Students are pictured here at Toronto Metropolitan University on Wednesday, April 26, 2023. (Nathan Denette/The Canadian Press)

Toronto Metropolitan University will build a new student residence downtown that will more than double the school’s housing capacity, officials announced on Thursday.

The 21-storey building, to be known as the Bond Street Residence, will have more than 1,370 beds and include two large classrooms on its lower level. TMU says on its website that it currently has about 1,144 beds across three campus residences.

Officials said at a news conference that the residence, to be located at 100 Bond St. near Dundas Street E., is expected to open in 2030.

TMU President Mohamed Lachemi said the residence “will be a very significant addition to our housing capacity for students.”

“We know that living on campus increases student success. Living in residence positively impacts academic performance, improves student retention and strengthens overall campus engagement. Students build friendships more easily, develop healthy study habits and feel more connected to their university community,” Lachemi said.

“The new student accommodations and learning spaces will provide students with more opportunities to collaborate, learn and thrive, both academically and socially.”

Lachemi said the residence will not only benefit students, it will also contribute to the surrounding area.

“This residence will transform the streetscape behind us, bringing the energy of thousands of students to the area around Dundas and Bond,” he said.

TMU President Mohamed Lachemi says: ‘The new student accommodations and learning spaces will provide students with more opportunities to collaborate, learn and thrive, both academically and socially.’ (Submitted by Toronto Metropolitan University)

The residence will be built in partnership with Cedar Podium, a student accommodation investment firm, and the Building Ontario Fund, a provincial government agency. The residence is being developed with the help of UniLodge Canada, a company that provides purpose build student accommodation.

Ontario Finance Minister Peter Bethlenfalvy said the provincial government will invest $83 million through the Building Ontario Fund into the development.

“Ontario is proving that you can build affordable housing, create good paying jobs and support future generations, all by investing responsibly in projects that strengthen our economy, grow our communities and create opportunities for years to come,” he said.

In a news release on Thursday, the Ontario Finance Ministry said the residence is the first phase of a roughly $200-million investment through the fund to expand housing at TMU. Pre-construction of the new residence is expected to begin in late 2025, according to the release.

TMU said in a news release on Thursday said the residence will offer nine or 12-month term lengths to provide options to students who may not want full-year accommodation.

The school said the residence will consist primarily of self-contained suites, with a typical unit having three bedrooms, two private and one shared, as well as an eat-in kitchen allowing students to cook independently instead of having an all-inclusive meal plan.

Most bedrooms will include private washrooms, while the shared rooms will have one washroom between two students. Each floor will have common area lounges for socializing, and larger amenity spaces throughout the building.