The One (Toronto)

Last updated

The One
The One - 20240701-165944628 (cropped).jpg
The One (July 2024)
The One (Toronto)
General information
StatusUnder construction
Type Residential, retail, hotel
Location1 Bloor Street West
Toronto, Ontario
CountryCanada
GroundbreakingAugust 23, 2017
Estimated completion2026 [1]
Height306.324 metres (1,005.00 ft) [2]
Technical details
Floor count85 [3]
Design and construction
Architecture firm Foster and Partners
Core Architects
Developer Mizrahi Developments
Website
onebloorwest.com

The One is a supertall skyscraper currently under construction in Toronto, Ontario, Canada. If completed, it will be the tallest building in Canada. [4] At a revised 306.3 metres (1,005 feet) and a revised 85 storeys, [3] it will be taller than First Canadian Place, which has been Canada's tallest building since 1975. [5] It will also be Canada's first supertall (> 300 m) skyscraper, as defined by the Council on Tall Buildings and Urban Habitat. [6] Construction of the building is estimated to be completed by March 2025.

Contents

Located in Toronto's Yorkville neighbourhood at the intersection of Yonge and Bloor, The One is across the street from the 257-metre-tall (843 ft) One Bloor condominium building. It will also stand next to Two Bloor West, an existing skyscraper completed in 1972. The site of The One involved land assembly that includes properties at 768 Yonge Street, in addition to those at 1 and 11 Bloor Street West. [7] [8]

Developer Sam Mizrahi acquired the land in October 2014 for CA$300 million. [9] Mizrahi received approval from the city to build on September 12, 2016. [4] The total cost for the project was estimated to be $1 billion during planning stages, but that figured had ballooned to $2 billion at the time of the receivership filing in October 2023. [10] [1]

Design

Mizrahi hired the London-based Foster and Partners as the design architect, and Core Architects as the local architect. [11] He travelled to London to design the building using an exoskeleton structure. The design of the building was revised based on recommendations from RWDI and the organization's wind tunnel testing. [6] The final design no longer features a structural exoskeleton; however, it retains diagonal hangers which maintain a triangulated appearance. The structural engineer of record for the project is RJC Engineers. The extra height of the building has been determined to not have increased shadowing impacts on nearby parks.

Retail and hotel

The first 18 storeys of The One will include restaurants, event spaces, two major retailers and a luxury Hyatt hotel created under its boutique Andaz brand. [12] [13] The 160-room Andaz Toronto will occupy the fourth to sixteenth floors of the building, with the lobby on the fourth floor and an outdoor pool deck on the sixth floor.

The original plan for the highly visible ground floor retail space was to have Toronto's new Apple Store move in to a space designed by Foster and Partners. [14] [15] As of December 2023, that space is without a tenant following The One's receivership filing in October 2023. In March 2022, Apple launched a lawsuit to terminate its lease agreement with Mizrahi Developments, and claimed $6.9 million in delay damages, expressing "profound disappointment" with The One's developers in regards to missed deadlines; [16] [17] Press reports following the receivership filing confirmed that the Apple will not move into the space. [18] [19]

According to photographer Pedro Marques, the store was to feature a three-story vaulted ceiling with a cantilevered mezzanine over the main floor, a build which was complicated by Apple's requirements that there be no interior columns, and was to be fronted by three-story glass panels. [20] Manufactured in Gersthofen, Germany, each glass panel measures over 2.3 metres (7 ft 7 in) wide, 11.5 metres (38 ft) high and 10.9 centimetres (4.3 in) thick, with eight sheets of laminated glass. [21] [22] [23] The retail portion of the tower was originally scheduled to open in 2021. [24]

Residential

Above the retail outlet, the tower's residential section will have a total of 416 units. The One will include four penthouse units. [25] Four storeys of parking will exist underground, and the building will connect to the Bloor–Yonge station and nearby buildings via an underground walkway system similar to (but separate from) the city's PATH system.

