The One, Toronto’s famed condo project, is up for sale with a minimum bid set at $1.2 billion, following its placement under receivership last October. Alvarez and Marsal, the court-appointed Receiver, believe it’s the right time to solicit offers. JLL has been chosen to market the property. The sales process, if approved, would start immediately with bids due by July 30.
A reconfiguration plan for the upper levels will add 88 units, bringing the total to over 500. Construction progress is underway, with concrete pouring for Level 58 in preparation. The project’s completion is now expected in the second half of 2027. The One, located at 1 Bloor Street West, is owned by Mizrahi Commercial (The One) LP, a joint venture between Mizrahi Developments and Jenny Coco of Coco Paving Inc. Placed under receivership due to default, it faces outstanding debts exceeding $1.5B.
The project has faced legal battles and controversies over the years, including lawsuits involving Mizrahi’s former and current business partners, and other creditors like Aviva Insurance and CERIECO.
