TORONTO, ON / ACCESSWIRE / October 21, 2024 / Forum Asset Management ("Forum") is thrilled to announce ALMA @ Cabbagetown Toronto, an innovative development at 307 Sherbourne Street. This project directly addresses two critical issues facing Toronto and Canada as a whole: the severe shortage of student housing and the rising demand for attainable living options.
Canada's 20 largest universities currently offer only 170,000 beds for over 1.5 million students, with estimates suggesting that only 7% of those requiring housing will secure on-campus accommodations. This significant shortage in purpose-built student accommodations (PBSA) forces students into local rental markets, intensifying demand and driving up prices in an already strained housing market with a national residential vacancy rate of just 1.5%. ALMA @ Cabbagetown aims to address this critical gap by delivering high-quality, attainable housing, easing the pressure on both students and the broader rental market.
ALMA @ Cabbagetown will offer 192 units and 236 beds, thoughtfully designed to meet the unique needs of students, offering a safe and inclusive environment. This PBSA development will have the smallest average unit size ever launched in Toronto and will feature fully furnished, self-contained units that will be complimented by expensive, amenity rich common areas, allowing for a more efficient use of space while ensuring comfort and functionality. These amenities will include a library, fitness studio, co-working spaces as well as a variety of outdoor terraces, to foster a sense of community and well-being.
"Canada is experiencing an unprecedented shortfall in student housing that is affecting rental markets nationwide. The approximately 16,700 student housing beds currently in development represent only 4% of this total shortfall," said Aly Damji, Managing Partner, Real Estate at Forum. "At Forum, we have demonstrated success in the development of high-quality PBSAs and we are committed to delivering housing solutions that address the shortage. ALMA @ Cabbagetown aims to meet student needs by providing functional, fully furnished, and efficiently sized housing in the heart of Toronto. We believe this project will serve as a model for innovative approaches to addressing rental housing attainability across the country."
ALMA, an urban lifestyle brand created by the award-winning international design studio DesignAgency, is known for its unique, design-forward approach to student housing. The ALMA brand supports Forum's solution to addressing housing shortfalls across the country by offering students more than just a place to live- ALMA @ Cabbagetown will ensure a community-focused, urban lifestyle that supports both student's academic and personal growth.
ALMA @ Cabbagetown is being built to 44.7% below national building code, featuring smaller rental suites that maximize space and provide more affordable options for students. Beyond addressing the shortage of student housing, ALMA @ Cabbagetown will also incorporate geothermal energy systems to significantly reduce the development's carbon footprint and operating costs.
ALMA currently has locations in Vancouver, Guelph, Ottawa, Montreal, and Oshawa, with future expansions planned across the country.
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ABOUT FORUM ASSET MANAGEMENT
Forum is an investor, developer and asset manager operating across North America for over 25 years. Our core purpose is to deliver Extraordinary Outcomes to our stakeholders. Our adaptable, agile, and dynamic team is committed to sustainability and responsible investing, creating value that benefits the communities in which we invest.
Our investment focus includes real estate, private equity, and infrastructure. The enterprise value of our assets under management currently exceeds C$1.7 billion. Our investments have attracted a number of top investors. We're proud to have delivered top tier alternative asset returns since 2002, while positively impacting over 10,600 lives.
ABOUT ALMA
ALMA is a Canadian operator of thoughtfully designed communities offering fully furnished apartments and hotel-like student communities. With a conscientious commitment to wellbeing and inclusivity, ALMA provides an intuitive living experience-with a commitment to building living spaces that resonate with the aspirations of today's urban residents.
Media Inquiries Contact:
Meaghan Moroz
ASC Public Relations
Email: meaghan@asc-to.com
SOURCE: Forum Asset Management Ltd.
View the original press release on accesswire.com
