One of Toronto's oldest and most prestigious universities has chosen Vancouver developer Westbank for a housing project that is expected to be the largest of its kind in Canada.
The University of Toronto said The Gateway will create housing for faculty, staff and student families, as well as academic space, retail opportunities and enhanced public space at the northwest gateway to the university's downtown campus.
UofT expects the project to be the largest university housing development in Canada and incorporate 960,000 square feet.
"The Gateway will significantly address the university's strong demand for housing, advancing the academic mission by adding hundreds of new units to the campus and to downtown Toronto," said Scott Mabury, vice president of operations and real estate partnerships at UofT, in a statement.
Students have been caught up in the same market conditions as the general population in Canada's largest city, where the Toronto Regional Real Estate Board recently said the average rent for a one-bedroom condominium unit increased to $2,503 per month in the fourth quarter, a 19% jump from a year ago.
"Tight rental market conditions and strong rent increases will be the norm more often than not for the foreseeable future," said Jason Mercer, chief market analyst with TRREB, in a commentary on the latest stats.
The university's evaluation committee selected Westbank from a shortlist through a competitive procurement process led by CBRE. The project team is now pre-qualifying firms for architectural services.
"With The Gateway, we saw an opportunity to create an inspiring faculty and student family housing project that will incorporate a high degree of innovation in its response to climate change and a level of city building that the University of Toronto consistently strives to achieve," said Ian Gillespie, founder and CEO of Westbank, in a statement.
Objectives for the project include sustainable design, energy conservation and energy infrastructure improvements while integrating with existing heritage assets. The university has also committed to Indigenous engagement.
"This project will allow the university to advance its leading role in addressing climate change while accelerating Toronto's path towards carbon neutrality," said Gillespie, referring to a plan that would have the university carbon neutral by 2050.