Toronto's embattled 91-storey megatower to be sold for $1.2B amid financial woes

One of the most ambitious and transformative developments in recent memory in Toronto, The One at 1 Bloor Street West, has certainly not been going to plan since construction started in 2017, with the soaring 91-storey tower recently placed in receivership.

After a damning court order last fall over an unbelievable $1.23 billion (now, almost $1.5 billion) that the project owes to creditors, Mizrahi was officially removed from key roles on the project he'd conceived to forever alter the city's skyline after another firm took over as general contractor.

Now, another update in The One saga as authorities move ahead to recoup the money owed for its creation: the supertall skyscraper is being listed for sale.

Toronto's 91-storey megatower is in major trouble after bombshell court order 👀 https://t.co/9pDk70iH3e #Toronto #RealEstate

— blogTO (@blogTO) October 19, 2023

Court documents from this week first reported on by Storeys show that appointed receiver Alvarez and Marsal has decided to start "marketing the project to solicit any and all potential forms of value maximizing transactions or investments that may be available."

Part of this will be accomplished through the somewhat shocking addition of another 88 condo units to the design, for a total of 503. These extra homes will be shoehorned into the floors above what has already been built.

Developer booted off his own 91-storey megatower project in Toronto https://t.co/gQXz0QqWZG

— blogTO (@blogTO) February 27, 2024

The price tag for the Yonge and Bloor property, which has currently reached more than half of its eventual 328.4 metre height, will be a minimum whopping $1.2 billion in total or, most likely, in parts. The process could start as soon as early June, pending court approval.

With all of this mess in mind, no one is quite sure how close the finished project will be to Mizrahi's original plan, with blueprints for some floors, the completion date, and even the number of storeys now in question.