Since the beginning of 2016, Mizrahi Developments has been developing what is referred to as a condominium, which is an 85-story high-rise that features important shopping areas at the intersection of Yonge and Bloor. In the year Apple was discovered to be involved with plans to build a 9,000-square feet store within the complex. But, now, it has informed the developer that it might quit the downtown building dubbed The One.
As per The Globe and Mail, Apple has informed Mizrahi Developments that it might exercise an option under the contract which would permit the company to leave without penalty. The option is in effect in the event that the project falls short of certain deadlines. According to reports, in December 2020, Mizrahi Developments told Apple that the project was delayed until October 31st, 2021. The delays were caused by a coronavirus and the strike of local plumbers in the year 2019.
In response to the date change of October 2021 that Apple declared it would be terminating its lease. Mizrahi Developments is now seeking an order from a judge to stop Apple from moving out, and claim that it has not violated these deadlines. “[The One will] suffer an irreparable loss due to losing a top-quality tenant who was originally intended to serve as an anchor tenant for a property of world-class,” says the developer in court documents obtained by The publication, “which is a loss which cannot be compensated with damages.”
Apple’s lease included more than 15,000 square feet. It included over 9000 square feet of retail space on the ground floor. In the course of its agreement in agreement with Apple, Mizrahi Developments agreed to pay Apple’s design fees which are estimated at $6.24 million Canadian ($4.87 million US).
Based on Mizrahi Developments’ court filings that were seen through The Globe and Mail, the developer claims that it was delayed in waiting for Apple to select a design for its glass for its storefront. Apple’s storefront located in The One is surrounded by seven layers of glass, with no gaps. It’s made of 34 custom-designed panels that cost more than $300,000 for each. The designer of the project was Foster & Partners, which has previously designed a number of Apple Stores.
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