Toronto's 85-Story 'The One' Condo Placed in Receivership Due to Soaring Costs and Construction Delays
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The One, a 85-story Toronto condo tower, has been put into receivership due to construction delays and cost overruns.
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The $1.2 billion project has faced financing issues, with costs rising from $1.4 billion to $2 billion.
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Construction began in 2017 but only 40 floors have been completed so far, with completion pushed back to 2025.
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The developers, Mizrahi and Coco, defaulted on debt and have a "dysfunctional" relationship.
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A South Korean lender will provide $315 million more to continue construction under receivership.