Luxury condo project The One has officially conquered Toronto’s skyline as Canada’s tallest building — an accomplishment clouded only by its troubled path to completion.
Almost two years since former developer Sam Mizrahi’s brainchild was forced into receivership, the tower finally reached level 85 — its final floor — eight years after construction began in 2017.
That means The One, which was recently renamed as One Bloor West, is Canada’s first “supertall” skyscraper, defined as being more than 300 metres tall by the global non-profit Council on Tall Buildings and Urban Habitat. (The CN Tower is 553 meters tall, but not classified as a skyscraper, as less than half of its height is occupied.)
Sweeping views of the city, featuring the CN Tower, Rogers Centre and the Toronto Islands, can be seen from the top of the tower at the corner of Yonge and Bloor. Though it’s still missing walls and a ceiling, the top floor will be split into two penthouse units, perfect for very wealthy homebuyers who aren’t afraid of heights.
Real estate giant Tridel, which recently took over as project manager of One Bloor West in early May, celebrated on Tuesday in a grand ceremony held inside a hollow retail space at the base of the tower. (It was initially intended for an Apple store, but the tech giant pulled out of the project due to construction delays.)
While the milestone is significant, One Bloor West is far from being done. Construction is only expected to be concluded in 2028 — six years after its original estimated delivery.
CEO Jim Ritchie says Tridel’s job is just getting started, and he’s confident the company is up to the challenge.
“We’re still in the discovery stage,” he told the Star in an interview. “We’ve got some homework to do.”
The façade on the building envelope is still incomplete, and workers are in the process of finishing an internal device meant to shield the higher up floors from violent wind vibrations.
Tridel, which built 65-storey condominium Ten York and part of mixed-use development The Well, will also be reconfiguring the interior design by raising the total number of units in order to add value to the project without impacting its schedule.
Mizrahi’s original plan featured 415 units, but Tridel is considering increasing that number to 476.
“We’re analyzing each and every floor plan in terms of its layout,” said Ritchie. “Maybe more, smaller suites (will be) brought into the lower part of the building, maybe we need some bigger (ones) up at the top.”
But, he said, there will be no “micro-suites,” units that are under 600 square feet and thought to be a major reason behind Toronto’s current condo market struggles — though they will not be “inexpensive,” he added.
“If people want to live in this area, and they don’t necessarily want a house, we’ll find that buyer,” said Ritchie. “We’ve got some time to sort that out.”
At the same time, Tridel is seeking new tenants for the building’s commercial component, including retail spaces and a hotel. A Hyatt hotel was supposed to take up floors five through 16 of the tower, but the receiver decided to end its agreement with the hotel “in order to provide the best opportunity to maximize value from the commercial component,” according to an April court filing. Ritchie says Tridel is currently in a procurement process for a five-star hotel provider.
According to court documents released in April, the project’s senior secured lenders will extend another $615 million to fund the remaining construction.
In October 2023, senior secured creditor KEB Hana Bank forced the project into receivership, claiming that it owed more than $1.6 billion and was in default of its loan obligations. At the time, tower slabs were only poured to level 42 and the façade on the building envelope was installed through level 11.
In March 2024, receiver Alvarez & Marsal Canada booted Mizrahi Developments off the project and replaced it with interim construction manager Skygrid. Mizrahi Developments was accused by the receiver of budget failures, contracting problems and serial delays, according to court files.
Clarification — June 25, 2025
This article has been updated. The One has been renamed One Bloor West, a new name struck by Tridel, which recently took over as project manager. The article has also been revised to better explain Tridel’s involvement in the Well project.
