For what it’s worth, I’ve also been told the retail lease signed with Bed Bath & Beyond stipulates an occupancy date no later then 2011.

This alone should keep the project moving.
 
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do builders ever have official reports/updates on the construction for purchasers? i don't believe i've heard anything from Canderel regarding construction yet. it feels like all the purchasers/investors are left in the dark...

as an aside, does anyone know how the sales for their retail space in the podium is doing?
 
They are 96% sold for the condos and 2/3rds sold for the retail. They dont have financing though - hard to believe. They are working on a syndication and are hoping to break ground sometime in the fall.
 
Insider said:
They dont have financing though.
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Well, sure hope they secure this soon. Once fiscal/monetary stimulus run out next year, things could get wobbly again.

I’ve also been told only 25 residential units remain, so sales shouldn't be an impediment to financing…
 
Johnzz said:
Scope: 1,300,000 square feet; 75 storeys; 6 storeys below grade; 932 units; parking for 827 cars; 2 acres
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1.3 million total sq ft... pretty impressive stuff, just goes to show how massive this building is going to be.
That would make it the largest single building to go up in the city since Scotia Plaza (1.6 million sq ft). In comparison Bay Adelaide is 'only' 1.16 million sq ft and RBC 1.2 million sq ft.
 
Johnzz said:
Yes, and plop it down at Yonge & Gerrard... This one will definitely stand proud. :D
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Yes, but how will it integrate with the existing context? This is an area that has, by many measures, been as equally neglected as it has been sustained. Unlike Bloor Street in the Annex or Queen Street West, the "Downtown Yonge" commercial stretch has done very little to preserve its heritage while at the same time done an interesting job of fusing the multiple uses, styles and eras of development. It is a cultural, architectural and commercial orgy that straddles the fine line between pornographic and art. And this was done as if it was no accident, considering some of the "sinful" commercial and black-market activities sold on the strip. It is also a bizarre combination of socioeconomic excess (billboards, Eaton Centre, the Carlu) and the truly depressed.

Sure, Ryerson, the Eaton Centre, TLS and College Park anchor this stretch but the addition of Aura will dramatically alter this neighbourhood. On one regard, it will add yet another indoor mall. On another, it will be the first only significant residential dwelling to be built on Yonge north of the Gardiner in, well, I’m not sure when. All of this begs the question, what is the existing context of Yonge near Gerrard? Today, it definitely is not Aura compatible. However, I’m not sure if there is another location in the urban core that is nearly completely built-out that could fit Aura so neatly and with as little opposition. More than the size and heft of the building, it will be interesting to figure out how well this development fits in with the surrounding area. Lets just hope that the details on Yonge are treated better than the RoCP on Bay.
 
They claim it shouldn't be a problem - as far as I know they don't have it yet. It is extremely difficult right now to secure financing. Canadian charter A banks are very restrictive and have limits on their residential loans. Syndicating the loan is a necessity, which can be problematic. Off-shore doesn't have the same limitations as domestic currently - but any resolution will likely require a number of partners.
 
If sales are in place, then what's the perceived risk that's keeping banks from lending? Fear that the economy might tank again, leading committed buyers to back out?
 
Credit is still jammed up, especially in the high-rise residential market. None of the banks except BMO are providing any loans over $50m (and bmo is only going a bit over $60m) for residential projects regardless of sales. Equity requirements have also changed for projects where money is flowing - for better or for worse this is putting a lot more pressure on the developer and starting to squeeze out the smaller companies.
 
Mike in TO said:
Credit is still jammed up, especially in the high-rise residential market.
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Thanks Mike!

That’s very frustrating to hear. I was hoping things would be freeing up a bit, given global credit markets have recently opened up. It also seems the Canadian banks are back on track making record profits and looking to expand internationally. It would be nice to see them supporting local development again.
 
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