is the essence of the “1 Bloor Experience.” One wall, a 40-foot long fireplace warms a black wall, on the other a filigreed grove of flowers, painted onto a grey-coloured wall, acts as a backdrop to a banqueter of sofas, complemented by a set of distinctive table cubes and chairs nearby. Awaiting resident on the roof of the retailing podium, off the buildings fourth and fifth floors, is one of 1 Bloor’s most dazzling features; A ROOF TOP GARDEN, a series of outdoor rooms. In one, the Forested Garden, canopied cabanas, wingback chairs and a series of distinctive lamps, disguised as horses, overlook a long reflecting pool. Nearby is a Zen Meditation Lounge, off the spa facility, and the Natural Garden, with its canopy of mature trees, off the exercise room. Perhaps the most intriguing room in the garden terrace is The Beach, abutting the reflecting pool. Nowhere is 1 Bloor’s mood of effortless sensuality as apparent as in the POOL ROOM where, around the swimming pool, upholstered settees hang suspended like swings. The “divine decadence” of ancient Rome had nothing on 1 Bloor. And for residents wanting to work up a sweat before “taking the waters” in the Pool Room, 1 Bloor has FULLY EQUIPED EXERCISE FACILITIES with state-of-the-art equipment. Full cardio, weight room, and a room for Pilates, yoga and aerobics. However, another lounge and full exercise facilities, open only to residents of the condominium, are located halfway up the tower. As with the fifth floor, the “look” here is seductive and the facilities outstanding. And the panoramic views from this in-the-heavens lounge of mid-town, the downtown skyline and lake, quite simply, breathtaking. The lounge includes a catering kitchen and a martini bar, designed with entertainment in mind. The same colour palette, masculine, muted, reassuring; the same bold, geometric shapes and delicate filigreed floral motifs; the same sleek bold furniture designed with comfort in mind. So what makes 1 Bloor so utterly unique? Aside from its stunning architecture, its five-star lifestyle and its luxurious residences. Well the answer is obvious and in real-estate terms, almost inevitable. LOCATION, LOCATION, LOCATION. Just about everything that makes Toronto one of the great cities of the world is, literally, just minutes away from 1 Bloor’s front door. By foot, by car, by public transportation. At Bloor & Yonge, 1 Bloor stands, quite simply, at the crossroads of Canada. What is considered by many as the ‘best’ address in Toronto and maybe Canada, 1 Bloor at the corner of Yonge and Bloor, now has a new owner – Great Gulf Homes. “The men who brokered the deal and salvaged what they could for Bazis International are a pair of real estate legal whizzes from Robins Appleby & Taub LLP: Leor Margulies and Sheldon Goodman. They co-chair the firm’s real estate advisory group and have been Bazis’ lawyers since the company’s first solo project about four years ago.” But before getting into details of what happened during the past few years and the demise of what was slated to be Canada’s tallest residential tower we should note where things stand. First, the 490 people who bought suites at 1 Bloor will get their deposits back, plus interest, the lawyers say. The paperwork has been mailed; most buyers have responded and cheques are being cut, they say. Yes, Bazis has to swallow a hefty multimillion-dollar loss (some estimate it to be in the $30-million range) but the price paid by Great Gulf (according to the Ontario Land Registry Office it was $53-million, though none of the parties have made that public yet) clears the mortgage on the land plus a bit extra, the lawyers say, adding that Bazis also retains an unspecified participation in whatever Great Gulf builds on the site. Third, Great Gulf Homes now owns the site and is working on plans for a mixed use condo-commercial project. That’s the situation now. Here’s the story of how the original plan to build an 80-storey condo tower at 1 Bloor came together – and fell apart. Bazis came to Toronto in the early years of this decade. The Canadian company has three local partners – Michael Gold, who handles financing, his wife Veronika Belovich, director of sales and marketing, whose father owns the parent company in Kazakhstan, and architect Roy Varacalli, who is director of design and construction. Mr. Gold learned that the southeast corner of Bloor and Yonge might be available. It was owned by the Kolter Group Developments and three private investors through a numbered company. Kolter decided to sell off all its commercial properties because chief executive officer company president Robert Julien had his eye on developing condos in Palm Beach, Fla. A deal was struck in December, 2006. Kolter bought out its partners and Bazis, through a 50-50 partnership with U.S. mega merchant bank Lehman Brothers. It bought that property, plus another one abutting it to the south and owned by Bank of Nova Scotia for a total of $78-million. Société Générale of France provided two