Canderel Management Inc.

Canderel Management Inc.

April 23, 2010 11:19 ET

Montreal Based Developer Reshapes Toronto Skyline

Canderel Group of Companies Starts Construction of Yonge Street Condo Called Aura- 75 Storey Tower to Stand as Canada's Tallest Residential Building

MONTREAL, QUEBEC--(Marketwire - April 23, 2010) - The Canderel Group of Companies, a fully integrated real estate company based in Montreal, QC, broke ground today at Aura, their newest condominium development- and the country's tallest residential tower- to be built in Toronto. Developed through the company's residential development division, called Canderel Stoneridge, this landmark condominium tower is located on Yonge Street in the heart of the city, and once completed will stand 75 storeys (243 meters) and include 931 units.

"At more than 1.3 million square feet and 75 storeys this is the country's largest single, purely residential tower," says Canderel Group Chair Jonathan Wener. "It's a monumental development not just for its sheer size and stature, but for what it says about the strength of both the Canadian real estate and financial markets. It's also significant for what it says about the confidence in those markets of today's condo buyers, lenders, business and political leaders."

Totalling more than 1.3 million square feet, the development will include 150,000 square feet of prime retail space in its podium levels along Yonge Street. Canderel's commercial leasing division has currently secured lease commitments from such leading anchor tenants as Bath & Beyond; Bank of Montreal; Canyon Creek; and Alice Fazooli's.

The official start of construction at Aura was attended by Toronto Mayor David Miller, who complimented Canderel on the project, noting that "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." The Mayor then thanked the company for its "vote of confidence in our downtown and their efforts to keep it alive and vibrant."

Aura is the final phase of Canderel's redevelopment of the entire College Park quadrant, a historic location bounded by College Street to the north and Gerrard to south, Bay to the west, and Yonge Street on the east side. 

Prior to Aura (Phase 3), Canderel completed two of Toronto's fastest selling, best known condominium towers on the site called The Residences of College Park 1 & 2. At 51 and 45 storeys, these towers (currently among the city's tallest) represent more than 1,100 condo units and 12 townhomes, and with the addition of Aura, the site will boast more than 2,000 condominium suites. 

Beyond its residential commitment to College Park, in 2006, Canderel acquired the site's landmark office tower at 777 Bay Street. A "Class A", 30 storey office tower atop the College Park TTC subway station, the building has in excess of 935,000 square feet and includes a 65,000 square foot two level retail component and an underground 900 car garage.

The College Park project with in excess of 3 million square feet is in keeping with Canderel's objectives to do comprehensive multi-phased projects that are fully integrated and interconnected with mass transit. 

The redevelopment of College Park by Canderel, together with the company's other commercial and residential projects throughout the city brings its Toronto portfolio to more than 5.5 million square feet and a value in excess of $1.7 billion.

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About the Canderel Group

The Canderel Group of Companies is comprised of several fully integrated, commercial real estate companies with its headquarters in Montreal. Since 1975, Canderel has grown to become one of the most successful real estate development and management organizations in eastern Canada. Founded by Jonathan Wener, Canderel has established an enviable reputation for its integrity as a major real estate development company and for its sound judgment and knowledge of the commercial, multi-residential and industrial real estate business.

Over the years, Canderel has been intimately involved in all aspects of commercial property development, including land assembly, acquisition and disposal, planning, design, construction, project management, leasing, finance, and property management, and asset management. The group's principal management and development activities are in the office, commercial, industrial and residential markets of Montreal, Ottawa, Toronto and Vancouver, in Canada. Canderel's success to date is largely a reflection of its unique ability to direct all facets of real estate projects, either on its own behalf, for its clients, or in joint venture with partners.

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