(Source: Globe and Mail)

The mighty hotel and condominium tower proposed for the southeast corner of Toronto’s Yonge and Bloor streets crossing appears to be doomed. Amid a snowstorm of legal paperwork last week, Bazis International, the Kazakhstan-based developer of the high-rise, blaming hard times, seemed on the brink of surrendering the vacant lot. The potential buyer has so far not been named. It could be the consortium of local creditors that has been publicly battling Bazis the past few weeks.

What the new owner will do with the site has not been announced. But certain scenarios, most of them gloomy, come to mind.

Read John Bentley May’s full article “With the fate of 1 Bloor in doubt, just one plea: Not another parking lot” in the Globe and Mail (July 31, 2009).

Further Reading on this subject? Click ‘here‘.

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