Acquiring the property

Stollerys building in 2011 Stollerys.jpg
Stollerys building in 2011

For 114 years, One Bloor West, where The One will be built, was the location of Stollerys, a men's and women's fine clothing store founded by president Ed Whaley and owned by his family. [26] [27] Other developers had interest in buying and developing One Bloor West. However, Mizrahi met with Whaley regularly and the two developed a friendship around shared values. Whaley called Mizrahi a "gentleman" and someone who "builds a quality building". [26] After Mizrahi purchased the properties for The One, Mizrahi provided a written promise to Whaley that a monument, built from the stones of Stollerys, would be developed at the site of The One. [28]

On January 7, 2015, Mizrahi applied for a demolition permit of the Stollerys building. Six days later, local Councillor Kristyn Wong-Tam put forward a motion at the Toronto and East York Community Council in order to designate the building as a heritage site. However, Mizrahi was granted the demolition permit on January 16, [29] and in order to prevent the heritage designation, started to demolish the building on the weekend starting Saturday, January 17. These actions angered many in the heritage groups and prompted calls for new processes for heritage and demolition in the city of Toronto. [30] [31]

Progress

The One showing slip form construction in October 2022 next to One Bloor TheOne-SlipForm.jpg
The One showing slip form construction in October 2022 next to One Bloor

In June 2016, the city of Toronto's planning staff gave a positive report on plans for The One's development, [4] including in their report a number of community benefit recommendations. The report found that plans for The One met Toronto's planning policies and guidelines. On April 18, 2017, the project was approved by the Ontario Municipal Board (OMB). With approval both by the OMB and by Toronto's city council, pre-construction as well as pre-sales of The One's units began. [32] As of spring 2017, more than 3,000 people had pre-registered for the 416 residential units. [4]

In August 2017, The One secured its new round of lending replacing existing debt, with Firm Capital Corp. lending CA$135 million (US$108 million) as a first mortgage on The One. [33] In November 2017, The One's presentation centre opened for the first time for people who pre-registered. [34]

On August 23, 2017, construction of The One officially broke ground, with excavation nearly complete as of October 2018. [35] [36] In November 2018, a special crane, the Link-Belt TG2300B, described by a source as potentially the highest capacity crane deployed in Toronto, was brought to the site to begin construction of the tower. [37] The creation of 32 mega caissons, which will be used to support the tower, was completed in April 2019. [38] On May 1, 2019, it was announced that The One will include a 160-room Andaz hotel, expected to open in 2022. [12]

In September 2019, The One secured a new round of financing, with Korean fund IGIS Asset Management Co. Ltd. lending CA$560 million (US$423 million) to the project. [39] In October 2019, a mock-up was installed to physically illustrate The One's brushed aluminum and glazing cladding. [40]

In December 2019, construction halted on the building, with the City of Toronto issuing a "stop-work order" on the site. [41] On August 31, 2020, the building was issued a conditional above-grade permit by the City of Toronto, allowing for above-grade construction of the building to begin. [42] [43] Work on the second floor began in December 2020 with the laying of floor forms and assembly of rebar. Construction of the surrounding podium structure has also started. [44] In January 2021, Mizrahi Developments applied through an addendum for a height increase for The One to 94 storeys with a planned height of 338.3 metres. [45] In June 2023, the City of Toronto approved the final height to 91 storeys and 328.4 metres. [46]

On January 9, 2024, the heritage facade restoration, part of the project, at 774 and 776 Yonge Street was revealed. The restored 19th-century heritage facade will become part of the ground level retail at Yonge and Bloor. [47]

Receivership

In October 2023, almost a year past the planned December 2022 completion date, the condo was put into receivership by the lenders who claimed necessary payments had not been made. [48] [1] The project has multiple lenders and total debt in excess of $1.6 billion as of October 2023. The receivership request was made after Mizrahi Developments defaulted on $1.23 billion of the debt. [49] Key lenders identified at the time of the receivership filing were: [49]

The One has substantial unsold units, with 70 of the 416 planned units being unsold at the time of the receivership filing. The retail space originally designed for Apple also remains without a tenant after Apple pulled out due the project's delays in 2022.

On October 18, 2023, it was announced the project received an additional $315 million in funding to go towards ongoing construction and development costs. [50]

See also

Related Research Articles

<span class="mw-page-title-main">Yonge Street</span> Historic road in Ontario, Canada

Yonge Street is a major arterial route in the Canadian province of Ontario connecting the shores of Lake Ontario in Toronto to Lake Simcoe, a gateway to the Upper Great Lakes. Ontario's first colonial administrator, John Graves Simcoe, named the street for his friend Sir George Yonge, an expert on ancient Roman roads.

