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For profit residence to be built at U of T

University leasing land to private developer to build housing for international students


 

The University of Toronto is leasing land to a developer to build a for-profit student residence, the Toronto Star reports. The $120 million building, housing 100 1,000 students, will be built by Knightstone Capital Management. U of T assistant vice president of student life Lucy Fromowitz says the deal was made because the university can no longer afford to borrow as a way to finance the new building. “Building residences is really not feasible for publicly supported institutions,” she said. As part of the lease agreement, only a student hall may be built on the land and the developer can charge no more than the highest priced rooms in other residences, currently $15,000 per year. The residence is being marketed primarily towards international students. A proposal has been submitted to the City Council, and public consultations may follow before the deal is approved.


 
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For profit residence to be built at U of T

  1. 1000 beds, not 100 FYI. The Varsity reported on this 2 years ago too.

  2. Profit! Profit! That is an evil word to university students. Where will the subsidy come from so students can live there and still afford to buy their pot?

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