mortgages totalling $45-million on the land on condition it also got the construction financing. Bazis and Lehman then went on to spend about $20-million more in development costs. Tenants were told to vacate properties on the site in February, 2007 and demolition started early in 2008. In the meantime, Bazis attracted lineups of would-be buyers, who even slept on the sidewalk for their chance to pick up a condo in the sky. Then almost exactly a year ago two unforeseen events kicked the props out from under the project. The U.S. mortgage-backed securities industry crumbled and Lehman Brothers was one of the first victims. It lost billions through investing in near worthless mortgage-backed securities and was forced into bankruptcy on Sept. 15 last year. Bazis could no longer count on its partner to share the financial load; it struggled but was able to keep mortgage payments current, the lawyers say. Then Société Générale suffered massive reversals of its own. It too suffered huge losses from investments in mortgage-backed securities, and to make matters infinitely worse it discovered a rogue trader on its staff had lost the company $7.9 billion (U.S.). The head office in France ordered its North American representative to get out of the real-estate market as quickly as he could by selling off investments and loans. “Bazis could probably have gotten through the loss of Lehman Brothers but it just could not handle the loss of Société Générale as well,” says Mr. Margulies. “We were able to negotiate an extension of the loan until the end of March and Bazis was able to keep payments current while Michael Gold looked for other sources of construction financing, part of which would pay off the land loan,” adds Mr. Goodman. Then without informing Bazis, Société Générale sold the loan to a numbered company, owned by the three of Canada’s smartest real estate players: Alan Greenberg of Minto Group, Jon Love of KingSett Capital Inc. and mezzanine lending financier Gary Berman of Tricon Capital Group Inc. The trio then set about acquiring the property by foreclosing on the mortgage when it started to fall into arrears in April. The strategy they used, however, was one used more in corporate bankruptcies that in real estate transactions, says Mr. Goodman. In real estate a lender who seeks to foreclose on a loan must have a receiver or the court sell the property to an unrelated third party and the proceeds of that sale is applied to the loan and accrued interest. Then began a series of court hearings, which ran through June and July. Bazis was given until June 26 to find construction financing to pay off the existing land mortgage. Mr. Gold came back with a $195-million commitment from BTA bank in Kazakistan. On June 29 the trio refused to accept it saying that BTA bank was under investigation for alleged fraud. The parties went back to court July 4 and Bazis was given until July 20 to find a joint venture partner, new financing or a buyer. “All through the late spring and early summer we were discussing joint ventures with various parties,” says Mr. Margulies. “Great Gulf seemed the most serious so negotiations were started in earnest in July.” When the parties returned to court on July 20, Bazis had a buyer, the court accepted the solution and the paperwork was started to transfer ownership and pay out the three-would be owners. Are there any hard feelings? Not on the part of the lawyers, says Mr. Margulies. “Goodmans LLP, the trio’s lawyers, came up with an innovative strategy to get their clients the land. It was just our job to come up with an even better one to defeat it.” A building that was once slated to become the tallest condominium tower in Canada will be more modest in stature by the time it’s constructed, the project’s new developer said Thursday. Great Gulf Homes, a Toronto-based developer, finalized a deal Wednesday to acquire the empty lot at 1 Bloor Street East, on the corner of Bloor and Yonge streets. Two years ago, the plan of the site’s former developer, Bazis International, was to build an 80-storey condominium building on the lot by 2011. Great Gulf’s plan is to build a smaller building that includes luxury condominiums and retail stores, said president and CEO Jerry Patava. “I don’t think it’ll be the same height as the previous developers’ aspirations, but we will be a typical highrise building,” he said. When plans to build the tower were first unveiled in April 2007, demand for units soared in lockstep with Toronto’s booming condominium market at the time. In November of that year, people camped out for days in front of the building’s sales office to bid for units, which ranged in price from $300,000 to $2 million. But construction plans were shelved after Bazis International ran into financing problems after the collapse of one of their backers — investment bank Lehman Brothers — in September 2008. The fate of the project remained in limbo until Bazis reached a deal in principle to sell the building to Great Gulf in late August