Matthew Slutsky
August 21, 2009

The long drawn out story of the condominium development formerly known as “1 Bloor” continues — to which I must admit I am getting tired of posting about.

For the past four months gossip and rumours have been spreading about the state and the fate of the site, which seems to have mostly been put to rest over the past few days. The article “Condo buyers may have to line up again” sums up the most asked questions.

Who bought the site?

An affiliate of Great Gulf Homes.

What will the future hold for the site?

As per the article by Wong, “The new owner of the site at the corner of Bloor and Yonge streets says it intends to build a high-rise development that will include retail and housing.” In the article Jerry Patava, the President / CEO of Great Gulf says: “We are working very diligently to see what is appropriate for that corner, which we envision to be some kind of mixed-use development”. Then again, as the deal on the land does not close until mid-September, it is doubtful that we will see any further information prior to the closing.

What will happen to the purchasers of 1 Bloor?

“We have no contractual obligation to the former buyers” says Patava, “But obviously they thought this was a great place to live.” Nevertheless, Patava further says: “the company would likely be in touch with condo buyers to see if they are still interested in living at 1 Bloor.”

Will purchasers of 1 Bloor get their deposit money back?

According to the article “Purchasers will receive their deposit money back, Bazis International said in a statement.” There were roughly 500 purchasers at One Bloor, who put down nearly $70 million in deposits. Currently the deposit money for the condominium units is placed in a trust account and earning interest.

What will the name of the new project be?

Too early to tell, but I hope their marketing campaign doesn’t include the mouth of a lady throwing up diamonds and jewellery. Silly marketing campaign.

Source: Tony Wony, “Condo buyers may have to line up again“, The Toronto Star, August 21 2009.

Further Reading on this subject? Click ‘here‘.

Developments featured in this article

More Like This

Facebook Chatter