<span class="mw-page-title-main">Yorkville, Toronto</span> Neighbourhood in Toronto, Ontario, Canada

Yorkville is a neighbourhood and former village in Toronto, Ontario, Canada. It is roughly bounded by Bloor Street to the south, Davenport Road to the north, Yonge Street to the east and Avenue Road to the west, and it is part of The Annex neighbourhood. Established as a separate community in 1830, it was annexed into Toronto in 1883. Yorkville comprises residential areas, office space, and retail shopping.

<span class="mw-page-title-main">Bay Adelaide Centre</span> Office complex in the Financial District of Toronto, Ontario, Canada

The Bay Adelaide Centre is an office complex in the Financial District of Toronto, Ontario, Canada. The first phase, a 51-storey skyscraper known as Bay Adelaide West, was completed in July 2009. The second phase, the 44-storey Bay Adelaide East, was completed in October 2016. A third tower, Scotiabank North Tower, opened in 2022 and serves the new global head office of Canadian bank Scotiabank.

<span class="mw-page-title-main">Manulife Centre</span> Building in Toronto

The Manulife Centre is located on the southeast corner of Bay and Bloor streets, along the Mink Mile and adjacent to the southern edge of the Yorkville district of Toronto, Ontario, Canada. It consists of a 51-storey 800-suite luxury residential tower at 44 Charles Street and a shorter tower at 55 Bloor Street West, connected by a retail complex on the main floor and basement.

<span class="mw-page-title-main">One Yonge Street</span> Toronto Star headquarters

One Yonge Street is a 25-storey office building in Toronto, Ontario, Canada. The building served as the headquarters of Torstar and its flagship newspaper, the Toronto Star, from 1971 to 2022. It is 100 metres tall and built in the International style. It was built as a replacement to the Old Toronto Star Building, which was located at 80 King Street West. That building was torn down to make room for First Canadian Place.

<span class="mw-page-title-main">Downtown Toronto</span> Central business district in Toronto, Ontario, Canada

Downtown Toronto is the main city centre of Toronto, Ontario, Canada. Located entirely within the district of Old Toronto, it is approximately 16.6 square kilometres in area, bounded by Bloor Street to the northeast and Dupont Street to the northwest, Lake Ontario to the south, the Don Valley to the east, and Bathurst Street to the west. It is also the home of the municipal government of Toronto and the Government of Ontario.

<span class="mw-page-title-main">One Bloor</span> Skyscraper on Bloor Street and Yonge Street in downtown Toronto, Ontario, Canada

One Bloor, previously One Bloor East and Number One Bloor, is a mixed-use skyscraper at the intersection of Bloor Street and Yonge Street in downtown Toronto, Ontario, Canada. The project was initially launched by developer Bazis International Inc. in 2007, before being cancelled and re-developed by Great Gulf. As of 2018, it is the tenth-tallest residential building outside of Asia and the 40th tallest residential building in the world.

<span class="mw-page-title-main">Aura (Toronto)</span> Mixed-use skyscraper completed in 2014 in Toronto, Ontario, Canada

Aura is a mixed-use skyscraper completed in 2014 in Toronto, Ontario, Canada. It is the final phase of a series of condominium buildings near College Park in Toronto's Downtown Yonge district. It is part of the Residences of College Park project. Construction lasted from 2010 to 2014. With 80 floors, as of 2018 it is the tallest residential building in Canada and the 38th tallest residential building in the world.

Brad J. Lamb is a Canadian real estate broker and condominium developer. He had a reality television show named Big City Broker on the HGTV Canada network for several years. The show focused on the workings of his real estate brokerage, "Brad J. Lamb Realty Inc." Lamb received media attention in March 2021. Due to a zoning bylaw violation, tenants living in units above an auto-body repair shop were forced to leave their units permanently by the City of Toronto.

