Aura is the new 75 storey hi-rise condominium in downtown Toronto being developed by The Canderel Group of Companies that developed The Residences of College Park I and II. The excavation began in January and has now been completed. With the pump crane installed and the foundation being poured, construction is on the way. The expected completion date for the project is sometime in 2013, however delays may stall the project longer.
Approximately 95% of the residential and commercial spaces in the building are already sold out. The penthouse is $17,500,000 for the whole top floor space of 11,370 square feet. The building will have 1,200 units and will be the tallest condo in Canada and the British Empire. Some suites have distinct features like 1,300 square foot balconies and 2 floor lofts on the 55th floor.
Aura will also have 35,000 square feet of retail space that will soon join College Park to the PATH network at The Atrium on Bay near Dundas and Yonge St. With Bed, Bath and Beyond already rumored to be a major retailer, space is going fast. There are still a few commercial spaces available for sale.
Since the developer still has units available for sale assignment has not been opened yet. With many foreign and domestic investors buying multiple units, assignment sales are expected to be hot. In comparison to current projects on sale like 1 Bloor East where prices are $850 per square foot, Aura was going for around $650. Once units are available, the resale price may hit $1,000 per foot. I highly recommend this project as the developer has proven its ability to build quality condos that provide great value and return.