TRU has reacquired a parcel of land considered one of the most valuable on campus.
Matt Milovick, the university’s vice-president administration and finance, confirmed Monday the purchase of the McGill residence property for $9 million.
The residences have been family-owned and operated on leased campus land since they opened in 1988.
Buying back the lease, along with the residences, 33 years before its completion creates an immediate income source for TRU into the future, making it possible to revitalize a key part of campus much sooner than would otherwise be possible. The Campus Master Plan identifies the area for University Village, a mixed-use TRU Community Trust development project.
The purchase price of $9 million was funded through past-accumulated surpluses. Consistent with public sector accounting standards, past surpluses may only be spent on capital acquisitions, projects or improvements. Proceeds from operations are expected to be reinvested in student support and research.
For now, it will be business as usual at the McGill Residence. The company currently managing the TRU Residence (Campus Living Centre), will be contracted to run the McGill Residence as of July 1, 2016. Current student residents of McGill will not be affected and registration for housing in September will proceed as usual.