A Kazakhstan-backed developer has staved off receivership proceedings with a last-minute deal to pay off a defaulted $46 million loan on land at Toronto’s Yonge-Bloor intersection.

But it’s becoming clear the original 80-storey glass tower planned by Bazis International of Kazakhstan will not proceed. What will be built on the southeast corner that the developer called the “epicentre of Canada” is unclear. Bazis has said in recent court documents the project will be downsized to 67 floors, but buyers suspect it will be made even smaller, which will affect their investment.

“They fooled a lot of us based on 80 storeys high,” said Ray Tabrizi, a Toronto man who purchased a unit on the 42nd floor two years ago. Tabrizi said he paid a $125,000 down payment.

Yesterday, the Toronto judge approved a deal between Bazis and a consortium of three Toronto businessmen owed $46 million for the land purchase.

No details of the deal were made public.