Aura Tower Rising on Yonge StreetPicture from a few nights ago, you can see Aura, is looking a little more than halfway up to its set height of 78 floors. From this picture it appears to have risen to about 40 floors. In the foreground Yonge Street is being cleaned up from the previous month's Celebrate Yonge Festival, which had reduced traffic to one lane in either direction. Closer to the tower itself, the retail levels of the structure are preparing to open "The Shops at Aura" a retail space with 100 stores, owned by the retailers running the businesses.
Yonge Street, is set to host a long list of very tall towers, if we all of the existing proposals go through, there is currently a plan for north of College Park, at 460 Yonge for a 60 Floor, 207 meter tower to be developed by Canderel as well. Just north of there at 501 Yonge Street a twin tower development originally planned at 58 floors and 192 meters is in the works. And of course to the South on Yonge - L Tower is taking shape, and to the north both FIVE Condos and One Bloor East are well under construction.
The Aura Condo Project:
Submitted to the City in 2006, as two towers the taller of which was 60 floors and over 200 meters, it was initially rejected by the city, for failing to respect the street and offer adequate ground level retail. It would have been a standard Bay Street condo, on the most important, or second most important (depending on your view of what makes a retail street) in the city of Toronto. The new project has close to 200,000 square feet of retail and commercial space, in building which is over 1.1 million square feet. Thus providing the downtown core with an alternate shopping experience in conjunction with the College Park Mall to which this project is adjacent.
The Toronto Condo Boom
Toronto Condo Living has taken off over the last few years, and the redevelopment in North York Centre, Downtown Toronto, Mississauga and other areas has been nothing short of mind-blowing. Downtown Toronto and North York Centre might not be recognizable just due to the speed of the construction and development. Although there are some that are opposed to increased condo density, we can't discount the benefits many with regards to increased higher use of transit, walking biking and other alternate methods of transport as opposed to using the car. Toronto just might be a leader, outside of Manhattan (New York City) in this respect.
L Tower
One Bloor East
Shops at Aura
Aura Update - August 2012
Getting a Mortgage and Mortgage Insurance through BMO Insurance for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at BMO Insurance include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from BMO Insurance is actually one of the major financing costs on home loans.
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