Bed Bath & Beyond the 'Big Box'; Retail Giant Reaches for the Sky with Plans for First Urban GTA Location, at Aura
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Bed Bath and Beyond Signs Lease at Canada's Tallest Condo; First Downtown Site for Home Superstore in Canada
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TORONTO, Nov. 11 /CNW/ - Canderel Stoneridge Equity Group, a leading real estate developer in Canada, announced details today of a lease agreement with domestic merchandise and home furnishings superstore Bed Bath & Beyond Inc. The company will lease approximately, 50,000s.f. in the podium level of Canderel Stoneridge's new condominium at Yonge and Gerrard, called AURA, establishing the retailer's first urban location in Canada.
Currently designed to stand 243 meters and 75 storeys tall, making it the largest new condominium development in Canada, plans call for the tower to include nearly 190,000s.f. of prime retail space. With today's announcement, Bed Bath & Beyond has agreed to take the entire second floor - leasing more than a quarter of the mixed use development's available retail space.
"We are thrilled to be able to announce that one of North America's leading retailers has decided to 'live' at Aura," says
Canderel Stoneridge's Director of Leasing, Michael Vilner. "They will be joined by several thousand residents, a variety of other equally significant retailers which will be announced shortly, and a group of vibrant commercial users, each of whom will be contributing to the revitalization of Yonge Street and this prime corner of Toronto.
"We think that AURA offers a new opportunity for condo buyers in the GTA and a new opportunity for our retail partners, as well."
The decision of a retailer like Bed Bath & Beyond - one that has traditionally pursued suburban, 'big box' locations - to anchor AURA's retail position, rewards the developer's commitment to urban intensification and real estate developments which seek to revitalize the downtown core.
"While residents are rediscovering the appeal of an urban lifestyle, so too are retailers," adds Vilner. "Increasingly, we are discovering that more and more retailers are leaving the vast expanses of the suburban power centres for the frenetic urban energy of the city's downtown core."
Launched in the Spring of 2008, AURA has quickly become one of Canada's fastest selling condominium projects. With more than 80% of the available units sold, Canderel Stoneridge recently began marketing its penthouse units, including the one-of-a-kind full floor unit on the 75th store, which is currently being sold for $17.5 million. Prices for other suites in the building start in the $500,000's.
"Condo buyers recognize and appreciate the unique opportunity that is AURA, and so too does Bed Bath & Beyond," says Michael Vilner. "The decision of this retail leader to locate their first urban store in our development demonstrates a recognition and appreciation for the thousands of potential customers, all just an elevator ride away, AURA provides; for the storefront access to one of the city's busiest intersections it offers; and the direct connection to millions of transit users every day it creates."
<<
Bed Bath and Beyond Signs Lease at Canada's Tallest Condo; First Downtown Site for Home Superstore in Canada
>>
TORONTO, Nov. 11 /CNW/ - Canderel Stoneridge Equity Group, a leading real estate developer in Canada, announced details today of a lease agreement with domestic merchandise and home furnishings superstore Bed Bath & Beyond Inc. The company will lease approximately, 50,000s.f. in the podium level of Canderel Stoneridge's new condominium at Yonge and Gerrard, called AURA, establishing the retailer's first urban location in Canada.
Currently designed to stand 243 meters and 75 storeys tall, making it the largest new condominium development in Canada, plans call for the tower to include nearly 190,000s.f. of prime retail space. With today's announcement, Bed Bath & Beyond has agreed to take the entire second floor - leasing more than a quarter of the mixed use development's available retail space.
"We are thrilled to be able to announce that one of North America's leading retailers has decided to 'live' at Aura," says
Canderel Stoneridge's Director of Leasing, Michael Vilner. "They will be joined by several thousand residents, a variety of other equally significant retailers which will be announced shortly, and a group of vibrant commercial users, each of whom will be contributing to the revitalization of Yonge Street and this prime corner of Toronto.
"We think that AURA offers a new opportunity for condo buyers in the GTA and a new opportunity for our retail partners, as well."
The decision of a retailer like Bed Bath & Beyond - one that has traditionally pursued suburban, 'big box' locations - to anchor AURA's retail position, rewards the developer's commitment to urban intensification and real estate developments which seek to revitalize the downtown core.
"While residents are rediscovering the appeal of an urban lifestyle, so too are retailers," adds Vilner. "Increasingly, we are discovering that more and more retailers are leaving the vast expanses of the suburban power centres for the frenetic urban energy of the city's downtown core."
Launched in the Spring of 2008, AURA has quickly become one of Canada's fastest selling condominium projects. With more than 80% of the available units sold, Canderel Stoneridge recently began marketing its penthouse units, including the one-of-a-kind full floor unit on the 75th store, which is currently being sold for $17.5 million. Prices for other suites in the building start in the $500,000's.
"Condo buyers recognize and appreciate the unique opportunity that is AURA, and so too does Bed Bath & Beyond," says Michael Vilner. "The decision of this retail leader to locate their first urban store in our development demonstrates a recognition and appreciation for the thousands of potential customers, all just an elevator ride away, AURA provides; for the storefront access to one of the city's busiest intersections it offers; and the direct connection to millions of transit users every day it creates."
