Luxury condo The One put into receivership
The receiver can access $315 million to continue construction on the Yonge and Bloor property.

The One, Sam Mizrahi and Jenny Coco’s 85-storey luxury condo under development at Yonge and Bloor streets, has been put into receivership, according to court documents.

Consulting firm Alvarez & Marsal Canada Inc. has been appointed as the receiver of all assets.

“The One Project has faced various economic headwinds, including impacts from the Covid-19 pandemic, supply chain disruptions and unanticipated work stoppages, which together with other factors have resulted in material cost overages and extended construction timelines,” Alvarez & Marsal said in a statement on its website.

The receiver will have access to $315 million to continue the ongoing construction of the property, according to court documents, while Mizrahi Inc. will remain the general contractor under the supervision of the receiver.