(Source: The Toronto Star)

The owner of the proposed 80 storey condo project at Yonge and Bloor Sts. says today’s receivership proceedings are “just a back door way to steal land at 1 Bloor.”

In a release issued just before the 10 a.m. court hearing, Michael Gold, who heads developer Bazis International in Canada, said a “triumvirate” of businessmen are out to take ownership and are using confidential information he gave them during previous discussions.

The three Canadian businessmen bought the $46 million land loan earlier this year. Gold has not made payments on the loan since December and blames the economic “meltdown” for his difficulty in getting additional financing for the giant project.

“If the court decision is approved, almost 500 condo buyers, the retail chains, which were to have flagship stores in the podium, and the Sofitel five-star world-hotel chain at 1 Bloor will all be out in the cold,” Gold’s morning news release says.

Read Kevin Donovan’s full article “Court action a ruse to steal One Bloor, says developer” in the Toronto Star (July 20, 2009).

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