[5] It will also be Canada's first supertall (> 300 m) skyscraper, as defined by the Council on Tall Buildings and Urban Habitat.

The design of the building was revised based on recommendations from RWDI and the organization's wind tunnel testing.

[6] The final design no longer features a structural exoskeleton; however, it retains diagonal hangers which maintain a triangulated appearance.

The first 18 storeys of The One will include restaurants, event spaces, two major retailers and a luxury Hyatt hotel created under its boutique Andaz brand.

In March 2022, Apple launched a lawsuit to terminate its lease agreement with Mizrahi Developments, and claimed $6.9 million in delay damages, expressing "profound disappointment" with The One's developers in regards to missed deadlines;[17][18] Press reports following the receivership filing confirmed that the Apple will not move into the space.

For 114 years, One Bloor West, where The One will be built, was the location of Stollerys, a men's and women's fine clothing store founded by president Ed Whaley and owned by his family.

Six days later, local Councillor Kristyn Wong-Tam put forward a motion at the Toronto and East York Community Council in order to designate the building as a heritage site.

With approval both by the OMB and by Toronto's city council, pre-construction as well as pre-sales of The One's units began.

[40] In October 2019, a mock-up was installed to physically illustrate The One's brushed aluminum and glazing cladding.

[41] In December 2019, construction halted on the building, with the City of Toronto issuing a "stop-work order" on the site.

[47] On January 9, 2024, the heritage facade restoration, part of the project, at 774 and 776 Yonge Street was revealed.

[48] In October 2023, almost a year past the planned December 2022 completion date, the condo was put into receivership by the lenders who claimed necessary payments had not been made.

On October 18, 2023, it was announced the project received an additional $315 million in funding to go towards ongoing construction and development costs.