Lambton College is expected to break ground next week on the largest capital project in the school's 58-year history.
A five storey student residence with 311 spaces, expected to open in 2027, is going to be built on the north end of campus towards London Road in the green space to the east of the EarlyON Centre.
Lambton College has entered into a public-private partnership with Tilbury Properties Corporation and Fengate Asset Management.
Those companies will finance the building, the cost of which will be in the ballpark of $50 million, and oversee construction, operation, and maintenance.
Teeple Architects will do the design work, and Ball Construction will undertake the build, which is expected to start with site preparations at the end of June.
College President and CEO Rob Kardas is excited to continue the campus modernization.
He feels the residence will be a crown jewel on campus.
"We looked at a number of different options," said Kardas. "We looked at refurbishing our current residence, which proved to be very costly. We looked at financing it ourselves but that would have tied up our capital reserves. It really took away that financial flexibility. Then, we looked at this option, which we ultimately went with in the public-private partnership."
Kardas said the residence will provide students with a mix of hybrid and apartment-style suites, including kitchen facilities.
"We're looking at having a number of communal lounges, study spaces, and outdoor patios," he said. "Those are things you expect students are keen on having as part of their living space. The design incorporates energy efficient systems and sustainable building materials to minimize environmental footprints."
In a news release, Tilbury Partner Michael Kaye said the company is looking forward to getting started.
"Tilbury’s roots are in southwestern Ontario, providing our team with a unique understanding and appreciation for Lambton College’s place in its community,” said Kaye. "It is with tremendous excitement that we announce this partnership with Lambton College – a partnership that will transform the college’s on-campus housing and ultimately support the experience, academic success, and overall well-being of Lambton College students for decades to come."
Fengate Managing Director of Infrastructure Investments Mac Bell echoed those sentiments.
"Fengate looks forward to bringing its deep institutional project experience to this new campus residence to provide modern, sustainable accommodation opportunities to Lambton College students in 2027," he said.
Lambton College began preparing for a new residence in 2021 when it paid off all of its long-term debt.
The school worked alongside Ernst & Young LLP (EY Canada) on a market demand analysis, which was used to determine the right number and mix of units.
They decided a public-private partnership would best support Lambton College’s financial sustainability.