From the Post:
75-storey condo to be tallest
Third Tower; Architects screened plan for Yonge, Gerrard
Chris Wattie, National Post
Published: Friday, November 16, 2007
Another massive tower is going up in downtown Toronto next year, a 243-metre modernist tower at the corner of Yonge and Gerrard streets that developers promise will be "a landmark building" and the tallest condominium tower in Canada.
Danny Roth, a spokesman for developer Canderel Stoneridge, said the Aura tower will be a "pure condominium," with almost all of its 75 storeys and 1.3 million square feet of space devoted to residential use. "It'll be the tallest and the largest in Canada," he said. "This is going to be a landmark building."
Aura at College Park is the third phase of the developer's The Residence of College Park. The first two towers are 52 and 45 storeys.
Details of the new project were to be announced at a news conference today, when the developers will begin accepting pre-registration for prospective owners, who will be buying units that Mr. Roth described as being "in the upper end of the condo market."
"It's going to reflect a range of pricing," he said. "But as you get higher in the building, you'll be getting into the higher end of the pricing spectrum."
The new tower will include a four-storey "podium" at its base, with up to 190,000 square feet of retail and recreational space, all designed by Mississauga-based architects Graziani + Corazza.
The city has approved the project and the Ontario Municipal Board has ratified it. Five outside architectural firms performed an extensive review in the city's first international architectural peer review process, Mr. Roth said.
The end result is expected to be a striking modernist building with "curb appeal for miles around," according to sources familiar with the design.
Councillor Kyle Rae, whose Toronto Centre-Rosedale ward includes the proposed site of the new tower, said he is pleased at the final form the new building will take. "In this case, size doesn't matter; architecture matters," he said. "And this is going to be a very clean, modern style.
"It's a very handsome, well-designed building."
But the Aura Tower already has some competition in the height sweepstakes. Bazis International, a Kazakhstan-based development firm, is planning a condo tower at One Bloor Street East that could be higher, a "whisper-thin" 80-storey condominium tower and boutique hotel.
But while Bazis says it has approval from the city to build to 227 metres, the builders want to go up 278 metres and are trying to convince council to approve the extra height. The company now wants to build a 248-metre building, with an additional 20 metres for a "mechanicals penthouse" and 10 metres more for eight "architectural fins" but only filed its application for a zoning change and site plan approval last week.
Work is expected to begin next year on the Aura site, currently a parking lot on the northwest corner of Yonge and Gerrard, and suites will be available for pre-sale "early next year," according to Mr. Roth.
The opening of One Bloor Street last week nearly set off a riot among real estate agents scrambling to buy the condos. Security guards and police struggled to contain the herd of agents lined up for days on Bloor Street to reserve units that began at $500,000 and topped out at more than $8-million.
By the day's end, only 35 agents in a line of 100 were able to purchase a unit.
cwattie@nationalpost.com
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