Toronto Aura at College Park | 271.87m | 78s | Canderel | Graziani + Corazza

Scaled Model

shots taken from outside presentation centre ~

Northwest View
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Southwest View
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Automation Gallery said:
the selling feature that they would have going with the extra floors is unobstructed all around views also many people would like living sky high in one of the tallest condos in Canada.
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I'm not sure, but, from a marketing perspective, I would think there's a big difference between "one" of the tallest and "the" tallest, especially for PH purchasers.

I was told last year that 5 floors would be added onto the 55th floor and the other 5 would be added onto the 71st floor. So basically, the executive levels on 56-71 would bump up to 61-76 and the PH levels on 72-75 would bump up to 82-85. The basic “look†of the building wouldn’t change.

I agree they should apply for the extra height now, and later decide to add them if market conditions warrant. Also, the extra floor approval from the city might now be easier to negotiate. With very little foreseeable building construction over the next few years, the city might be willing to except less cash for this approval (something is better then nothing!).

The financing condition might be the biggest hurdle for extra floors. I don’t think the profit variable is much of a barrier. The marginal cost for these floors is so low, Canderel would probably still profit even if they sold for $400/sqft…
 
I gather that to be curved glass curtain wall with 'real' windows
 
Johnzz said:
I'm not sure, but, from a marketing perspective, I would think there's a big difference between "one" of the tallest and "the" tallest, especially for PH purchasers.

I was told last year that 5 floors would be added onto the 55th floor and the other 5 would be added onto the 71st floor. So basically, the executive levels on 56-71 would bump up to 61-76 and the PH levels on 72-75 would bump up to 82-85. The basic “look†of the building wouldn’t change.

I agree they should apply for the extra height now, and later decide to add them if market conditions warrant. Also, the extra floor approval from the city might now be easier to negotiate. With very little foreseeable building construction over the next few years, the city might be willing to except less cash for this approval (something is better then nothing!).

The financing condition might be the biggest hurdle for extra floors. I don’t think the profit variable is much of a barrier. The marginal cost for these floors is so low, Canderel would probably still profit even if they sold for $400/sqft…
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I absolutely agree, I think the units would sell and they wouldn’t have to sell immediately. This is a top notch location and will definitely be an icon in this city for decades to come.

Having said that, one big problem a lot of condo developers are facing is purchasers who cannot close. There are a number of people who have been laid off who are trying to get out of their purchase agreements because they can no longer afford them. These purchasers can't get out of their agreements, but they may well end up in court being sued by the developer because they didn't close because they - the purchaser - can no longer get financing. This has become a problem in Vancouver lately.

That the biggest reason I feel waiting a while is prudent. Don’t venture out too far until you know where the "mine field" is.
 
Currently next to nothing is selling, so any marketing concepts related to being in the tallest or one of the tallest structures in Canada is rather meaningless – I don’t think many people actually care as much as has been suggested in this discussion. Any additional applications for height increase the risk for the development proponent. In the current environment many developers are cutting their losses and re-examining business and growth plans - there have already been a lot of lay-offs and cuts in the industry as the major players are hunkering down to weather the storm - which could last a few years.

Canderel may well make an application to increase the height, but in doing so they would be putting themselves in a risky position. Equity requirements are rather different then they were a few months ago and they aren't as well capitalized as some developers (actually not many are well capitalized - those that are will be more aggressive during this cycle in terms of land acquisitions and potential consolidation in the industry). Also the loans for a project such as this are syndicated, a change in the business plan to add a significant chunk of additional units in an environment where next to nothing is actually moving will be a hard sell to one financial partner, let alone multiple partners who all have to sign off in a restructured deal.

Anything can happen, I'm just suggesting it's highly unlikely as long as the housing market is as fragile as it is and residential capital has all dried up.
 
Mike in TO I agree with your comments, however the building a almost completly sold out. This entire area is attracting a lot of people and even though it might be risky I believe the builder is on 'sort of' solid ground.
 
I find it funny that alot of people have so much faith in a relatively unknown company that has only 2 residentail projects under their belt in Toronto, ie. DNA and RoCP.
 
In those photos of the model, once the square portion of the tower gives way, I find the curved portions to be strangely evocative of City Hall. The patterning in the plastic reminds me of the ribbed concrete, and the form looks like the two towers pressed together.

Am I becoming delirious?
 
I find it funny that alot of people have so much faith in a relatively unknown company that has only 2 residentail projects under their belt in Toronto, ie. DNA and RoCP.
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Not as funny as Canderel Stoneridge being relatively unknown or associated with only two projects .. one of which encompassing two 50ish storey towers with 1100 units.
 
Yup, add Massey Harris Lofts, Newport Beach towers, and the Waterford towers to the list too, plus years of experience in Montreal. Canderel's not a spring chicken.

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