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Condo News: 1 Bloor Sold to …?

August 19, 2009

It was to be the tallest residential condo building in Toronto. Not so long ago, hundreds of condo buyers camped out in anticipation of its release. Yesterday it was announced that the planned hotel and condominium project at 1 Bloor has been sold.

The luxury condo building was planned to include more than 592 units, a luxury 126 suite hotel and three floors for office and commercial uses.

Developer Bazis International release a statement yesterday that “A well established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property with closing in mid-September”
The Toronto Star reported in July that the company planned to sell the property located on the southeast corner of Yonge and Bloor.

The original design for 1 Bloor, shown above, is now
reportedly scrapped and its future in question.

The speculation surrounding 1 Bloor began after developer Michael Gold had reportedly stopped making payments on a $46 million loan late last year.
With much secrecy surrounding the sale, who the mystery buyer is and the future plans will investor’s attention be kept? A reported 500 purchasers laid down deposits between $80,000 and $120,000 totally a reported $70 million in deposits.
What are your thoughts on new condos? Would you invest in the uncertain? Is it all about the location?? Let me know your thoughts…
Further reading on 1 Bloor:
“1 Bloor Sold” August 18, 2009 – Toronto Star

“One Bloor condo project sold to mystery buyer” August 19, 2009 – The Globe and Mail

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