According to the latest report, it has been more than a decade since the first rumors of Apple’s intention to open a flagship retail store in one of Canada’s busiest intersections, but due to Apple and Legal disputes between real estate developers, the plan may be abandoned.
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Moreover, the Globe and Mail reported this week that Apple has sued Mizrahi Developments to end its lease on the developer’s long-planned apartment complex on the southwest corner of Yonge and Bloor streets in Toronto.
Furthermore, widespread news is that Apple plans to open a massive street-front retail store on the grounds of the 85-story skyscraper, dubbed “The One,” which will be the tallest building in Canada when complete.
“Apple regrets that Mizrahi’s failure resulted in Apple having to take action to end its relationship with Mizrahi,” Apple reportedly said in a Jan. 28 filing with the Ontario Superior Court. Apple added that it Always ‘look forward to opening this new store for its customers.”
Specifically, Apple accused Mizrahi Development of missing a key deadline to exercise its option to terminate the lease agreement with the developer, the report said. Mizrahi Development blamed issues such as a plumber strike and the COVID-19 outbreak for the delay, but Apple disagreed.
According to court documents, the original lease agreement between Apple and Mizrahi Development was dated March 23, 2016, and the deadline for Apple to move in has been revised twice, from November 30, 2019, to October 31, 2021 day.
Apple currently has four Apple Stores in Toronto, all located in shopping malls, including Eaton Centre, Sherway Gardens, Yorkdale, and Fairview Mall.
