Canderel Stoneridge begins construction of Canada’s tallest condominium
April 30, 2010
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Aura, set to be Canada’s tallest condominium tower rising 75 storeys, is now under construction at Toronto’s historic College Park.
At a ground breaking ceremony at Yonge and Gerrard this past Friday, executives of the developer Canderel Stoneridge Equity Group joined Toronto Mayor David Miller and City Councillor Kyle Rae for the ceremony. Miller instructed the construction supervisor via walkie talkie to “start construction” as the jobsite rolled to life and the digging began.
Aura began selling in Spring 2008, facing a global economic recession and a challenging condominium market. Despite the market, the project was met with excitement from the local and international community and to date boasts a 97 per cent sold rate. The project’s $17.5 million, 11,370 square foot penthouse remains unsold.
“The recession of 2008 created a challenging financial environment for real estate development around the world and continues to do so today,” says Jonathan Wener, Chair of Canderel Stoneridge. “And while the real estate world changed several months after we launched Aura, the project’s strong sales figures to this point, its signature location, iconic architecture and our firm’s history of developing large residential and commercial developments successfully – for more than three decades – allowed us to move the project forward, meet our sales thresholds and arrive at today’s milestone.”
Aura will have 931 condominium suites in a development of more than 1.3 million square feet and rising 243 metres. It includes 150,000 square feet of prime retail space at the podium level, plus additional recreational spaces. At street level, Aura will feature a three storey podium of granite and glass. A soaring enclosed public gallery will welcome residents and guests with paintings, sculptures and views of the adjacent three acre park. Retailers who have committed to opening locations at Aura include Bed, Bath & Beyond, Bank of Montreal, Canyon Creek and Alice Fazooli’s.
The development was designed by Toronto-based architect Barry Graziani of Graziani + Corazza Architects.
“We believe that the tower’s location along Yonge Street, at one of the most historic sites in the city, required an exhilarating architectural form,” said Michael La Brier, President, Canderal Stoneridge. “Moreover, a location of this magnitude demanded a project of great stature and significance. It had to assume an iconic status, and immediately stand apart from other residential projects in Toronto.”
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