Bloor 1 or blame someone - A Whole lot of bubkiss
Bloor 1 or blame someone
One of the biggiest developments to enter Toronto is now infamous Bloor 1 project. With a fenzy of buyers waiting in line for weeks to purchase a piece of the hottest selling property in downtown Toronto are now left in limbo waiting to see if the project will ever be developed. An eyesore empty lot sits at the coner of central downtown Bloor and Yonge. Empty since the old buildings were demolished a year ago.
Developer of the project, Bazis International, milked the anxious crowd by jacking up purchase prices by 10's of thousands, $100's thousands dollars per 2o minutes. At the time, the real estate market was hot. An anonymous Hong Kong businessman offered $25 million for a two-story penthouse suite.
Process of the development halted abruptly when the developers financing institution, Lehman Brothers, filed for bankruptcy. Construction has been delayed with the developer trying to remove Lehman Brothers off paper and finding a new financing institution. In todays economic crunch, banks are not as lenient to lend money and the developer may need to find a couple or few financing institutions. 
On June 15th, Bazis will enter a 31 day period where it can notify the condo purchasers that it will be cancelling construction. In this case, the buyers will receive their deposits back in full. However, the weeks people waiting in line, the agonizing wait and excitement to puchase is all in vain.