1 Bloor East

For those of you that have been wondering what is going on with the vacant lot at 1 Bloor East, it looks like there might finally be some progress in sight. However it remains to be seen if that progress is good or bad for the homebuyers, investors and commercial tenants that have already made a deposit for their unit and have had their money tied up in a project that doesn’t appear to be going anywhere.

Documents filed in court yesterday show the owner of the land, Michael Gold is going to sell the land as part of a court approved deal that will help keep the property out of receivership. For those of you that have made a deposit on a unit you will have to wait a bit longer to see if the buyer is going to continue with the current project or build something different. The size and grandeur of the original project may not be as palatable to lenders in today’s economic climate which will force the new owners to scale back any development moving forward.

Michael Gold and his company Bazis ran into trouble on the project when they stopped making payments on a $46M land loan. The original loan holder sold off the debt to a group of Toronto investors who offered to purchase the land from Gold who rejected their offer. At that point they began proceedings to put the property in receivership. No word on who the potential new buyers might be.

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