What is being billed as both Toronto’s first billion-dollar condo project and Canada’s tallest building officially broke ground Thursday.

“If you’re lucky, you get one opportunity in life to contribute to a project like The One,” Mizrahi Developments President Sam Mizrahi said in a news release. “Yonge and Bloor is one of the most iconic intersections in the city and arguably the country. Mizrahi Developments has a responsibility to deliver something Canada hasn't seen before and we’re grateful and excited to get started.”

The mixed-use tower at 1 Bloor West will rise to 85 storeys and 306.3 meters (1,005 feet). That height will surpass Toronto’s First Canadian Place as Canada’s tallest building.

Retail, restaurants and a 175-room hotel will make up the first seven floors of the new building, which is being designed by London’s Foster + Partners.  Residences at The One will begin 100 feet in the air, with a sky lobby that is accessible via private elevators. There will be 416 condo units, with units ranging from 591 SF to 8K SF.

 “At 85 storeys and over 1,000 feet, The One is a testament to our growing city. This development represents Toronto — we are a booming city and we are ambitious and bold,” Mayor John Tory said. “I want to applaud Mizrahi Developments and architects Foster + Partners for their grand vision for 1 Bloor West and for our city.”

Cost of construction of The One has been pegged at over $1B.

Residential amenities on the development will include a 2K SF rooftop swimming pool and an adjoining garden terrace that will be heated for four-season use, as well as a private gym and spa.

The One will also feature an LED lighting system sourced from Japan. The system can be used to produce different colours to reflect the mood of the city, and the infrastructure will be hidden within the construction of the building, allowing the light to appear as a glow.

“We want to be innovative. We want to introduce new concepts, new designs and new materiality to the city. There is only 1 Bloor West in Canada and we’re going to build it with passion,” Mizrahi said.

The One is expected to be completed by 2022.