UBC Properties supports UBC’s $560 million student housing redevelopment
The University of British Columbia (UBC) is making significant strides in addressing the growing need for student housing. A $560 million student housing redevelopment project will result in 1,508 new student beds.
The provincial government is contributing $300 million to the project, with UBC’s TREK endowment funding the remaining $260 million. The substantial growth of the endowment, through contributions from UBC Properties Trust over the last 35 years, has enabled UBC to fund large-scale projects like the student housing redevelopment without the university relying solely on external sources or donations.
UBC Properties’ contributions are generated through leasing UBC land to developers on a 99-year basis to build residences, along with rental revenue from our two property management divisions. One property management division, Village Gate Homes, offers quality housing to staff and faculty on campus at below-market rates, while the second, Wesbrook Properties, manages market rentals often rented by students.
The large lot is currently occupied by St John’s College and will be replaced with a total of five new buildings, each up to 18 storeys tall. The project will house 175 replacement beds for the existing College, and 1,333 net new beds. It will also include a 400-seat dining hall, academic and administrative office spaces, and a new childcare facility with up to 37 spaces.
UBC Properties Trust enables UBC’s current and future generations of students, staff, faculty, and community members to have access to quality housing on campus along with a community of diverse retail options and restaurants, parks, and amenities. This approach ensures that the university and its community continue to thrive for years to come.
