One of the last green spaces left at St. Michael’s College is up for sale as the venerable institution deals with a mounting deficit.
Orientation Field, site of St. Mike’s frosh as well as a popular area for intramurals and relaxation, could be sold within months in order to offset a $2 million a year deficit that the college is running.
“If the college didn’t have to sell the land, it wouldn’t,” said acting president Mark McGowan, who noted that St. Mike’s is the poorest of U of T’s three federated colleges, Victoria and Trinity being the other two. “This land is the only major asset we have,” said McGowan, adding that Victoria College makes excellent revenue through their rental properties on Bloor Street.
This is not the first time the field has been up for sale. Ten years ago, the college came very close to selling the property to condo developing company Tridel, but property values dropped, and the deal collapsed.
But students are hoping to avoid losing their beloved field. “We’re saying ‘look, take a minute,'” said Caroline Brooks, collegian representative for St. Michael’s College Student Union. Brooks, who has heard the price tag on the property to be $35 million, sees the sale as only a quick fix. “Ten years from now, we’ll be in the same position if they don’t change these patterns.”
Finances at the college have changed a great deal as the years have gone by. In the past, courses were taught by Basilian fathers, who would give their salaries back to the college. This is no longer the case, and is just one of the rising costs the college has had to deal with.
Regardless, no buyer has been found for the field just yet. “Basically, it’s a fishing expedition,” said McGowan, “to see if there were any nibbles.”
