(Source: The Toronto Star)

The controversial 1 Bloor hotel and condominium project – which was supposed to be the tallest residential tower in Toronto – has been sold.

Developer Bazis International released a statement today saying: “A well established Toronto developer has entered into a binding agreement with Bazis International for the One Bloor property with closing in mid-September.”

The Star revealed last month that the Kazakhstan-backed company intended to sell the property on the southeast corner of Yonge and Bloor Sts.

In 2007, hundreds of buyers lined up, some even camping out, to put deposits on units in the property. Units went from $500,000 and up. The penthouse was reportedly sold for $25 million.

Developer Michael Gold had stopped making payments on a $46 million loan in December. When the loan continued to be in default, a consortium of lenders tried to place the project in receivership.

The group offered $50.5 million to Gold. But he ended up selling the property to someone else.

Read Tony Wong’s full article “1 Bloor sold” in the Toronto Star (August 18, 2009).

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