Yonge and Bloor

Good news for Toronto's wealthy, as Bazis has unleashed the lawyers to fend off the creditors (until August).

Good news for our little Veronika Belovich also, as she can go back (perhaps temporarily) to pulling the wool over the eyes of the gullible rich. Let the sound bites return!

The rest of us in the teaming masses, we can rest easy knowing the rich will be properly housed, not roaming the streets "hey buddy, can you spare $50,000?" We'll just go back to the fields, repeating "condos are good, Yorkville is the core of the city, 2 million for a shoebox is reasonable"...eventually we might even begin to believe it.

Lawyers representing the owner of 1 Bloor reached a deal with creditors yesterday, holding off receivership proceedings on the landmark development until mid-August.

Bazis International has not made payments since December on the $46-million dollar loan it received to build an 80-storey tower, what was to be the largest residential building in Canada, at the southeast corner of Yonge and Bloor streets.

Read more here.

And from the land of barking mad, this article daring to suggest the space might be used for the general public. Raving lunacy to be sure, but entertaining...

No one takes joy in the misfortune of others, but the apparent bad news about the proposed condo at Yonge and Bloor could be great news for Toronto.

We know, we know, the chances the city will take advantage of the situation are remote to non-existent, yet the opportunity to wrest the now-derelict site from its squabbling owners and turn it into something worthy – a public square, say – will never come again.

A dream, a fantasy. Toronto will never ever make room for a space that is purely for the public, not without a corporate stamp on it.

But one can dream....

Read more here.