Construction Starts at Aura - Canada's Tallest Condo

Mayor Miller, Councillor Rae and Special Guests Help Canderel Stoneridge Celebrate the Start of Construction of 75 Storey, 243m Condo at College Park

TORONTO, April 23 /CNW/ - Canada's tallest condominium officially broke ground today during a special ceremony featuring executives of the developer Canderel Stoneridge Equity Group, Toronto Mayor David Miller and City Councillor Kyle Rae. Today's event celebrated the groundbreaking of Aura, a monumental single condominium tower that will rise 75 storeys (or 243m) above Toronto's historic College Park, at the northwest corner of Yonge and Gerrard.

With dignitaries and special guests overlooking the site during the ceremony, Mayor Miller instructed the construction supervisor, via walkie talkie, to "start construction"; and with direction from Toronto's Mayor, the jobsite immediately rolled to life and the heavy machinery began to roar as the process of building Canada's tallest condominium tower began.

"Toronto has one of the most liveable urban cores of any large urban centre in the world and this project is a testament to that," said Toronto Mayor David Miller. "I'd like to thank Canderel Stoneridge for their vote of confidence in our downtown and their efforts to keep it alive and vibrant."

Sales at Aura began in the spring 2008 and its opening was met with tremendous excitement and positive reaction from both local and international real estate buyers. Shortly thereafter, the project was faced with a global economic recession and a very challenging condominium market, yet, despite a difficult economy Canderel Stoneridge continued to market the project and continued to sell units.

Today, the development is 97% sold, with a few luxurious units remaining including the project's $17.5 million, 11,370 sq.ft. penthouse suite.

"The recession of 2008 created a challenging financial environment for real estate development around the world, and continues to do so today," said Jonathan Wener, Chair of Canderel Stoneridge. "And while the real estate world changed several months after we launched Aura, the project's strong sales figures to that point, its signature location, iconic architecture and our firm's history of developing large residential and commercial developments successfully - for more than three decades - allowed us to move the project forward, meet our sales thresholds and arrive at today's milestone."

As Canada's largest single condominium tower, Aura will boast 931 condominium suites in a development of more than 1.3 million sq.ft. Boasting a dynamic and iconic form, the development was designed by Toronto-based architect Barry Graziani, of Graziani + Corazza Architects.

"We believe that the tower's location along Yonge Street, at one of the most historic sites in the city, required an exhilarating architectural form," said Michael La Brier, President, Canderel Stoneridge. "Moreover, a location of this magnitude demanded a project of great stature and significance; it had to assume an iconic status, and immediately stand apart from other residential projects in Toronto."

The development includes 150,000 sq.ft. of prime retail space at the podium level, plus additional recreational spaces. Among the retailers who have committed to opening locations at Aura are Bed, Bath & Beyond; Bank of Montreal; Canyon Creek; and Alice Fazooli's.

Beyond world class retail along Yonge Street, the development will also provide direct connections below ground to the TTC Yonge Subway line, as well as future connection to an expanded PATH system.

For more information on Aura, call (416) 962-8688. Visit the Presentation Centre at 717 Bay Street, or visit www.collegeparkcondos.com.

SOURCE CANDEREL STONERIDGE EQUITY GROUP

For further information: For further information: News Media Contact: Danny Roth, Brandon Communications Inc., T: (416) 850-0614, C: (416) 414-9064, E: droth@brandoncom.ca

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CANDEREL STONERIDGE EQUITY GROUP

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