Asset: Education
Model: DBFOM
Status: Operational in August 2017
Contract Value: $95 million for Phase 1
Completion Date of P3 Agreement: 2085 (Initial Term) and in 2110 (Extended Term)
Every student knows how important it is to be close to campus to optimize time for classes, research and studying. In August 2017, York University opened the first phase of Quad, offering much-needed apartment-style accommodations for more than 800 students in Toronto.
The project is among the largest student housing P3 endeavours ever undertaken in Canada and uses a P3 model that freed York from risks associated with capital costs, operations and maintenance, enabling the university to focus its resources on its academic mission.
Under the agreement, Forum-Campus Suites operates and maintains the new housing on land leased from the university, and York ensures the needs of its students are met by providing guidance on the private sector’s operations. In addition to lease revenues, York also benefits from additional payments based on the success of the project.
Designed with the student in mind, the P3 model has created “a real partnership at York that has resulted in a purpose-built community that provides a live/work/play environment with significant student amenity space. This environment has led to quick improvements in how and where services are provided to the benefit of busy students. The Quad P3 could prove a useful model for similar social housing projects in municipalities and universities across Canada,” the CCPPP awards committee noted in 2018 when it presented the project with its 2018 Silver Service Delivery Award.
The partners involved in the Quad include York University and Forum-Campus Suites.
CCPPP 2018 Silver Service Delivery Award
