Tridel Finalizes Contract To Construct The One, Completion Expected In 2028

Toronto-based developer Tridel has officially signed a contract to take over the construction of The One, a high-rise project located at the intersection of Yonge and Bloor streets. This agreement follows a court approval, marking a significant step forward for the development, which has faced financial challenges in recent years. Tridel is set to serve as the project manager, construction manager, and sales manager, with the building's completion anticipated in 2028.

The One, envisioned by developer Sam Mizrahi, aims to be Canada's tallest building upon completion, standing at 85 storeys and approximately 1,013 feet tall. Designed by Foster and Partners in collaboration with Core Architects, the skyscraper is set to feature luxury residences, retail spaces, and a boutique hotel.

Financial difficulties led to the project entering receivership in October 2023, with debts exceeding $1.6 billion. Despite efforts to find a buyer, no suitable candidates emerged during a court-ordered sales process. In December 2024, Tridel was selected to assume control of the project, and the recent court approval solidifies this transition.

Under the new agreement, Tridel will receive fees based on project costs and sales revenues, with additional incentives tied to cost savings. The developer has also been working on revising the construction schedule, procurement plans, and marketing strategies for the residential units. A reconfiguration plan has increased the number of residential units from 415 to 503, aiming to enhance the project's value.

The building's design includes a mix of residential, retail, and hotel spaces. The first 18 floors are designated for retail and a luxury hotel, while the upper floors will house residential units. Amenities are expected to include outdoor terraces, fitness facilities, and event spaces, offering residents a comprehensive urban living experience.

With Tridel's involvement, stakeholders are optimistic about the project's future. The developer's experience in managing large-scale residential projects is seen as a positive factor in bringing The One to completion. As construction progresses, the building is poised to become a prominent feature of Toronto's skyline.