<span class="mw-page-title-main">Casa Condominio Residenza</span> Residential in Toronto, Ontario

Casa Condominio Residenza, or The CASA, is a high-rise condominium building at 33 Charles Street East near the intersection of Bloor Street and Yonge Street in downtown Toronto, Ontario, Canada. It features a New Modernist design by architectsAlliance emphasizing glass curtain wall, with balconies wrapped around the building from the podium to the top. An overhanging concrete slab concludes the design at the roof of the final floor. It is lit from underneath at night. The balconies themselves have transparent glazed balustrades, and the podium's main facade facing Charles Street also makes use of glass curtain wall extensively, framed with black brick.

<span class="mw-page-title-main">Burano (building)</span> 50 storey tall high-rise condominium complex on Bay Street in Downtown Toronto, Ontario

Burano is a 50 storey, 163 metre tall residential high-rise condominium complex on Bay Street between Grenville St. and Grosvenor St. in the Discovery District of Downtown Toronto, Ontario, Canada. The redevelopment of the site was part of a period of urban renewal of the Toronto financial district in the early 21st century. Toronto City Planning stated that the Burano has "significantly contributed to the improvement of the streetscape and the public realm."

<span class="mw-page-title-main">Four Seasons Hotel and Residences Toronto</span> Luxury condominium and hotel

The Four Seasons Hotel and Residences Toronto is a complex consisting of a 204-metre, 55-storey residential condominium tower and a 125-meter, 30-storey luxury hotel tower in the Yorkville district of Toronto, Ontario, Canada, which opened on October 5, 2012. Located at 60 Yorkville Avenue, at its intersection with Bay Street, the complex is situated one block east of the former Four Seasons Hotel Toronto building at 21 Avenue Road.

David Pontarini, OAA, AAA, FRAIC, AIA is a Canadian architect and founding partner of Hariri Pontarini Architects in 1994, alongside Siamak Hariri.

<span class="mw-page-title-main">Sam Mizrahi</span> Canadian real estate developer (born 1971)

Sam Mizrahi is an Iranian-born Canadian real estate developer who is active in Toronto. Mizrahi is currently the president of a number of corporations, including Mizrahi Developments, Mizrahi Inc. and Mizrahi Enterprises Inc. He is best known for being the developer of The One skyscraper at the intersection of Yonge and Bloor streets in Toronto. In 2015, Toronto Life named him the 45th most influential person in Toronto.

Mirvish+Gehry, also known as Forma, is a planned two-tower mixed-use building complex in Toronto, Ontario, Canada. The towers were designed by Frank Gehry in partnership with David Mirvish. The project is located on King Street West at Duncan Street in Toronto's Entertainment District.

The CIL Building is a fourteen-storey office tower located at 130 Bloor Street West in Toronto, Ontario. Designed by the architectural firm Bregman and Hamann and completed in 1960, the building is one of Toronto's best examples of International Style architecture. The CIL building is best known for its two-storey penthouse, which was originally occupied by businessman Noah Torno and is now a designated historic property.

<span class="mw-page-title-main">CIBC Square</span> Toronto skyscraper

CIBC SQUARE is an office complex in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a joint development between Ivanhoé Cambridge and Hines. It serves as the new global operational headquarters for the Canadian Imperial Bank of Commerce (CIBC), consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court. The development also includes the Union Station Bus Terminal constructed on behalf of Metrolinx for GO Transit, as well as other inter-city bus services, connected directly to Union Station, and a one-acre park elevated over the rail corridor. To enter the elevated park or CIBC SQUARE from Yonge Street, backstage condos have direct access via skybridge

<span class="mw-page-title-main">Concord Sky</span> Residential and retail in Toronto, Ontario

Concord Sky is a mixed-use skyscraper under construction in Toronto, Ontario, Canada. YSL is an acronym for "Yonge Street Living". Upon completion, the building will surpass First Canadian Place in height to become Canada's second-tallest skyscraper, after The One. If the building is completed before The One is finished, then the building will briefly become the tallest building in Canada.

<span class="mw-page-title-main">BDP Quadrangle</span> Canadian architecture and interior design firm

BDP Quadrangle is the North American studio of UK-based global architecture, design, and urbanism firm, BDP.

