An Ontario court has approved Tridel’s appointment as project manager, construction manager, and sales manager for The One, the ambitious 85-storey mixed-use tower in downtown Toronto.

The move was backed by the court-appointed receiver Alvarez & Marsal and senior secured lender KEB Hana Bank, and takes effect May 1.

The decision, made on April 22, also saw the court grant an application to convert the receivership into creditor protection proceedings under the Companies’ Creditors Arrangement Act (CCAA), allowing for a more structured restructuring process. Alvarez & Marsal will switch to court-appointed monitor from its receiver role.

The ruling followed a last-minute bid from a mysterious entity, Chateau Yorkville (CYC), which offered $1.4 billion to acquire the troubled project located at at 1 Bloor Street West. However, the court dismissed the proposal after Alvarez & Marsal cited a lack of transparency, no verifiable proof of financing, and no evidence of CYC’s experience or capacity to complete a project of such scale. Alvarez & Marsal noted the bid did not meet the minimum threshold and warned that any delay in approving Tridel’s involvement would risk further harm to the project timeline. The project is grappling with more than $1.2 billion in debt.

With the court’s decision finalized, Tridel is expected to lead The One to completion, currently projected for 2028.

Tridel replaces SKYGRiD Construction, which had been serving as the general contractor since March.

SKYGRiD had replaced Sam Mizrahi, a local real estate developer who also co-owns the project.

Pictured: The One mixed-use project in downtown Toronto.

Image: SKYGRiD

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