Veteran developer to take over problem-plagued Toronto megatower

You wouldn’t know by the One’s continued ascension into Toronto’s skyline to (briefly) claim the title of Canada’s tallest building that the supertall skyscraper at the corner of Yonge and Bloor has been to hell and back.

The project has been burdened with setback after setback, from ongoing legal proceedings after developer Sam Mizrahi was ousted from key roles to a receivership order and resulting listing of the 300-plus-metre-tall megatower.

Though progress has been slower than expected, work on the city’s most problem-laden condo development still pushes on, and one key player has now stepped in to ensure it reaches completion.

A December 11 update from the site’s court-appointed receiver Alvarez & Marsal reveals that reputable Toronto developer Tridel, behind more than 90,000 GTA homes built in the last 90 years, will be taking over The One after no buyer stepped forward.

“The sales and investment solicitation process (SISP) has culminated in the receiver entering into a binding term with Tridel Builders Inc. and certain of its affiliates as specified therein,” Alvarez & Marsal write. “Tridel will be engaged to take over the Project as the development manager, construction manager and general contractor.”

The doc goes on to explain how the firm presented the best proposal for the future of The One out of 11 participating bidders and reiterates that “Tridel’s development and construction experience is best aligned with the size, scope and complexity of the project.”

As part of its plan, the builder will work towards not just getting the mixed-use complex finished, but maximizing value for stakeholders by “saving costs, and potentially re-designing concepts for certain of the unbuilt residential units.”

Though at one point slated to be 91 storeys, it looks like The One may be scaled back to its previously-approved height of 85 storeys. Whatever its final height, creditors are insistent on bringing The One to fruition, paying Tridel on a fee-for-service basis to “complete the construction, development and realization of value from the project.”

Per this latest release, the hulking structure is still set to include residential suites from floors 17 to 85, along with a 16-floor commercial component that will include a multi-floor premium hotel, restaurant(s), ground-floor retail space and four levels of underground parking.