Developer Great Gulf Group closed a deal with Bazis International to buy the site of 1 Bloor East yesterday and it is working on a new design for a condominium tower at Yonge and Bloor Streets.
Jerry Patava, president of Great Gulf, said that the tower would incorporate both condominiums and retail space.
The fate of 1 Bloor East came into question when one of Bazis International's financial backers, Lehman Brothers, went bankrupt and the developer was forced to sell to Great Gulf.