The University of Toronto is reinventing the paradigm of student housing through an innovative joint venture partnership model that will add thousands of new residence spaces more quickly and at a lower cost to the university to meet growing demand.
The Build More Housing Initiative will create up to 5,500 new residence spaces on and near the U of T's three campuses through a unique partnership model with builders - one that shares capital and risk, and aligns with provincial legislation aimed at accelerating the construction of new, modern student housing inventory.
This includes two new projects on the St. George campus , approved by U of T's Governing Council on June 25, that will add more than 1,200 beds.
"Right now, it costs the university approximately $300,000 per bed to build new student housing - this new partnership approach will cut that cost dramatically," says Scott Mabury, who recently completed an extended second term as U of T's vice-president of operations and real estate partnerships and is currently the presidential adviser on real estate. "Under the terms of this new model, U of T has structured a shoulder-to-shoulder partnership that requires no incremental capital outlay for the university.
"We achieved this outcome by bringing in a joint venture partner that values the assets the university brings to the table - including land, student demand, a world-class brand and expertise in operating student housing."
In addition to lowering the cost to the university of building new residences, U of T's new financial model will allow the university to retain a share of any ongoing revenue from the buildings themselves. The result, Mabury says, will be state-of-the-art residences that generate income to fund reinvestment in the university's academic mission, including student supports - different from many current student housing models.
"We're reinventing the model of student housing to greatly increase housing options for our students, faster and more sustainably, and to allow us to direct more funding to teaching, research and student supports."
U of T's innovative approach is part of a broader effort to expand housing across all three campuses as Toronto-area housing costs continue to rise, which, in turn helps ease pressure on the broader housing market. This includes a 400-bed residence at U of T Mississauga (including beds for staff and residence dons) and a 357-bed residence that's part of the Lawson Centre for Sustainability at Trinity College - both officially opening this fall.
The changes come as federal and provincial governments seek to encourage the building of more student housing through measures such as Ontario's Bill 185, dedicated housing construction agencies and loan programs, and innovative partnerships between post-secondary institutions and builders.
Just over 10 per cent of U of T's more than 100,000 students currently live in university owned or affiliated housing. But with fewer than 11,000 spaces across the three campuses - including 9,700 undergraduate spaces and another 1,100 in graduate and student family housing - demand far exceeds supply.
Janice Johnson, executive director, student housing and residence experience, says students who live in campus housing tend to perform better academically, build stronger social connections and report higher satisfaction with their university experience.
"There's so much more campus life you can participate in if you live in campus housing - at any point of your student journey," Johnson says. "You have so many supports and connections to the community."
While U of T guarantees residence accommodation for any first-year full-time undergraduate student, including international students, there remains significant unmet need among upper-year undergraduates and graduate students. As a result, housing is becoming an increasingly important factor in their decisions about where to study, making it central to U of T's ability to attract top students and researchers.
The initiative's first projects will see U of T partner with Tricon Living to develop two new residences on the St. George campus - an approximately 49-storey building at 167-171 College Street (at McCaul Street) and another roughly 13-storey building at 40-56 Harbord Street (between Huron Street and Spadina Avenue).
Both buildings will be operated by the university and are designed to meet U of T's climate positive campus commitment , targeting LEED Gold with green roofs, geothermal heating and high-performance façades.
U of T has already realized significant success working with private partners to build student housing - including partnerships in Oak House on Spadina and Sussex Avenues, and U of T Scarborough's Harmony Commons. It also owns a 20 per cent share of the privately-owned CampusOne on College Street.
However, Mabury says the Build More Housing Initiative goes further by establishing an entirely new model that allows both U of T and its development partners to accomplish more than either could achieve alone.
"We bring the land. We bring the strength of the U of T brand. And we bring deep expertise in what students need and how to deliver it," he says. "Most importantly, we bring thousands of students who want to live on campus and be part of this community. That's enormously valuable, and this partnership reflects that."
Tricon Living was selected following a competitive process. One of Canada's preeminent rental housing companies, Tricon Living is a partner of choice to all three levels of government delivering purpose-built rental apartment communities, and brings a market-leading development, construction and property operations platform. Importantly, Tricon Living brings shared values with U of T that prioritize student well-being and success.
"Every tool in our tool box goes toward making sure students get high-quality housing at the best possible price point," says Johnson. "This initiative will allow us to do that at a scale and pace to reach as many students as possible."
