Apple is suing Sam Mizrahi’s company to terminate its lease at “The One,” the developer’s long-planned 85-story skyscraper in downtown Toronto, saying it is “disappointed” in izrahi’s company and is owed millions of dollars in damages for missed deadlines.
Greg McArthur and Rachelle Younglai for The Globe and Mail:
The skyscraper at Yonge and Bloor streets, called The One, is currently under construction and is expected to be the tallest commercial condo building in Canada. It was intended to include Apple’s flagship Toronto store on the ground floor, which would have been a significant draw to the building and surrounding area.
But six years after Apple and Mizrahi Developments signed their first lease agreement, the future of the store is in doubt, with the two parties fighting over the project’s development.
MacDailyNews Take: It’s not “in doubt.” It’s dead.
“Apple is profoundly disappointed with Mizrahi,” Apple Canada Inc. said in application, filed on Jan. 28 in Ontario’s Superior Court of Justice.
“Apple regrets that Mizrahi’s failures have resulted in Apple having to take the step of ending its relationship with Mizrahi,” Apple said in the filing.
According to the lease agreement, Apple has an option to leave without penalties if Mizrahi misses certain deadlines.
But Mizrahi said it has not missed deadlines and Apple does not have the option to get out of the lease, according to an earlier application the developer filed in court in October, 2021.
Apple claims it is entitled to $6.9-million in delay damages. It is seeking a court order declaring that Mizrahi missed crucial deadlines and that Apple is allowed to terminate the lease. It is also seeking an additional estimated £18,600 it says it is owed in connection with a tri-party agreement between Apple, Mizrahi and the building’s architect, London-based Foster + Partners.
MacDailyNews Take: Stick a fork in this one. Mizrahi should forget about any fruitless (pun intended) opposition in court and focus instead on finding a new retailer to fill the space if it ever gets finished.
Dead. – MacDailyNews, February 14, 2022
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I used to work for Apple and I call it as I see it: The Fruit Co. Is playing hardball, a negotiating tactic to restore Mehravi’s tower to something like a scheduled build. The One represents Apple’s best (and possibly last) chance to have a flagship store worthy of the title in Canada’s largest city. failing to light a fire under the real estate developer in lengthy negotiations The Mothership is taking it to the courts to resolve their differences and get the project back on track.
Nope.
Dead. – MacDailyNews, February 14, 2022
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