Resetting The One Residences: How Tridel Is Rebooting Toronto’s Supertall Tower

Resetting The One Residences: How Tridel Is Rebooting Toronto’s Supertall Tower takes you inside one of the most dramatic stories in Canadian real estate history — the transformation of The One at Yonge and Bloor into One Bloor West under Tridel’s stewardship. This episode breaks down how one of Canada’s most ambitious skyscraper developments went from delayed and debt-laden to a court-sanctioned reset that could reshape how luxury condominium projects are delivered in a changing market.

Originally envisioned by Sam Mizrahi as a skyline-defining supertall mixed-use tower, The One faced years of construction delays, escalating costs, and mounting creditor pressure before entering creditor protection. In response, a court-appointed monitor retained Tridel — one of Toronto’s most established condominium builders — to assume construction management, sales responsibility, and lead a full strategic reassessment of the project.

In this episode, you’ll learn
 • why the Ontario Superior Court approved the cancellation of 314 out of 329 presale contracts
 • how buyers are being refunded deposits with interest and offered priority access on relaunch
 • why Tridel and market consultants determined legacy presale pricing no longer worked
 • how the unit mix is shifting away from investor layouts toward luxury end-user suites
 • what this reset means for future revenue, pricing power, and project viability

You’ll also get the latest construction update on Canada’s first supertall residential tower, now standing at 308.6 metres and 85 storeys, with interim occupancy targeted for spring 2027 and full completion expected in early 2028. We break down Tridel’s strategy to pair the residential component with a five-star hotel brand and what that signals about demand for ultra-luxury living in downtown Toronto.

Throughout the episode, we examine what this reset means for buyer trust, developer risk, and the future of pre-construction investing in Canada’s largest urban market. One Bloor West is no longer just a building — it’s a real-time case study in repositioning, legal strategy, and market adaptation.

Tune in for clear context and practical insight that cuts through the noise and helps you make smarter, better-informed real estate decisions.

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Transcript

Ciao. Welcome to a new episode of Helping YOU Build Wealth Through Real Estate, Brick by Brick, with me, Nico James-Bock, Founder of The CondoWiz™  Group and Broker at Keller Williams in Toronto.

Today we’re unpacking one of the most consequential real estate resets in Canadian history. The One Residences at Yonge and Bloor, now rebranded as One Bloor West, and how Tridel is rebooting Toronto’s first true supertall tower.

This is not just a condo story. It’s a legal reset, a financial reset, and a market reset, playing out at one of the most expensive intersections in the country. It’s court supervised, lender driven, and builder executed, and it’s a case study every buyer and investor needs to understand.

To understand the reset, you need to understand how far off track this project went.

The building was originally launched as The One by Sam Mizrahi, with construction beginning in August 2017 after years of approvals and presentations. It was planned as an ultra-luxury mixed-use supertall with condos, retail, and a hotel, designed to redefine Toronto’s skyline.

But over time, the project faced years of delays, rising construction costs, and increasing financing strain. That pressure eventually caught up with it, and on October 18, 2023, the project entered creditor protection. Oversight was handed to the court-appointed monitor, Alvarez and Marsal.

This is where the story changes. Not with marketing, but with court appointments.

In 2025, Tridel was appointed as the development manager, construction manager, and sales manager. That appointment was approved by both the court and the monitor. And the mandate wasn’t about cosmetic fixes or spinning a narrative. It was a full reset of the project from top to bottom.

Tridel worked alongside market consultants Urbanation and the Milborne Group to reassess the building, the pricing, the unit mix, and the realities of the current market. And the project was reintroduced under a new name, One Bloor West.

Then came the moment that sent shockwaves through the industry.

In November 2025, the court approved the cancellation of 314 out of 329 existing presale contracts. Most of those agreements dated back to 2017 and 2018 pricing. Buyers are receiving full refunds of their deposits plus accrued interest, and they’re being granted a 45-day priority window to repurchase when the project relaunches.

This decision was framed as necessary to make the project viable. And that leads to the next point.

This wasn’t about greed. It was about math.

The original pricing no longer aligned with construction costs or market reality. Small investor-style units are no longer in demand. Lenders required a viable revenue model to move forward. The relaunch is expected to generate hundreds of millions in incremental revenue, and without this reset, the risk of non-completion remained high.

This also means the building itself is changing.

This is not the same building being sold twice. It’s a different product.

The total unit count is being reduced to approximately 411. There’s a clear shift toward larger, luxury-oriented suites and less reliance on micro units and investor layouts. The project is being repositioned as a true global luxury address, and the hotel component is still planned, with a future five-star operator expected to anchor the building.

Unlike many stalled projects, this one is physically real and rising.

One Bloor West is now officially Canada’s first supertall, standing over 300 metres tall. The structure is substantially complete. Interior and exterior envelope work is ongoing. Interim occupancy is targeted for spring 2027, with full completion expected in early 2028.

And this is the part every buyer and investor needs to sit with.

Presale contracts are not risk free. Courts can and will prioritize project viability. Builder credibility matters more than branding. Luxury demand still exists, but buyer expectations have changed. And this case may influence how future distressed projects across the city are handled.

One Bloor West isn’t just a building anymore. It’s a live case study in risk and reset. And this kind of outcome only happens when a top-tier builder like Tridel steps in. In many other situations, the ending is very different.

With multiple projects across the city stalled, repurposed, or headed for relaunch, staying informed isn’t optional. It’s critical. I cut through the noise to give you the information that actually matters, so you can make smarter moves and better real estate decisions.

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Ciao ciao 👋🏼