KA1 said:
I have bought a unit on the 'Executive' floor.
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Well, provided this building gets built :eek:, you will not be disappointed!

I’ve also purchased some upper floor units and would like to see this “vision” solidified (so to speak).

Fingers crossed...
 
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Automation Gallery said:
I agree, thats why you cant believe all the shite regarding financing of this project.:rolleyes:
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... or you may want consider the fact that some people are much better informed than you on a variety of development related issues.

Johnzz said:
Correct me if wrong, but hasn’t the lending environment improved recently in Canada?
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It has improved, especially for consumers - but it is still a very difficult environment for residential and commercial lending. Equity requirements are very different from the pre-Lehman era (also banks are limiting counting purchaser deposits as equity and placing pressure to reduce the number of high-ratio deposits). Banks also have less pressure to grow assets and are focused on re-capitalization rather then extending large, multi-year construction loans to development proponents (hence larger credit spreads for construction financing loans) and there is a much slower approval process for loans.

Developers generally have thinner profit margins today then a year or two ago which makes some lenders very skittish regarding potential defaults. Lastly all the major banks and lending institutions are limiting their exposure to any single project - the upper end of these limits is around $50 million give or take... so large projects such as the one being discussed in this thread require loans to be syndicated among a variety of financial partners; which can be difficult to say the least.
 
Very informative Mike.

Would you wager a guess as to how likely it is that this project gets built?
 
Ka1

Automation Gallery said:
I would bet on not much of a chance if you look back at his previous 1/2 dozen or so posts regarding this development.
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Does anyone have an experience where the builder cancelled a project, say, years after selling it and, then, bring it back to market a few months later at higher prices? Under the standard purchase agreement, Canderel has still Septembr 2011 to decide to start the construction. This deadline can be extended, unilaterlly, for 1 more year. Further, the construction will be deemed to have started only when construction reaches 1 level above grade. I am already enjoying my view of Toronto skyline from the high floor. I hope this view is not shattered.
 
Aura Letter

A friend of mine who works at the Delta Chelsea just got a memo, from AURA, stating that construction will begin on January 4th, and to expect some disturbances from construction, etc. Construction to continue for 4.5 years.
 
Yes! I'm delighted to see this one start.

Any word on the possible extra ten floors? Or can the decision wait until the pit has been dug, and the building is on the way up?
 
wow!... excellent news!... it's such a shock as it was originally intended for the spring time!>.... hurray!!!

I hope we don't get too many delays :D

January 4th is also the day the Burj Dubai (tallest building in the world) opens to the public!
 
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markel said:
A friend of mine who works at the Delta Chelsea just got a memo, from AURA, stating that construction will begin on January 4th, and to expect some disturbances from construction, etc. Construction to continue for 4.5 years.
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Big News! Thanks for sharing this, markel.....
 
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