Apple has terminated its lease for retail space in Toronto’s troubled “The One” development, according to newly filed court documents — as noted by iPhoneInCanada.
The luxury condo and retail project, located at Yonge and Bloor Streets, was pushed into receivership due to construction delays and a debt of $1.6 billion. Apple was reportedly slated to open its flagship store on the main floor of The One’s retail space, reports CityNews. But the court documents state: “The Project recently lost its anchor retail tenant, and no replacement anchor tenant has been secured.”
Lenders forced the project into receivership after claiming the developers failed to make payments on those growing debts. So far, concrete columns and walls have only been poured up to the 40th floor with a projected completion date of March 2025, according to court documents filed by lender KEB Hana Bank, a South Korea-based financial institution.
In March 2022, Apple filed a lawsuit against Sam Mizrahi’s company over missed deadlines involving the developer’s long-planned 85-story skyscraper in downtown Toronto, reports The Globe and Mail. The tech giant says it’s “disappointed” in the company and is owed millions of dollars in damages for missed deadlines.
Sam Mizrahi is a Canadian real estate developer who is the president of a number of corporations, including Mizrahi Developments, Mizrahi Inc. and Mizrahi Enterprises Inc.
The skyscraper at Yonge and Bloor streets, dubbed “The One” (1 Bloor Street West) has been approved as an 85-story condominium, hotel, and retail tower by Mizrahi Developments. It was (is?) expected to be the tallest commercial condo building in Canada.
The One was originally intended to include Apple’s flagship Toronto store on the ground floor. However, six years after Apple and Mizrahi Developments signed their first lease agreement, the future of the store saw the two parties fighting over the project’s development, according to The Globe and Mail.
“Apple regrets that Mizrahi’s failures have resulted in Apple having to take the step of ending its relationship with Mizrahi,” Apple said in a lawsuit filing. According to the lease agreement, the tech giant had an option to leave without penalties if Mizrahi misses certain deadlines.