Howard is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.17
The Receiver says that it believes "now is the appropriate time" to solicit offers for Toronto's now infamous The One condo project, and it is proposing a minimum bid threshold of $1.2B.It was only a matter of time: after being placed under receivership last October, The One is now set to be put up for sale, according to court documents filed in the Ontario Superior Court of Justice.
Although a minimum bid threshold of $1.2B is being proposed, the SISP would commence without a stalking horse bid in place, which the Receiver says is because the senior lenders want to see the results of the SISP first. The Receiver says it has confirmed arrangements with the project's construction manager, SKYGRiD, and "substantially progressed" the contract, "such that any potentially interested parties will be able to understand the precise terms of the main construction contract for the project.
Currently, concrete pouring for Level 58 is in the preparation phase. Concrete pouring for Level 62, the first level affected by the reconfiguration plan, is expected to occur at the end of June. The One is now expected to complete construction in the second half of 2027.in 2012, acquiring the site in 2014 and infamously completing demolition over a single weekend in 2015 before the City could declare the site, then occupied by the 114-year-old Stollery's clothing store, a heritage property.
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