Hopes of a flagship new Apple Store coming to Toronto in Canada appear to be over after it was confirmed that Apple has pulled out of the deal.
The store was supposed to be part of a luxury condo and retail development at Yonge and Bloor Streets. Set to be the tallest building of its kind in the country, The One now finds itself at the center of a storm after the project was placed into receivership with debts of around (CAD) $1.6 billion or around (USD) $1.2 billion.
The One was supposed to feature an 85-story hotel, condo, and retail development but it missed its expected completion date of December 2022.
(Not) The One
CityNews and iPhone In Canada report that Apple terminated its lease with the company now seeking millions of dollars in damages over the failed development.
Court documents say that “The Project recently lost its anchor retail tenant, and no replacement anchor tenant has been secured,” with Apple being that tenant.
The store, which should have been ready long before the iPhone 15 rolled around this past September, now will never see the arrival of any iPhones at all. CityNews reports that "so far, concrete columns and walls have only been poured up to the 40th floor with a projected completion date of March 2025, according to court documents filed by lender KEB Hana Bank, a South Korea-based financial institution.
The project was originally under the stewardship of Sam Mizrahi and Jenny Coco but it's now been handed over to receivers Alvarez and Marsal Canada Inc. There will be a relatively small pot of money with which the project will be able to continue, but Apple will seemingly not be part of it even if the building ever manages to open its doors.
The COVID-19 pandemic and supply chain issues are being blamed as the leading causes for the construction's delays and failures.
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