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The One receiver seeks at least $1.2 billion in sale of troubled condo tower

The developers of Toronto's troubled luxury condo project, "The One," are seeking at least $1.2 billion in a sale after the project was placed into receivership. The 85-storey mixed-use tower at Yonge and Bloor, expected to be Canada's tallest residential building, has faced significant delays and cost overruns. Originally scheduled for completion by the end of 2022, only 40 floors have been constructed so far, with the completion now projected for March 2025.

The project, developed by Sam Mizrahi and Jenny Coco, was placed into receivership due to a $1.6 billion debt to its lenders, primarily KEB Hana Bank from South Korea. The development has been plagued by economic headwinds, including the COVID-19 pandemic, supply chain disruptions, and internal disputes between the developers. These issues led to substantial cost increases, pushing the project's budget over $2 billion, significantly higher than the initial estimate of $1.4 billion.

Alvarez & Marsal Canada Inc. has been appointed as the receiver to oversee the project. They will manage $315 million in new financing to continue construction. Despite the setbacks, Sam Mizrahi and his company will remain as the general contractor under the receiver's supervision. The project aims to resolve governance issues and maximize the value of the development​​.

For investors and prospective buyers, the situation means potential delays and adjustments to agreements. The ongoing construction is progressing at about one floor per week, but the final completion and delivery of the luxury condos are now anticipated to be years beyond the initial timeline.



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