One of Toronto's largest home builders will start fresh and develop a new mixed-use condominium at the site of the 1 Bloor luxury condo project after buying the property from its cash-strapped developer.
Great Gulf Homes confirmed Thursday it will take ownership of the site from Kazakhstan-based Bazis International Inc. in mid-September, writing a new chapter in a cautionary tale of marketing hype, frenzied sales and the crush of the global credit crisis.
Toronto's real estate world buzzed with word of the sale, as realtors fielded calls from anxious buyers concerned about deposits and the future of the project – once envisioned as Canada's tallest residential building – at the corner of Yonge and Bloor Streets.
"An affiliate of Great Gulf Homes has entered into an agreement to purchase the property and it will be closing mid-September," said Bruce Freeman, executive vice-president of Great Gulf. "We are presently developing plans for a mixed-use project."
He declined to elaborate, saying more details would be released after the deal closes, but The Globe has confirmed the purchase is strictly for the land and does not involve the previous owner's obligations, contracts or design.
In a terse statement, Bazis said all buyer deposits are protected in an escrow account, as required under Ontario's Condominium Act. A spokeswoman said neither she nor Michael Gold, the developer's Canadian president, could comment further because of a confidentiality agreement.
Article above is provided by The Globe and Mail Real Estate Section.
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