Toronto — Forum Equity Partners Inc., a Canadian-based infrastructure and real estate investment and development firm, and Campus Suites Inc. will build a student housing community at York University.
The development, Pond's Edge, will be financed and constructed on land leased from the university for 70 years.
The two companies have formed a partnership for this venture, the York Forum Development Consortium. York University's board of governors unanimously approved the negotiation of a term sheet defining the relationship between the parties and how the Pond's Edge community will be developed.
"We will develop a relationship with York University and its community to ensure that the needs of all stakeholders will be heard and incorporated in the final designs," says Henry Morton, president of Campus Suites and York University alumnus.
Pond's Edge will be built in four phases at the south end of York University's main campus. When it's complete, it will include a residential living component with numerous amenities, retail, office and parking.
The plans for Phase I include approximately 770 beds in suite style units.
York University is Canada's third-largest university and is a interdisciplinary research and teaching institution. With two campuses in the heart of the greater Toronto Area, the University serves 54,000 students.
Currently, the York Forum Development Consortium and the York University Board of Governors are in the process of finalizing the agreed upon terms in a formal term sheet.