Two weeks after the Intensification of the Downtown Core event at the Board of Trade, several ULI members met at Aura for a follow up tour. Led by Canderel’s Ben Rogowski, guests entered the fully-functioning retail podium while a large cantilevered hoarding system, a first in Toronto, allowed the 78-storey structure to be built above. The podium’s basement level, connected to the College Park subway, contains 123 condominium commercial units all of which have been sold to tenants who will be catering to commuters and residents. After all, according to Rogowski “over 90 per cent of residents will travel by subway daily.”

Moving up the podium, two banks currently occupy ground level, and three restaurants with outdoor seating are under construction. Two large format retailers occupy the second and third floors, both at 55,000square feet. Rogowski discussed the challenges and successes of creating the mixed-used podium, noting that when the project was proposed in 2006, large format upper floor retail in the downtown was still a new concept.

Continuing up the building, guests were taken to the 51st floor. Still under construction, and exposed to the elements, ULI members were able to enjoy spectacular 360-degree views of the growing Toronto skyline. Back on the 28th storey Rogowski showed off some of the finished condominium units, which will be occupied later this summer.

The tour ended in the sales centre, where Rogowski discussed risks and lessons Canderel experienced in making Aura unique. For example, its ownership structure is broken down so that the P1 is under a separate title, the lower level retail is condominium, the retail podium is owned by Kingset Capital, and the residential tower is broken into two condo corporations. Due to the long life cycle of a tall building these measures are put into place to mitigate risk. As the City puts into place its new tall buildings guidelines, which encourage smaller floor plates, Aura will stand out as a landmark tower with a density we may never see again in Toronto.

Evan M. Weinberg, M. PL
Communications Committee
Policy and Advocacy Manager, Toronto Financial District BIA

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