There may be bad news in the months to come, but this post is about some positive news from Canderel Stoneridge – the developer behind College Park 3: Aura. There is an application in with the City of Toronto for a lane closure on Gerrard Street at Yonge Street commencing in January and lasting for 57 months (nearly 5 years).

This is a good sign and presumably it means that construction will commence around January/February of ’09. If it did, that would be less than 1 year since sales started on the project which is actually quite fast for a new development of this size and magnitude. 

My own opinion is that the financial crisis will delay far more projects than it actually cancels. Developers who have sold 50+% of their projects will be loathe to simply abandon them due to a temporary downturn in the availability of credit. I do expect occupancy dates for many pre-sold condos not yet under construction to shift forward significantly as the developers will all have to ‘wait in line’ to get money from the bank before they can start building.

Special thanks to the good folks at UrbanToronto.ca for the tip on this news about Aura. 

For more information on College Park Aura, including current availability and pricing, please contact me.

Downloads:

PDF of the Staff Report for the lane closure

PDF map showing the lane closure

Welcome to your online guide to “The Best Penthouse Suites in Toronto“. In this installment I will be profiling the penthouse suites at College Park III: Aura.

Author’s note: This blog post was originally published in 2008. Hence, some of this information may be out of date. For the most up-to-date information regarding the best penthouse suites in Toronto, please contact me.

College Park Aura was one of the hottest new condominium launches ever in Toronto. The 75-storey building sold out so quickly when it launched back in March of 2008 that Canderel Stoneridge could probably have sold two of these mega-towers if it had the land to do so.

Now this month finally comes the release of the penthouse suites. At Aura, the ‘lower’ penthouses will occupy the 72-74 floors, with 4 units per floor, and the entire 75th floor will be one gigantic unit-probably the largest penthouse in the city at 12,000 square feet.

Developer: Canderel Stoneridge. One of the most respected builders in the city. Already built and completed Phase 1 and Phase 2 of College Park and the results are very good. Phase 3 will take it up a notch and the Penthouses are going to be yet another level still.
Penthouse Pricing: $17.3M for 12,000 sq ft. Entire 75th floor. Approximately $1440 per square foot
Sub-Penthouse Pricing: $3.36M for 3055 sq ft (largest sub-penthouse suite), 4 suites per floor (2200-3000 sq ft), floors 72-74. Starting prices per square foot for the sub-penthouses range from $900-1100 per square foot.
Key Features: Individual direct elevator access to Penthouse, 12′ ceilings, Miele and Sub-zero appliances
Notes: The penthouse suites at College Park 1&2 are available for private tours to prospective buyers of the Aura penthouses-contact me for more information.
-6 parking spots are included in the purchase price of the Penthouse
-The building will be connected to the subway and the PATH network via a future expansion from Dundas to Gerrard
-There are dozens of shops and restaurants located in the College Park complex including a 24 Hour Dominion grocery store
-Occupancy: Spring 2012

Potential Negatives: Many small units in the building-as small as 532 sq ft, high % of investors who purchased in the building. Also, it could be argued that the location of the building is not in a prime neighbourhood.

Latest News: There is the possibility that 10 more floors will be added to Aura, bringing the total up to 85 storeys and if this happens, the penthouse suites would all be increased in height by 10 levels at no extra charge to the purchasers.

Links & Downloads:

• Click here to download the College Park 3: Aura penthouse floor plans and features.
• To see the floor plans for the sub-penthouses, visit the developer’s official website.

For more information, or if you would like to arrange for a private tour of the already completed penthouse suites at College Park Phases 1&2, please contact me.

The Best Penthouse in Toronto Series:

• Four Seasons Yorkville Penthouse
• Shangri-La Penthouse
• The Residences of the Ritz Carlton Penthouse
• 1 Bloor Penthouse

The VIP period is over. The broker’s event basically sold out the building in a matter of hours. See more on the broker’s event on my last two posts over at blogTO.com. But does that mean there are no suites left? NO! THERE ARE STILL SUITES AVAILABLE AT AURA!

All of the suites currently available are on the executive level floors (56 and higher) and are starting at around $500-600K for 1+dens. The executive level suites are entirely upgraded from top to bottom and are in fact, a separate condominium altogether from the lower floors. Canderel has done something quite unique in separating the lower and upper floors into what will eventually be 2 condo corporations within 1 building. An interesting fact: the maintenance fees are much lower  on the executive levels than the lower levels (33 cents per square foot versus 49 cents on the lower), although the prices are much higher due to the various upgrades. If you are interested in purchasing an Executive Level suite at Aura, please contact me.

So what is next? Next up is going to be the highly anticipated PUBLIC LAUNCH. Yes, they have held off specific floors for the public launch. However, they have not held off very many floors. They have not announced the date of the public launch, however, it will likely be either the first or second Saturday in April. As soon as the public launch date is announced I do expect there will be a line up of agents once again at the door of the sales office. They will once again wait for days and days to get their shot at buying a unit.

What will the prices be at the public launch and what suites will be available? Those questions are anyone’s guess. We will have to wait and see what happens.

If you are still interested in purchasing a suite at Aura, please contact me to discuss the best strategy for getting you the unit you want.

What is the deposit structure on this project?

The deposit structure will be as follows:
$5,000 with offer
Balance of 5% in 10 days
5% in 90 days
5% in 180 days
5% in 360 days
5% on Occupancy

How much for parking and locker?

Parking spots are $35,000 and lockers are $5000.

Are there any restrictions on parking?

Yes. Only units sized 700 square feet or more are eligible for parking.

When is the expected occupancy date?

June 2012

Have more questions? Contact me now.Click here for ALL related posts about College Park 3: Aura.

Contact me now for floor plans, availability and PRICING!

Once again, sales to the general public will not begin for several weeks. Whether you are a seasoned investor or first time buyer, the best time to buy in a new development like this is at the very beginning-before prices go up and the best suites are gone. Contact me for more information or to reserve your suite of choice ahead of the crowds that are sure to line up for this project.

College Park Phase 3: Aura is without a doubt the most anticipated new condominium project in Toronto since 1 Bloor. I have been accepting pre-registrations for the VIP sales event for this project for quite some time now and I have some good news: floor plans are now available.

Contact me now to get your hands on these amazing floor plans and for your chance to buy NOW before the public!

Related post: Coming Soon: College Park Phase 3 Aura

November 2008 update: For all the latest information on Aura, including current availability, floor plans and pricing, please contact me.

Coming soon from Canderel Stoneridge, AURA. Contact me now to register for your chance to buy BEFORE the public.

Rising 75 storeys above the intersection of Yonge and Gerrard, Aura represents the final phase of the highly successful College Park condominium development. The podium of the tower will feature an incredible 190,000 square feet of retail space. Phase 1 and 2 are completely sold out and residents are already enjoying their beautiful suites and the buildings’ stunning amenities over on the Bay street side of this enormous condo complex right in the heart of downtown Toronto.

Sales for Aura are expected to begin in early ’08. Don’t miss this opportunity! One thing many buyers learned from the 1 Bloor experience is that waiting in line to buy a condo is not very fun! Skip the line by working with a VIP agent. Register now for exclusive access to Aura.

Contact me now for your opportunity to be kept up to date on this exciting new project from Canedrel Stoneridge and check my website often for updates.

Related post: Exclusive New Listing: 2 bed 2 bath at College Park 2

Related post: AURA FLOOR PLANS NOW AVAILABLE

Related post: Aura VIP Sales On NOW. Select Suites Available NOW