Condo tower breathes new life into intersection
Great Gulf’s 65-storey building at Yonge and Bloor
By Kris Scheuer
(Written April 1 for Town Crier)
One Bloor will rise again.
Great Gulf Group of Companies is building a 65-storey condo and retail project on the southeast corner of Yonge and Bloor streets on the same spot of the now defunct, much-hyped 80-storey tower by Bazis International.
All previous condo buyers got their money back from Bazis and will receive first dibs on the new condo project.
Corrado Di Rosa who bought into the previous project was happy to re-invest in Great Gulf’s condo tower.
“I’m on the 34th floor,” Di Rosa said March 31 a few days after purchasing.
He is confident this project will move forward.
“Because it was Great Gulf and I’m in the industry, I wasn’t hesitant (to buy) at all. I know their reputation,” said Di Rosa. Silvio Arone put down his deposit for the previous project in November 2007 and got his refund in September 2009.
He wanted to move from Woodbridge to a condo at this prime location but bought a place in December in Vaughan.
“When I purchased One Bloor (originally) it was more of an investment a speculation move. Now I need something to live in and I wasn’t willing to wait another four years,” said Arone.
David Gerofsky, CEO of the Great Gulf Group of Companies said if pre-sales go well the project will break ground in spring 2011 and be completed in 2014.
“It’s an outstanding location that is without question the unique thing about this project,” he said.
Gerofsky said his award-winning company has been in the development business for over 30 years.
“We are an experienced developer with a proven track record with other projects including 18 Yorkville, X-Condos,” he said.
The project will feature 690 suites, 100,000 of retail space, a spa, pools and hot tubs.
Re/Max Realtron Realty agent Garth Juriansz bought a unit and sold many for the previous project and is having no trouble doing the same this time. “I have already sold a few,” he said.
It’s been three years since the first project went on sale so some of those buyers have moved, gotten married, had kids, changed jobs, become ill or are not fond of the new project, said Juriansz, but there are just as many new buyers willing to take their place.
“I have more new buyers than before, which is shocking,” Juriansz said. “I think it’s mostly the location.”
In 2007, people lined up for up to a week for a chance to buy into the Bazis project at the time only to see the prices rise the day condos went on sale.
“The hype is different. Great Gulf is being more low key.”
Great Gulf has its own style of marketing and will open the project up to the general public and VIP real estate agents.
Councillor Kyle Rae who is retiring this year said he’s been waiting almost 20 years for a project to be built at this site.
“This is one of the first projects I had to deal when I was elected in 1991. There was a project that came forward but it wasn’t the full block,” said Rae. “I fought for 19 years for a full block development. I like the new project.”
Rae said the previous approvals mean the new project may only require a trip to the Committee of Adjustment.
“I consider it a slam dunk,” said Rae.