Hundreds Left Stranded After One Bloor Condo Sold
Posted August 20, 2009 1:11 pm.
This article is more than 5 years old.
It was touted as the most sought-after address in the city, an 80-storey tall residential-retail-hotel project on “Toronto’s version of Fifth Avenue.”
When units went up for sale in 2007, hundreds lined up for weeks to pay reportedly between $500,000 and $25 million for a unit.
But you know what they say about the best laid plans.
On Tuesday, Kazakhstan-based developer Bazis International announced it had sold the property.
“A well-established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property,” the company said in a press release.
“It is too early to discuss future development plans. However, further details will be made available at the appropriate time after closing. Due to the confidentiality agreement, we cannot comment any further at this time.”
In December, Bazis defaulted on a $46 million loan it used to buy the land and the project’s survival has been in question ever since.
