Construction is about to resume on Toronto's tallest new condo building
Construction on a massive condo development at one of Toronto's principal intersections has officially been given the green light to restart after a number of roadblocks that ended up slowing down progress for more than two years.
The One, located at One Bloor West, was arguably the most buzzed-about real estate project of 2017, slated to offer a staggering 85 storeys of luxury residential units, restaurants, event spaces, boutique hotel rooms and ground-level retail shops.
Excavation for the Mizrahi Developments-led building began in May 2018, but was put on hold due to permit issues last year.
Work was permitted to resume at the beginning of 2020 before COVID-19 hit and operations had to be stopped once more as the province put a moratorium on non-essential construction.
As lockdown measures eased and more employees returned to more sites around the city, work on the tower — which will be the city and country's tallest mixed-use development until the erection of Pinnacle's SkyTower — gradually started up again, and now all of its underground is essentially complete, with stakeholders waiting for approval to commence above-grade levels.
Motions and amendments were passed earlier in the summer to allow builders to secure permits necessary to finally begin the above-ground structure — permits that were officially issued on Monday.
With its immense height, coveted downtown location and divine architecture from Core Architects and Foster + Partners, the building's exclusivity is one of its main appeals.
To give an idea of the level of opulence The One touts, units were originally due to range from $1,200 to $3,000 a square foot, with three-floor penthouses going for more than $20 million apiece.
Still, more than 7,000 names are apparently on a waiting list for just 416 residences (a perhaps deliberately fitting number).
The One's completion date was initially set for sometime in 2022 or 2023, but prospective buyers will have to see too what extent this tentative date will be impacted by the months of delays.
Join the conversation Load comments