- What Northwest Value Partners and Alignvest Student Housing have proposed a 60-storey tower in downtown Toronto
- Why The project would add up to 480 student-housing units near the University of Toronto
- What next Plans have been filed with the city for approval
Northwest Value Partners has filed plans for a soaring residential tower near the University of Toronto that would contain student housing, rental apartments and condominium apartments.
The real estate investment firm and its partner on the project, Alignvest Student Housing REIT, are looking to construct 60 storeys at 149 College Street, the site of the 1894-built Stewart Building. That building would be largely retained, with the new tower cantilevering overtop of it.
Northwest and Alignvest purchased the site in November 2023 for $34m. At the time, a $19m loan from KingSett Capital was obtained. The partners refinanced the property this month with a $23.5m loan from Canadian Western Bank.
The proposed tower would deliver up to 480 student-housing units and up to 225 residential units, ranging from one to three bedrooms. The exact allocation of rentals and condominiums is still to be determined.
“The student residences will help meet the abundant and urgent need for safe, contemporary student housing to support and serve nearby universities and colleges such as the University of Toronto,” planning materials said.
“The residential portion will serve not only students, faculty and staff of University of Toronto, but also the other educational and healthcare institutions in the area, as well as the broader population, helping to address the overwhelming need for additional housing units in the broader area and the City overall.”
Roughly 6,000 sq m of institutional space will be provided across the Stewart Building and the tower podium. The space will be used for educational and support purposes for the University of Toronto and other academic or healthcare institutions.
This is the second large student-housing project that’s sought approval in recent months. In early September, Forum Asset Management proposed an 18-storey, 223-unit student-housing development at 307 Sherbourne Street, close to Toronto Metropolitan University and George Brown College.
