Ontario has committed $83 million through the Building Ontario Fund (BOF) to open a new purpose-built student residence at 100 Bond Street, which will add nearly 1,400 beds to Toronto Metropolitan University's (TMU) downtown campus. The 21-story project, developed with Podium Investment Management and Unilodge Canada, is part of a roughly $200 million initiative to address student housing pressures. Pre-construction is expected to begin at the end of 2025.
The residence will include 393 suites and 1,382 beds, arranged primarily in self-contained three-bedroom arrangements that combine private and shared rooms. Each suite has an eat-in kitchen that offers an alternative to traditional meal plan living, and there are two large classrooms on the lower floors to support academic programs. Shared lounges on every floor as well as building-wide learning and creative spaces round off the program. The residence is positioned to offer rates well below average rents in Toronto.
Looking northwest at 100 Bond by Cedar Podium, Toronto Metropolitan University and UniLodge
TMU's assumption of leadership results in a significantly larger footprint than a private condominium proposal on the site beginning in 2023. The university already controls several adjacent properties north of 100 Bond, including 104, 110 and 112 Bond Street, and renderings released by Podium indicate a single expanded building spanning those parcels. As a university infrastructure project, the new residence falls outside the city's typical planning stream and is positioned to lead directly to approval.
The province is providing $83 million in debt financing from the BOF. The residence is the first residential project to receive financing from the BOF. The fund is structured to support large-scale infrastructure in strategic sectors, with student housing near post-secondary campuses identified as a priority in the province's planning statement. The investment marks the opening phase of an expected $200 million commitment to expand TMU's housing offerings.
Podium for 100 Bond from Cedar Podium, Toronto Metropolitan University and UniLodge
The previous formal application for this site came from Bazis in 2023, when plans settled for a 23-story, 336-unit condominium, after originally envisioning a 30-story tower. This proposal included a narrow series of parcels on the southeast corner of Bond and Dundas, including the Imperial Pub and several low-rise commercial buildings. A retail component has been introduced and a heavily studio-focused unit mix has been offered, a deal expected to appeal to investors catering to the nearby student market. The plan envisaged a gross floor area of 18,525 m².
Looking northeast at the previous 30-story design, designed by Rosario “Roy” Varacalli for Bazis
The TMU-led plan represents a complete departure, moving from market units to purpose-built student accommodation, while adding academic and leisure spaces and introducing suite layouts geared towards multi-bedroom living. However, there is no updated residency application in the city's application system.
The Bond Street residence comes amid increasing pressure on student housing in downtown Toronto, where limited on-campus options have pushed many students into a crowded and expensive rental market. TMU's existing residence halls fall far short of current demand, and provincial policy now identifies properties surrounding post-secondary institutions as priority areas for new student housing.
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