<span class="mw-page-title-main">Pinnacle One Yonge</span> Skyscraper complex in Toronto, Canada

Pinnacle One Yonge is a mixed-use development currently under construction in Toronto, Ontario, Canada. It will consist of six skyscrapers ranging in height from 22 to 105 storeys tall. The first tower, Prestige at 65 storeys is completed. The second building known as the SkyTower will be Canada's tallest building.

References

  1. 1 2 3 Altstedter, Ari (October 19, 2023). "Toronto skyscraper with $1.7 billion of debt has been put in receivership". BNN Bloomberg. Archived from the original on October 20, 2023.
  2. ↑ "The One". Mizrahi Developments. Retrieved June 25, 2024.
  3. 1 2 Pereira, Ana (June 25, 2024). "The value of luxury condo The One is now about half its asking price. What happens if no one wants to buy it?". Toronto Star. Retrieved June 25, 2024.
  4. 1 2 3 4 "How Toronto's latest mega tower got the green light".
  5. ↑ "Canada's Future Tallest Building, 'The One,' Gets Even Taller".
  6. 1 2 Hall, Joseph (October 9, 2016). "The art of taming the wind". The Star. Retrieved October 24, 2016.
  7. ↑ "Analysis: Expanded retail at 'The One' could be valued at $1.2 billion". Retail Insider. April 30, 2015. Retrieved August 24, 2020.
  8. ↑ Mitanis, Marc (January 19, 2015). "Stollerys demolition begins amid heritage concerns". Urban Toronto. Retrieved August 24, 2020.
  9. ↑ Infantry, Ashante (October 8, 2014). "Mizrahi Developments buys Stollerys at Yonge and Bloor | Toronto Star". The Toronto Star. Retrieved November 15, 2016.
  10. ↑ "Sam Mizrahi - One Bloor Street West, the One-Billion Dollar Building". Dolce Vita luxury magazine. December 18, 2014. Retrieved June 20, 2016.
  11. ↑ "Mizrahi Shows Refined 'The One' at Design Review Panel | Urban Toronto". urbantoronto.ca. Retrieved June 20, 2016.
  12. 1 2 "Toronto's newest luxury hotel will be located in the tallest building in Canada". Daily Hive. May 1, 2019. Retrieved May 1, 2019.
  13. ↑ "Canada's tallest condo tower, 1 Bloor West, set to rise in Toronto". The Globe and Mail. Retrieved October 26, 2017.
  14. ↑ Mok, Tanya (May 14, 2021). "This is what construction on Toronto's huge Apple flagship store looks like right now". BlogTO. Retrieved August 4, 2021.
  15. ↑ Kupferman, Steve (March 3, 2016). "Is Toronto getting a new Apple Store? A rumour rundown". Toronto Life . Retrieved August 4, 2021.
  16. ↑ "Apple sues to break lease on Toronto shopping center project". AppleInsider. March 29, 2022. Retrieved October 1, 2022.
  17. ↑ McArthur, Greg; Younglai, Rachelle (March 28, 2022). "Apple 'disappointed' with Mizrahi as it sues to terminate lease at Toronto condo, The One". Globe and Mail. Retrieved November 7, 2022.
  18. ↑ Murphy, Aisling (October 18, 2023). "Luxury condo 'plagued by delays and cost overruns' at Bloor and Yonge enters into receivership". Archived from the original on December 26, 2023. Retrieved December 26, 2023.
  19. ↑ Ng, Gary. "Apple Exits Toronto's 'The One' Project Which is Now in Receivership". iPhoneinCanada.ca. Archived from the original on October 27, 2023. Retrieved December 26, 2023.
  20. ↑ Marques, Pedro (May 19, 2021). "MetroManTO" . Retrieved August 4, 2021.
  21. ↑ Landau, Jack (July 6, 2021). "Retail Glazing Appears as First Finishes for Mizrahi's The One". Urban Toronto . Retrieved August 4, 2021.
  22. ↑ Warwick, Stephen (July 7, 2021). "Flagship Toronto Apple store taking shape with new glass panels". iMore . Retrieved August 4, 2021.
  23. ↑ Ng, Gary (July 2021). "New Flagship Apple Store in Toronto Starts Installing Huge Glass Panels". iPhone in Canada. Retrieved August 4, 2021.
