Toronto Metropolitan University Acquires Two Downtown Properties to Help Meet Expansion Needs
TORONTO June 12, 2023 – Toronto Metropolitan University announced today the acquisition of two properties, 277 Victoria Street and 38 Dundas Street East. The purchases offer a strategic opportunity to support campus expansion and revitalization efforts, while enhancing the university’s presence at one of the busiest intersections in the country — Yonge-Dundas Square.
“We are delighted to have acquired these two properties. The addition of over 115,000 square feet of space creates countless possibilities for academic, research, creative and entrepreneurial initiatives,” says Mohamed Lachemi, President and Vice-Chancellor, Toronto Metropolitan University. “The location will provide another vital connection point between our campus and the city; I’m looking forward to working with our community over the coming months to develop plans for the future of these sites.”
According to a (PDF file) Council of Ontario Universities report (external link) , despite rapid physical growth, TMU remains one of the most space-challenged universities in the province. As a landlocked campus, with in-demand programs and a growing research base, TMU is always looking for strategic opportunities to acquire new space to better support students, faculty and staff.
With the creation of a welcoming campus entrance at Dundas and Victoria Streets, TMU’s downtown presence will be further established, supporting stronger physical integration with the surrounding neighbourhood. The acquisition furthers the goals and implementation of TMU’s campus master plan, which includes the development of inclusive, vibrant spaces in a diverse and urban neighbourhood.
The sale of (PDF file) underutilized City assets (external link) for redevelopment has been slated for a number of years and is an integral aspect of the City of Toronto’s modernization plan.
“This transaction advances the City of Toronto’s ModernTO program (external link) and frees up two underutilized City-owned sites, which will benefit the university and local community,” says Vic Gupta, CEO of CreateTO, the agency responsible for the strategic management of the City’s real estate assets. “The sale will also generate significant revenue to fund city-building benefits, including the delivery of affordable housing, across Toronto.”
As a condition of the sale, a leaseback to the City of Toronto has been established between TMU and the City for a period of two years, allowing current occupants to remain in the building until the spring of 2025. This provides time for the occupants in the 277 Victoria St. building to finalize long standing plans to relocate, and extends the City’s oversight for these properties and all operations from spring 2023 until spring 2025.
As a future-forward city-builder, the university is excited to expand its presence as an integral member of Toronto’s vibrant downtown core community.
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About Toronto Metropolitan University*
Toronto Metropolitan University, formerly known as Ryerson University, is Canada’s leader in innovative, career-oriented education. Urban, culturally diverse and inclusive, the University is home to more than 46,000 students, including 2,900 Master’s and PhD students, 4,000 faculty and staff, and 225,000 alumni worldwide. For more information, visit torontomu.ca.
*In April 2022, the university renamed and began a new chapter
Media contact
Tania Ulrich
647-785-0984
tulrich@torontomu.ca