College on the move

Artist’s rendering of what the College’s new home could look like when renovations are complete. The building, constructed in 1970, will undergo extensive renovations before the College begins its move in spring 2010.

Council creates equity for members in decision to purchase new home

No more renting. No more uncertainty in facility costs. No being tossed around by

the winds of speculative realty in a topsy-turvy economy.

The Ontario College of Teachers will have a new, permanent home in the spring of 2010, and College members will have equity in a prime Toronto property.

Council unanimously approved the purchase of majority interest – eight floors – in a building at 101 Bloor Street West, at St. Thomas Street. The $28.7 million purchase price, including improvements, solidifies future College costs for housing. The existing lease on the College’s current space at 121 Bloor Street East expires in 2012, at which time the current rates are expected to double.

Council favoured buying a facility to create equity for members and avoid soaring rents.

“After examining all options, we consider this to be the best protection against financial pressures in the form of unknown future facility costs,” said then Council Chair Don Cattani, OCT.

Many professional regulators and most teacher federations have purchased their own buildings for the same reason.

The decision to buy will cost roughly $6 per member per year. By comparison, it is estimated that rising lease costs would run between $6 and $8 per member per year. The purchase of more than 80,000 square feet gives the College almost a third more room. Plus, the College retains an option to buy additional floors if required and will also have exclusive naming rights for the building.

The new location remains central to Queen’s Park and education stakeholder organizations, as well as to staff, College members, applicants and members of the public. The College receives more than 1,700 walk-in visitors each month.

Artist’s rendering, Bloor Street entrance

The building is currently empty except for retailers on the ground floor. The windows in the entire building, which was constructed in 1970, have been replaced with energy-efficient double-pane glass, and the exterior will be repainted. Improving the environmental footprint of the building is a high priority, and the College will be seeking LEED (Leadership in Energy and Environmental Design) certification.

“Energy efficiency is a key feature of the building and in keeping with the College’s commitment to sustainable development,” says College Registrar and CEO Michael Salvatori, OCT.

As part of the deal, the current owners will restructure the 14th floor to accommodate Council chambers. As well, they will re-engineer the elevators to serve the entire building.

Because the current owners will retain minority ownership, we will apply jointly for conversion to condominium ownership of the building. Subject to City of Toronto approval, the College will take possession on December 31, 2009.

Significant renovations will begin as soon as we take possession, and we will start moving in the spring of 2010.

The College expects to pay the mortgage on the property within 25 years. By that time, the College will have saved more than $6 million compared to what it would have paid to lease similar space.