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Financing :
Skyscrapers financing can cost hundreds of millions of dollars, and luxury hotel towers like Trump Hotel and Tower in Toronto costed over $300 million dollars to construction. Of course when the skyscraper is complete and the cost of the units and the building has been leased back the property developer at leasts hopes to recoup that cost, with some profit set aside. Then if the project has been successful, the developer can manage the property for a few, or licence out management to another company for additional revenues, or sell the building out right for a profit.
Bank Financing for Condos and Offices
In Toronto, due to changes in the federal laws over banking and concern over the depth and breath of the Toronto Skyscraper Construction boom, the government now requires banks to finance projects (condominum) that have sold at least 85% of the units. For commerical towers, there is really no minium threshold to begin construction, as many office towers are sometimes completed on "Spec" or speculation with no tenants signed on.
Offshore and International Investment Finance
Some have been critical of the Toronto skyscraper boom, because as they see it, there has been a flood of foriegn money that is sweeping into Toronto, which is financing so many projects, this is true where offshore investors purchase pre-construction condo suites and other times when International Banks manage and offer construction Financing because the native banks are loathe to do so, especially in the Toronto Market. For instance the Trump International Hotel and Tower was financed by Raiffeisen Zentralbank Osterreich AG out of Austria.
Design Elements
Other factors that come into play with the construction of a skyscraper would be design elements, whether with regards to the materials native to the local building industry, or required by municpal by laws, which must be adheared to. Some factors such as wind tunnel and other test can change the design of a tower, and therby increase the cost of construction.
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