Plans to develop a new residence for U of T students have raised concerns amongst local residents’ associations neighbouring the St. George campus. The response has prompted the university to release the text of the agreement signed with the private developer — a step that the university had initially refused on the grounds of a secrecy clause embedded within the contract.
The proposed residence would be located at 245 College St., on land owned by the University of Toronto but leased to Knightstone Capital Management, a privately-owned real estate company.
Several residents’ associations in the neighbourhood have opposed the development, claiming the university “has acted in bad faith” by leasing the land and by entering into a “secret agreement” with Knightstone Capital. An online petition co-signed by the associations further asks City Council to refuse the application.
The University of Toronto responded on May 25 by releasing the terms of its agreement with Knightstone Capital. An accompanying statement cited an increasing student population and a lack of public funding as reasons for the residence. Initial hearings for the development will begin in the fall.
– With files from the Toronto Star and the Globe and Mail
