Star Metro - City of Guelph Development Charges Halt Student Housing Project at 601 Scottsdale Drive

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City of Guelph Development Charges Halt Student Housing Project at 601 Scottsdale Drive

ECONOMY 07.04.2025

City of Guelph Development Charges Halt Student Housing Project at 601 Scottsdale Drive

TORONTO, ON / ACCESS Newswire / April 7, 2025 / Forum Asset Management ("Forum"), Canada's leading owner and developer of student housing, has paused construction of its project in Guelph following the City's recent decision to impose $15.5 million in development charges.

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The site is leased by Forum from the University of Guelph with a requirement to provide residences for its students. Phase 1 of the residence was completed in 2023 with no development charges payable. The newly introduced charges on Phase 2 represent a reversal by the City's finance and legal departments and render the project economically unviable without significantly raising student costs.

Forum recently secured approvals for the 587-bed Phase 2 development in close coordination with the City's planning and building departments. Construction was scheduled to begin in April 2025.

The project is intended to help address the housing shortage affecting both University of Guelph students and residents of Guelph. As of early 2025, more than 1,350 students are on the University's housing waitlist. Furthermore, the Canada Mortgage and Housing Corporation (CMHC) reports Guelph's rental vacancy rate at 1.8%, among the lowest in Canada.

Forum has submitted a formal complaint to Guelph City Council, requesting a determination that development charges do not apply to the project. A hearing is scheduled for April 29, 2025.

About Forum

Forum is an investor, developer and asset manager operating across North America for over 28 years, focusing on real estate, private equity and infrastructure, with a strategic concentration in housing. We are committed to creating value that beneﬁts our stakeholders and the communities in which we invest, what we call our Extraordinary Outcomes.™

Media Contact

Name: Sydney MacDougall, Associate Director, Marketing and Communications
Phone Number: 416-388-7939
Email: [email protected]

SOURCE:Forum Asset Management Inc.

View the original press release on ACCESS Newswire

O.Lessard--SMC