The Board of Governors of York University recently approved the selection of Forum Equity Partners, a Canadian based infrastructure and real estate investment and development firm, and Campus Suites Inc., an international student housing development company, as the lead proponent to develop and manage a new suite style student housing project at the southeast corner of Pond and Sentinel Roads. The consortium was chosen following a comprehensive Request For Proposals process managed by the York University Development Corporation.
Existing residences such as Tatham Hall (left) on York’s Keele campus will be updated as part of a the University’s 10-year Student Housing Strategy
The board has authorized York President & Vice-Chancellor Mamdouh Shoukri to negotiate terms with Campus Suites and Forum Equity, which would form the basis of a land lease. A land lease arrangement ensures there will be no cost to the University, as the construction costs will be borne by the consortium, which will recover its costs through residence and retail rents. The University will receive annual rent from the land lease for the new facility, which will help finance and offset the cost of the renewal of all existing student residences. When fully complete “Pond’s Edge” will offerYorkstudents new, high-quality suites with excellent amenities such as access to private bedrooms and bathrooms, kitchens, fitness facilities and study areas.
New housing is just one element of the University’s 10-year Student Housing Strategy that is designed to address students’ housing expectations, better support the academic mission of the University and to enhance the overall student experience at York. The strategy, developed over two years, involved extensive research and consultation with key stakeholders, including students. In addition to the new student housing, all 10 existing undergraduate residences and six University apartment buildings at the Keele and Glendon campuses will be updated. The approximate $70-million cost of the renewal and upgrade projects will be recovered through an average annual increase of 3.7 per cent to residence rates over the next 10 years.