Tall & Urban News

On 22 April, the Ontario Superior Court approved Tridel’s full takeover of The One, an 85-story building currently under construction at Yonge and Bloor in Toronto. Tridel now replaces interim contractor SKYGRiD as the project, construction, and sales manager, steering the supertall's construction toward a projected early 2028 completion.

In working with lenders, consultants, and the court-appointed receiver, Tridel revised the project's construction schedule, budget, and procurement plan. The residential unit mix has also been reworked. The original plan had 416 units, which the receiver increased to 503 units. The new plan has reduced this to 476 to optimize layouts and sales pace, including redesigned penthouse levels with seven multi-story suites. These updated plans are being compiled and will be submitted to the City of Toronto. Also, a new hotel partner is being sought to replace the cancelled Hyatt deal, with JLL leading the selection.

The project now operates under Companies’ Creditors Arrangement Act (CCAA) protection, replacing the earlier receivership. This shift enables Tridel to sell units directly under Tarion warranty protection and distances the project from the Mizrahi name. The court also granted Tridel a first-ranking charge securing its fees and shielding it and its contractor Deltera from liabilities before 22 April, while limiting SKYGRiD’s responsibility to work already completed.

Construction of the building designed by Foster + Partners and Core Architects has continued throughout the legal transition. The Rail Climbing System used for the construction has reached the 57th floor, with formwork progressing through level 83.  The high-rise is expected to top out at 308.6 meters in late 2025, with substantial completion expected in late 2026 and occupancy by early 2028.

Learn more at Urban Toronto.