(Source: The Star)

Kazakhstan-backed developer Michael Gold is selling his prime property at Yonge and Bloor Sts., signalling that his planned glass tower condo and hotel project may be dead.

Gold made the decision as part of his court-approved plan to keep the property out of receivership, where his main creditor tried to send him earlier this week.

Documents filed in court yesterday show Gold and his company, Bazis International of Kazakhstan, will sell the land on the southeast corner of Yonge and Bloor to an unnamed buyer. The buyer must make a “good faith deposit” as part of the land sale by next Wednesday, and the deal must close by Sept. 16. Several other conditions are attached, including a “due diligence” period for the unknown buyer to analyze the deal.

Read Kevun Donovan’s full article “Tower’s future up in the air as Yonge-Bloor site being sold” in The Toronto Star (July 22, 2009).

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