Tall & Urban News

The One, 91-story hotel and condo tower currently being built at the corner of Yonge and Bloor in Toronto, is facing significant challenges after being placed into receivership. The project, first announced in 2015 by developer Sam Mizrahi, aimed to become a new icon of the city skyline. However, after eight years, the tower remains only partially built and has been taken over by a receiver due to the developer's default on loan payments.

Various challenges, including height battles, construction pauses, and the impact of the COVID-19 pandemic, have plagued the development since its inception. The project is far from completion, facing delays, cost overruns, and ongoing disputes among principal investors. Receivership proceedings have been initiated to create a stable environment for continued construction, secure additional financing, and maximize the project's value. According to court filings, the project has accumulated debts totaling over $1.23 billion, which have not been repaid despite multiple demands. 

Despite these difficulties, construction will continue with additional financing commitments from debtors totaling $315 million. Sam Mizrahi and his company will remain involved in the project as the Developer and General Contractor under the supervision of the receiver. 

The project is now estimated to be completed by March 2025, with construction expected to continue until July of that year. 

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