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

[cdr108]

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.

42

My bad ... they have a few more local projects to their name.

I know they've been around since the mid 70's but they are relatively new to the local residential market, and most of their work was in commercial RE.

Olympia York wasn't a spring chicken and we all know what happened to them.

 

[Johnzz]

Any additional applications for height increase the risk for the development proponent. Canderel may well make an application to increase the height, but in doing so they would be putting themselves in a risky position.

Hi Mike,

I don't see the risk in "applying" for additional floors.

If they submit a formal application, would they risk losing the current approval to build 75 floors? Also, if they did receive city approval, would they then be forced to build the additional 10 floors?

I understand the risk in "building" an extra 10 floors (mainly financing), I just don't see the danger in having the option to add more, in say two years time, if market conditions improve.

 

[Mike in TO]

^ There isn't a risk in making an application (beyond the additional cost of doing so) - there is a risk in overextending themselves if they gain the approvals and move towards executing those approvals.

 

[Tewder]

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 share your delirium which is why I was concerned the curves were blank.

 

[Johnzz]

^ There isn't a risk in making an application (beyond the additional cost of doing so) - there is a risk in overextending themselves if they gain the approvals and move towards executing those approvals.

I C

Thank you.

 

[yyzer]

in a generally negative article in today's Globe concerning the slowdown in Canada's housing market, some good news about Aura....

"During the slowdown, inexperienced developers that started their first projects to try to cash in on the boom are most likely to run into financial trouble, said Riz Dhanji, vice-president of sales and marketing at developer Canderel Stoneridge.

They may not be able to get financing, and could have to shelve projects that are still in the planning stages, he said.

Canderel has been in business since the 1970s and developing condos for 10 years. It plans to break ground this summer on a 75-storey mixed-use retail and residential tower in downtown Toronto.

Despite the housing market decline, sales remain steady at the project, which is called Aura. Some 90 per cent of the units have sold, Mr. Dhanji said.

A sales strategy that includes requiring substantial deposits and putting limits on flipping of presale units has helped protect it during the downturn, he said.

“Less than 5 per cent of our buyers have put down less than 20 per cent. With a deposit like that, you are much less likely to try to walk away,” he said."

the rest of the article is here...

http://business.theglobeandmail.com/servlet/story/RTGAM.20090219.wrhousingnew20/BNStory/Business/home

 

[khris]

Sounds like Canderel was very smart about the way they sold this building, and had an idea of what was coming with the market. Good for them!

 

[Strange Advance]

Yes, that was a smart strategy to employ at a time when the market was red-hot. Could've gotten buyers to agree to almost anything then. Thanks for posting the article. Good news.

 

[simuls]

VU employed the same strategy and steadfastly refused anything less than 20%.

 

[digitalcabana]

Retail Component

Besides the Bed Bath & Beyond, the retail component will have a Bank of Montreal, Canyon Creek and Alice Fazooli's.

http://www.theglobeandmail.com/servlet/story/LAC.20090220.BELFORD20/TPStory/?query=Toronto+subway

 

[urbandreamer]

^Yay! The suburbanization of downtown Toronto continues! I love it!

 

[DaninToronto]

They still never seem to provide evidence of canceled projects. Why bother writing an article telling us there is a downturn. I think we all know that by now.

 

[luxome]

Besides the Bed Bath & Beyond, the retail component will have a Bank of Montreal, Canyon Creek and Alice Fazooli's.

http://www.theglobeandmail.com/servlet/story/LAC.20090220.BELFORD20/TPStory/?query=Toronto+subway

i wonder if they'll close the branch at the bottom of CPI

 

[khris]

Besides the Bed Bath & Beyond, the retail component will have a Bank of Montreal, Canyon Creek and Alice Fazooli's.

http://www.theglobeandmail.com/servlet/story/LAC.20090220.BELFORD20/TPStory/?query=Toronto+subway

That's pretty great. Canyon Creek makes a really good filet mignon!

^Yay! The suburbanization of downtown Toronto continues! I love it!

What does restaurants that are commonly seen in suburban centres have to do with suburbanization of downtown? It's how they're presented that defines suburban. It's not going to be two restaurants surrounded by parking lots.

 

[whatever]

Surburbia also tends to be characterized as being populated by bland and monotonous franchises. Part of the allure of downtown is that it's generally populated with unique, interesting, and often superior businesses. I know I personally would never, ever, patronize a Canyon Creek in that location when five minutes to the south I could have Barberian's, or 10 minutes to the north I could have Carman's.