What's going on at The One, Toronto's troubled $2-billion mega-tower?

financialpost.com:

The 85-storey tower at one of Toronto’s busiest intersections was launched in 2015 with an original budget of $1.3 billion and a scheduled completion date of Dec. 31, 2022. The One was envisioned as a multifaceted development encompassing 416 condominiums, a 175-room Hyatt hotel operating under the boutique Andaz brand, an array of retail shops and a diverse selection of restaurants. Topping it off, the flagship retail tenant was going to be an Apple store.

In one of the earliest public signs that the project’s prospects were souring, Apple initiated a contract termination request with The One in 2020, citing construction delays. Apple’s withdrawal left more than 15,000 square feet vacant, including over 9,000 square feet of ground-floor retail space. Since then, the development has encountered numerous obstacles. According to court documents, these issues have had a significant impact on both the project’s timeline and budget. As of the court’s October decision to appoint a receiver, construction had progressed only to the 40th floor. Additionally, court documents revealed that total expenditures on the project had surpassed $2 billion.

In October 2023, senior lenders to the project, including KEB Hana Bank, requested the appointment of a receiver. According to court documents, the lenders alleged significant cost overruns, delays in the construction schedule, and a substantial amount of debt. The project was reported to be over budget by approximately $600 million and had accumulated around $1.7 billion in debt. It was also two years behind schedule. Senior lenders also alleged that an “acrimonious” relationship had developed between Coco and Mizrahi, along with the associated parties. Court documents say that these