Maroc - STOREYS.COM - A La Une - 21/Aug 18:18

BC Gov Providing $300M For 5-Building UBC Student Housing Project

Ahead of students returning to school, the Government of British Columbia announced on Tuesday that it would be providing a significant amount of funding for a new student housing project at the University of British Columbia, BC's most prestigious post-secondary institution. The project is planned to consist of five buildings between the heights of eight and 18 storeys that will provide 1,333 new beds and 175 replacement beds for students, for a total of 1,508 beds. To be located in the Lower Mall Precinct near University Boulevard and NW Marine Drive, the project will also include a 400-seat dining hall, a 37-space childcare facility, and an amenity space.The Province did not provide a specific location for the project, but the subject site of the project is the existing St. John's College, according to UBC's project website. In its Tuesday announcement, the Province said the project would also include "academic and administrative office space to accommodate the displaced St. John's College."The project will have a total cost of approximately $560M, with UBC contributing $260M and the Province contributing $300M, which the government said was its "largest provincial investment in on-campus student housing." Premier David Eby said the project is the "biggest project to date," although it is unclear if he was referring to the capital contribution or the project size.In terms of timeline, the Province says construction is expected to start in Fall 2026, and the residences will begin opening, in phases, in Fall 2028 before completing in Fall 2029. The project is targeting Leadership in Energy and Environmental Design (LEED) Gold certification and one of the five buildings will be built using mass timber construction."We are grateful to the BC government for this historic $300-million investment in the UBC Vancouver campus," said UBC President & Vice Chancellor Benoit-Antoine Bacon. "This support, along with UBC's contribution of $259.9 million, will be transformative in providing much-needed additional student housing and child care for our community. By working together, we are alleviating significant pressures on our students and the local rental market, and further enhancing an environment where academic excellence and personal well-being can flourish."BC's Push For More Student HousingThe UBC announcement is the latest of several student housing projects the Province has announced this year as it pushes towards its goal of building 12,000 new student housing beds by 2028.Last month, the Province also announced a student housing project for Simon Fraser University, BC's second-most prestigious university. That project will be an eight-storey building with 445 beds and 160 childcare spaces. It will have a cost of $187.6M, with the Province contributing $132.2M, and construction is expected to be completed in Fall 2027.In May, the Province also announced that it would be acquiring three existing student residence buildings at Capilano University's campus in Squamish. The three residence buildings and campus were formerly occupied by Quest University, which filed for creditor protection in January 2020 and subsequently shuttered operations. As previously reported by STOREYS, the campus and residence buildings were purchased by Primacorp Ventures, who then sold the campus building to Capilano University around this time last year, but left out the student residence buildings. The acquisition of the three buildings, which will be ready for the upcoming semester, cost $55M, with the Province providing $48M and CapU providing $7M.Many other student housing projects have also been announced in recent months."Student housing is an important part of our work to tackle the housing crisis and deliver more homes for people, faster," said Minister of Housing Ravi Kahlon on Tuesday. "With more affordable housing on campus, students can travel less, save more, and have more opportunity to focus on their studies. Increasing the supply of student housing also takes significant pressure off the local rental market."According to the Province, since 2018, the Province has committed over $2B towards student housing, with 10,776 beds now underway or completed across BC.