Toronto Developer Buys One Bloor Site
Posted September 17, 2009 12:11 pm.
This article is more than 5 years old.
The vacant lot on the southeast corner of Yonge and Bloor will be the home of a new condo tower after all – although not as showy as its 80-storey predecessor.
On Wednesday, Toronto real estate developer Urbanfund Corp. finalized a deal to buy a $2 million stake in the project from Kazakhstan-based Bazis International.
The new initiative calls for a complete redesign, scrapping the hotel but still incorporating both residential and commercial units. Details will be released this fall.
When units went up for sale in 2007, One Bloor East was touted as the most sought-after address in the city, with hundreds of people lining up for the chance to snag a unit.
The site has sat empty since the plan to construct the mixed-use building fell through amid financing problems late last year.
Now, some buyers are being reimbursed for hundreds of thousands of dollars in deposits.
Great Gulf Homes will develop the new property.
