May 30, 2016 - 4:30 PM
KAMLOOPS - Thompson Rivers University is purchasing some of its on-campus student housing.
The university is decades ahead of schedule in efforts to obtain the student housing along McGill Road, according to a media release. University vice-president Matt Milovick says the school will be purchasing the lease back for $9 million from the family run company currently managing the student housing complex.
"We’ve got a signed letter of intent by both parties," he says. "We’re just working on the final details."
The student residences have been family-run since 1988, on land leased from TRU. The university will take over the property starting July 1, Milovick says, with management of the 305 rooms to be contracted out to Campus Living Centres — the company running the other residence at TRU.
Milovick says the residences will stay as student housing for now. In time the property will be redeveloped, but he says there's no plan for that now, and when it does happen, new student housing will be put in place.
The agreement was due to run out in 33 years, but MIlovick says the university has the opportunity to buy back the lease now, after the family running the residences approached the school wishing to divest.
The purchase will give the school a new source of income while allowing it to renovate the residences earlier than planned, according to the release.
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