Ontario Construction Report staff writer
The University of Toronto is launching a new development model it says will allow it to add thousands of student residence spaces faster and at a lower cost than traditional construction projects.
The Build More Housing Initiative will add up to 5,500 residence spaces on and near U of T’s three campuses through joint ventures with private-sector builders.
The model is designed to share capital and risk between the university and its development partners while accelerating the delivery of new student housing.
The first projects are two residences on U of T’s St. George campus that will add more than 1,200 beds.
One is a roughly 49-storey residence planned for 167-171 College St. at McCaul Street. The other is a roughly 13-storey building planned for 40-56 Harbord St., between Spadina Avenue and Huron Street.
U of T’s Governing Council approved the two projects June 25.
It costs the university about $300,000 per bed to build new student housing and this new partnership approach will cut that cost dramatically.
Under the model, U of T will contribute assets including land, student demand, its brand and expertise in student housing operations. The university says the arrangement requires no incremental capital outlay from U of T.
The university will also retain a share of ongoing revenue generated by the residences, providing another source of funding for future reinvestment.
“We’re reinventing the model of student housing to greatly increase housing options for our students, faster and more sustainably,” Mabury said.
U of T selected Tricon Living as its development partner following a competitive process. Tricon brings development, construction and property operations capabilities to the partnership.
Both St. George buildings will be operated by U of T and are being designed to meet the university’s climate-positive campus commitment. The projects are targeting LEED Gold certification and are planned to include green roofs, geothermal heating and high-performance building façades.
The initiative expands on U of T’s previous work with private-sector partners to deliver student housing, including Oak House on Spadina and Sussex avenues and Harmony Commons at U of T Scarborough. The university also owns a 20 per cent share of CampusOne on College Street.
U of T currently has fewer than 11,000 university-owned or affiliated residence spaces across its three campuses, including about 9,700 undergraduate spaces and 1,100 graduate and student-family spaces.
With more than 100,000 students, just over 10 per cent currently live in university-owned or affiliated housing.
The university guarantees residence accommodation for first-year full-time undergraduate students, including international students, but says significant unmet demand remains among upper-year undergraduate and graduate students.
The Build More Housing Initiative is part of a broader push to increase student housing supply as governments seek to accelerate construction through measures such as Ontario’s Bill 185, housing programs and loan initiatives.
Other U of T projects are also adding capacity. A 400-bed residence at U of T Mississauga, including housing for staff and residence dons, and a 357-bed residence at Trinity College’s Lawson Centre for Sustainability are scheduled to open this fall.
“Every tool in our toolbox goes toward making sure students get high-quality housing at the best possible price point,” said Janice Johnson, U of T’s executive director of student housing and residence experience. “This initiative will allow us to do that at a scale and pace to reach as many students as possible.”