Recently TRU was presented with an opportunity to advance the timeline for redevelopment of one of the most valuable pieces of land on campus.

The process is now underway to re-acquire the McGill residence property. The residences have been family-owned and operated on leased campus land since they opened in 1988. Buying back the lease, along with the residences, 33 years before its completion creates an immediate income source for TRU, and for the future, secures the ability to revitalize a key part of campus much sooner than would otherwise be possible. The Campus Master Plan identified this area for a mixed-use future TRU Community Trust (University Village) development project.

The purchase price of $9 million is funded through past-accumulated surpluses. Consistent with public sector accounting standards, past surpluses may only be spent on capital acquisitions, projects or improvements. Proceeds from operations are expected to be reinvested in student support and research.

For the near future, it will be business as usual at the McGill Residence, as the company currently managing the TRU Residence (Campus Living Centre), will be contracted to run the McGill Residence as of July 1, 2016. Current student residents of McGill will not be affected and registration for housing in September will proceed as usual.

More information
Matt Milovick
Thompson Rivers University
Vice-President Administration and Finance
mmilovick@tru.ca