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Apr 5, 2007

Purchase and redevelopment of 1 acre corner at Yonge and Bloor

On December 13, 2006, One Bloor Street East Limited purchased one of the most significant development sites in Canada - a one acre property on the southeast corner of Yonge and Bloor Streets, running one full block south to Hayden Street and east along Bloor Street to existing office towers. The purchase price was over $62.8 million. One Bloor Street East Limited purchased the property on behalf of a limited partnership representing the interests of our client, Bazis International Inc., and Lehman Brothers. The vendor was Canada Square Management Ltd, a company which is part of the Kolter Group.
 
On April 5, 2007, Bazis International Inc. unveiled its plans to construct the $450 million "One Bloor" tower on the site, consisting of an 80 storey mixed-use tower with 3 levels of retail space, a five-star hotel and about 500 condominium suites.
 
The acquisition of the site was coordinated by Leor Margulies and Anthony Romanelli, solicitors with our real estate department and assisted by one of our senior law clerks, Audrey Weaver.

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