  24. ↑ "The One Approved at OMB, Now 2 Storeys Taller". Urban Toronto. May 10, 2017. Retrieved June 14, 2017.
  25. ↑ Wintrob, Suzanne (December 16, 2017). "The One to Watch". The National Post. Retrieved April 19, 2018.
  26. 1 2 Infantry, Ashante (October 8, 2014). "Mizrahi Developments buys Stollerys at Yonge and Bloor". The Star. Retrieved November 2, 2016.
  27. ↑ Sufrin, Jon (February 24, 2015). "Sam Mizrahi, the developer who snagged Toronto's most coveted piece of real estate". Toronto Life. Retrieved November 2, 2016.
  28. ↑ Longley, Richard (March 17, 2015). "Sam Mizrahi launches The One". Now. Retrieved November 2, 2016.
  29. ↑ "Stollerys Demolition Begins Amid Heritage Concerns | Urban Toronto". urbantoronto.ca. Retrieved November 15, 2016.
  30. ↑ "Demo of Stollery's in Toronto prompts calls for new heritage process". dailycommercialnews.com. Retrieved November 15, 2016.
  31. ↑ "Stollery's is going. But Toronto should do more to save its heritage". The Globe and Mail. Retrieved November 15, 2016.
  32. ↑ "THE ONE by Sam Mizrahi prepares for sales after development receives final approval from OMB". BuzzBuzzNews. May 9, 2017. Retrieved June 2, 2017.
  33. ↑ Dmitrieva, Katia (August 23, 2017). "Tallest Canada Condo Tower Secures Mortgage". Bloomberg. Retrieved September 8, 2017.
  34. ↑ White, Craig (November 22, 2017). "The One's Presentation Centre Opens For First Time". urbantoronto.ca. Retrieved March 12, 2018.
  35. ↑ "Excavation Nearing its Final Stages at The One". Urban Toronto. October 4, 2018. Retrieved November 14, 2018.
  36. ↑ White, Craig (August 23, 2017). "Ground Broken for Toronto's First 'Supertall', Mizrahi's The One". urbantoronto.ca. Retrieved September 8, 2017.
  37. ↑ "Specialized Crane Installed for "The One" at Bloor and Yonge". Urban Toronto. November 14, 2016. Retrieved November 14, 2018.
  38. ↑ "Completed Mega Caissons Revealed as 'The One' Progresses". urbantoronto.ca. Retrieved April 30, 2019.
  39. ↑ "Korean fund to lend $423 mn for Canada's supertall construction". Korean Investors. Retrieved October 21, 2019.
  40. ↑ "Exclusive Preview of The One's Exterior Finishes". Urban Toronto. Retrieved October 21, 2019.
  41. ↑ Kalinowski, Tess (February 28, 2020). "Toronto halts construction of The One condo-hotel in Yorkville". Toronto Star.
  42. ↑ "The One Granted Long-Awaited Permit After Planning Hurdles". Urban Toronto. Retrieved September 4, 2020.
  43. ↑ "Construction is about to resume on Toronto's tallest new condo building". blogTO. Retrieved September 4, 2020.
  44. ↑ Landau, Jack (December 10, 2020). "The One Prepares for Next Steps in Supertall Ascent". urbantoronto.ca. Retrieved December 24, 2020.
  45. ↑ Gladysz, Kayla (January 6, 2021). "The Race for Canada's Tallest Building Has Been Taken to Another Level". torontostoreys.com. Retrieved January 27, 2021.
  46. ↑ "The One is Heading for 91 Storeys… and That's Final! | UrbanToronto".
  47. ↑ Urban Toronto (January 9, 2024). "Yonge Street Heritage Walls Unveiled at The One". Urban Toronto. Retrieved January 9, 2024.
  48. ↑ "Problem plagued luxury Yorkville condo The One put into receivership". City News Toronto. Retrieved October 19, 2023.
  49. 1 2 Evans, Pete (October 20, 2023). "Iconic Toronto condo project placed into receivership due to $1.6B in unpaid debt". CBC. Archived from the original on November 2, 2023. Retrieved November 4, 2023.
  50. ↑ Alvarez and Marsal (October 2023). "FAQ - The One" (PDF). www.alvarezandmarsal.com/. Retrieved January 9, 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.