Aspiring to rise to great heights
Tall towers offer prestige, affirm the developers of Toronto’s landmark condos
Canderel Residential generated big buzz last month when it announced the city had approved three additional storeys for Aura, the massive condo tower it’s building at Yonge and Gerrard Sts.
The decision means Aura will now stand 78 storeys (or 273 metres) above College Park.
It also means “the contest for the bragging rights to Canada’s tallest condominium among condominium developers and marketers is effectively over,” Riz Dhanji, Canderel’s vice president of sales and marketing, said in a news release. “Aura is clearly the tallest residential tower in Canada.”
Aura’s additional three floors don’t just translate into bragging rights for Canderel; 50 additional condo suites were made available at a project that Dhanji says was 99 per cent sold out.
Seven penthouses remain — starting from the 75th floor — which range in price from $2.3 million to $18.3 million for the 11,370-square-foot penthouse, which takes up the entire top level.
Tall, iconic towers like Aura attract a particular kind of buyer, Dhanji notes in an interview.
“People are fascinated with height, especially with news worldwide about the towers going up in Dubai, Saudi Arabia, China, etc.,” he says. “Tall buildings are becoming an important selling tool.
“Purchasers like the prestige of living in a tall building.
“They tell their friends that their condo is 60, 70 or, as Aura will be, 78, storeys up in the air.”
Jim Ritchie agrees. Tridel’s vicepresident of sales and marketing is overseeing the launch of Ten York, another super-tall tower that is proposed at 75 storeys (with 774 units).
While the project is still in presales, Ritchie says Ten York’s height and landmark location — it will be wedged onto a triangle-shaped site at York and Harbour Sts., hard against the Gardiner Expressway — have attracted quite a bit of attention.
“We’ve had thousands of prospects that have registered online, and over 1,000 real estate agents on top of that,” he says.
“The building is iconic and it’s tall, and that attracts buyers. I guess it’s making a bit of a statement about where you live. It’s certainly very aspirational, I think — distinctive, maybe a little conspicuous, but some people like that.”
Tall towers attract a particular kind of buyer
Developers of Toronto’s iconic tall towers have a competitive edge in a crowded market, notes Alan Vihant, senior vice president of highrise for Great Gulf Homes, which is building the 70-storey One Bloor condo tower at Yonge and Bloor Sts.
For one thing, One Bloor’s developer can genuinely say that residents will enjoy unobstructed views. “You do market views, and with a very tall building you get those views,” he says. “So you can position your building against other projects that don’t have that kind of view.”
Great Gulf wants One Bloor to be even taller than its current 70 storeys, and is seeking permission from the city for additional floors. A bid to take on Aura, perhaps?
“We could get into a whole discussion about who is taller,” says Vihant, noting that One Bloor is at a “higher elevation above sea level” than Aura. “So we’re technically a taller building.” “But we’re not playing that game.” The project is currently 94 per cent sold, with 45 units remaining (the penthouse units have not yet been released).