Sky’s the limit for Bloor and Yonge

In a city afraid of heights, the advent of an 80-storey condo tower can be counted on to set off howls of outrage. Yet if history is any indication, once the screaming has subsided, Torontonians will be lining up to buy units in One Bloor East.

The $450 million project on the southeast corner of Bloor and Yonge will get underway at the end of the year when the leases in existing buildings expire. Demolition will start and after that, by next September, construction.

If all goes according to plan, the first residents will arrive in late 2011.

The developer, Bazis International of Kazakhstan ““ yes, that’s right, Kazakhstan ““ has no qualms about investing in the Toronto condo market.

“We believe prices of real estate are still undervalued compared to world cities,” says Bazis president Michael Gold. “Yonge and Bloor is the most important corner in Toronto. We wanted to address it and do something for Toronto. The city has been tough, but supportive. We believe real estate prices have a long way to go.”

See story by Christopher Hume in today’s Toronto Star »