the one toronto

New company steps in to help Toronto's embattled 91-storey 'The One' tower

Just days after a bombshell court order placed Mizrahi Developments' behemoth 91-storey 'The One' project into receivership over unpaid debts, a new developer has stepped in to advise on the beleaguered skyscraper under construction at Yonge and Bloor.

Will Smith (no, not the slapping one), President and CEO at Knightsbridge Development Corporation, announced via Linkedin on Tuesday morning that his company would be stepping in to act as advisor for the partially-built project on the former Stollerys site.

"Knightsbridge Development Corporation is pleased to announce that we have been selected as the new Project Manager for The One, where we will be transitioning into our role as the new Owners Representative providing Project Management and Development support on this exciting project," reads the announcement.

"KDC brings to the project our success on The Well, Canada's largest commercial development project, along with the lessons learned, both from The Well and our various International Projects in the UK, the EU, and Latin America to The One, destined to be Canada's tallest building."

Developer Sam Mizrahi was the talk of the town when he announced a new focal point for the city skyline in 2015, bringing on famed U.K.-based architects Foster+Partners to wrestle the crown of Canada's tallest building from current title-holder, First Canadian Place.

Eight whole years have transpired since the project made a splash with a promise to redefine the skyline, and numerous construction delays, the exit of flagship tenant Apple (a tenant that influenced the costly structural design of the building) and mounting debts ended Sam Mizrahi's dream of seeing through a new tallest for Toronto.

Mizrahi Inc. is continuing in its capacity as the General Contractor of The One Project under the supervision of the Receiver. The company will live on as a visionary behind what will likely pan out as Canada's second-tallest building, though Knightsbridge will be the company advancing this skyscraper to the finish line.

In a statement shared with blogTO following the receivership announcement, a representative of Mizrahi Developments explained that the receiver had requested that the firm stay on as developer and general contractor for the project, adding that "Mr. Mizrahi maintains his equity position in the project."

Lead photo by

Jeremy Gilbert


Latest Videos



Latest Videos


Join the conversation Load comments

Latest in Real Estate

Proposed Toronto condo tower seeking gargantuan 18-storey increase

$4 million home in exclusive Toronto area hits market for first time in 30 years

Ontario city slashes development charges on new homes amid criticism

An old 1800s Toronto apothecary turned house is up for sale at over $4 million

New legal drama worsens plight of Toronto's troubled megatower

Massive redevelopment plans unveiled for abandoned Toronto bus terminal

Brand new $3.8 million Toronto home looks like it's straight out of a design magazine

Proposed buildings would replace Toronto grocery store and huge parking lots