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

There are a number of buildings that have reached the traditional barometer mark in terms of sales absorptions in which financial partners would release funding. That is not the case for quite a few projects throughout the GTA at the current time. The situation is improving, but builder financing continues to be a major issue in the residential construction industry in a number a major Canadian urban markets. Few financial institutions are providing residential construction loans over $50 million (i.e. only one of the big six banks will provide a loan over that sum and only to long-term clients with good relationships - sales volumes are virtually meaningless). On top of the caps for individual loans, the financial lending sector also has caps on their total exposure to the residential construction industry... so once again it really doesn't matter if you've got 70%, 80% or 95% sales if there is no funding to be had.

Large projects of this scale typically have to syndicate loans with multiple partners. This is very complex and costly process.

Please note I'm speaking in broader industry wide terms - I'm not going to comment on any specific financial arrangements on any projects unless that information is already in the public domain.
 
Mike in TO said:
There are a number of buildings that have reached the traditional barometer mark in terms of sales absorptions in which financial partners would release funding. That is not the case for quite a few projects throughout the GTA at the current time.
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I hope you're not hinting this is one of those projects! :eek:
 
College Park said:
There is a parking garage underneath the surface lot, correct?
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There's a driveway which leads north down into delivery bays off Gerrard Street, I'm not sure if this is part of the Aura site or not but it's pretty close.
 
KA1 said:
Can any one update me on Aura, please? When construction is supposed to start, if at all?
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It's anyone's guess, the sales office has given out info. on two or three false start dates, so has the media. If you have purchased there contact a sales person and ask them to confirm their working start date with someone in the know at Canderel, and report back! :)
 
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Ka1

Exodus said:
the parking lot is sadly still a parking lot each time i pass by the intersection.
Guess everyone is holding tight until May.

any other updates? regarding the remaining units that are for sale? is the top multimillion penthouse sold? and any info on the retail space and how that's going (any other big name companies that invested in this space?)
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Top floor is still for sale -- going cheap. Just $ 17.5 millions. Exclusive listing with Sothebys
 
dt_toronto_geek said:
It's anyone's guess, the sales office has given out info. on two or three false start dates, so has the media. If you have purchased there contact a sales person and ask them to confirm their working start date with someone in the know at Canderel, and report back! :)
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i don't believe canderel has ever announced an official start date for construction. the only dates that were provided in the past, were from the sales agents giving ball-park estimates (dates which have come and gone).

There is a municipal report on stating that the propsed date for construction of the podium would be May2010.

http://www.dailycommercialnews.com/...2cbf0971066&projectid=9053182&region=national
 
Strange Advance said:
To go from starting excavation in Spring to the podium in early Summer sounds like a pipe dream, unless Aura doesn't require much of an excavation for some reason.
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No way. With the retail connection to College Park, over 800 parking spaces... this will be 1-1/2-2 years to get to grade
 
Working drawings are complete. Sales and marketing are underway. Const Mgr is finalizing City Council approvals for building permits. Const Mgr expects site work and excavation to begin Spring, 2010. Construction of the podium is anticipated early Summer, 2010. Subsequent construction schedules will be determined based on occupancy. Sub trade pricing will be secured sequentially, as needed, from an Invited list. Further update Spring, 2010.
http://www.collegeparkcondos.com/

This is the quote....it states that excavation is set to begin in Spring and podium in the early Summer, 2010. It does seem rather ambitious...
 
If they're willing to claim a construction schedule that is completely impossible it makes one wonder if the date for starting excavation is made up too.
 
Spring starts in March, and summer ends in September. It is possible that depending on how deep excavation goes, they could start the podium in the summer.
Since when do projects ever start on time. No wonder most developers don't give dates on when their projects will start. If it doesn't start exactly at that time, everyone starts the rumour train.
Just like concerts, the headliner never goes on, on time.
 
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