Just days after a bombshell court order placed Mizrahi Developments' behemoth 91-storey 'The One' project into receivership over unpaid debts, a new developer has stepped in to advise on the beleaguered skyscraper under construction at Yonge and Bloor.

Will Smith (no, not the slapping one), President and CEO at Knightsbridge Development Corporation, announced via Linkedin on Tuesday morning that his company would be stepping in to act as advisor for the partially-built project on the former Stollerys site.

"Knightsbridge Development Corporation is pleased to announce that we have been selected as the new Project Manager for The One, where we will be transitioning into our role as the new Owners Representative providing Project Management and Development support on this exciting project," reads the announcement.

"KDC brings to the project our success on The Well, Canada's largest commercial development project, along with the lessons learned, both from The Well and our various International Projects in the UK, the EU, and Latin America to The One, destined to be Canada's tallest building."

Developer Sam Mizrahi was the talk of the town when he announced a new focal point for the city skyline in 2015, bringing on famed U.K.-based architects Foster+Partners to wrestle the crown of Canada's tallest building from current title-holder, First Canadian Place.

Eight whole years have transpired since the project made a splash with a promise to redefine the skyline, and numerous construction delays, the exit of flagship tenant Apple (a tenant that influenced the costly structural design of the building) and mounting debts ended Sam Mizrahi's dream of seeing through a new tallest for Toronto.

Mizrahi Inc. is continuing in its capacity as the General Contractor of The One Project under the supervision of the Receiver. The company will live on as a visionary behind what will likely pan out as Canada's second-tallest building, though Knightsbridge will be the company advancing this skyscraper to the finish line.

In a statement shared with blogTO following the receivership announcement, a representative of Mizrahi Developments explained that the receiver had requested that the firm stay on as developer and general contractor for the project, adding that "Mr. Mizrahi maintains his equity position in the project."