Toronto — Knightstone Capital Management Inc. (KCAP) is developing University Place at the University of Toronto, a 25-story, 890-bed academic residence in downtown Toronto, The Scion Group reports.
Scion was part of the advisory team for this project since it was conceived, principally leading the creation of the pro forma and the design of the building. Initial land purchases, ground lease negotiation and re-zoning efforts began in 2008. Scion is an investor and will manage the building when it is complete in June 2017.
Brookfield Multiple Construction Canada (BMCC) will be the construction manager. Diamond Schmitt is the architect. KCAP is a privately owned Toronto-based boutique real estate investment, asset management and development company. The project cost is estimated at $125 million. KCAP’s investment portfolio is estimated at $600 million.
University Place will be located across the street from the University of Toronto campus and will be affiliated with the university. According to The Scion Group, the university, the largest in the country, is short about 7,955 beds.
“This will be, by far, the premiere student housing facility in all of Canada,” said Rob Bronstein, president and co-founder of The Scion Group, which has recently opened a Toronto office. In addition to the University of Toronto, Scion is engaged with approximately seven other Canadian institutions. “We think there is tremendous potential in Canada,” Bronstein added.