Quote:
Originally Posted by Simplicity
There isn't one, really. But the university has other options. There are ramshackle houses up and down all of those streets that would do the neighbourhood a huge favour by vacating the existing tenancy and renovating to accommodate single unit occupancy run by the university for students.
The U of W has 'premium' suites in that building. For one, you will never rent out premium suites at the necessary rents in a building that's full of students and subsidized renters. But even more realistically, the university doesn't need them. Even if you could get a small premium on those suites you will never get enough to subsidize other units because this isn't New York.
Buy a street worth of ramshackle houses, either renovate them into single room occupancy, or tear them down and build a bunch of small three-storey apartment blocks that can be built at $150psf.
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One of the first steps in the renewal of W. Broadway came when the U of W bought some houses south of St. Mary Ave and Portage and renovated them into student residences about 15 years ago. It worked out quite well as I recall.
However, I'm guessing that's probably tough to replicate given that a) real estate, especially in that area, can no longer be had for a song... the days of the $60,000 fixer-upper are long gone, and on a related note b) buying blocks of houses is probably tough given that landlords won't sell to the U of W for anything less than top dollar given the U of W's track record as an aggressive buyer.
As for "premium suites" in the new building, are we sure these aren't just going to be regular market-standard apartments? The word "premium" can be pretty meaningless... I'm sure even the Econo Lodge has a premium suite that goes for $20 extra but is still pretty cheap and economical compared to most other hotel rooms out there.