University of Toronto: Knox College

[Northern Light]

Not a development project in any form......at least yet.

But......big news ...........

The University of Toronto has acquired the property and the adjacent MacDonald-Mowat House for 45M

Post here: https://www.utoronto.ca/news/u-t-reaches-deal-acquire-knox-college-building-king-s-college-circle

The University has long coveted this property which is at the heart of campus, and is affiliated to the University, but it has never been under their direct control.

Aerial pic reflects the parcel of land in question at 59 and 63 St. George, it includes that small parking lot next to King's College Circle as well.

Streetview of parking lot in the purchase:

Streetview of the house:

Streetview of Knox College: (St. George side)

We don't learn much from the above post about the University's future plans, but we do gain a few insights.

Knox College as a theological institution will continue on, and will lease back the east wing (King's College Road side) for its purposes.

The west side (St. George) is residences, which will be turned over to U of T to manage and operate.

I take for granted the glorious building itself will be left alone but for some adaptive re-use in spots and restoration.

Any future for the parking lot is less clear, its not a very large site at ~ 5000ft2

The house form is listed, but not designated.

 

[greenleaf]

Interesting. I wonder if existing buildings also need renovation work. As such, UofT would be better situated financially to do so considering it has bigger pockets.

With the proceeds from the purchase Knox College would be able to create endowment to be self sustaining in perpetuity.

 

[Northern Light]

Interesting. I wonder if existing buildings also need renovation work. As such, UofT would be better situated financially to do so considering it has bigger pockets.

With the proceeds from the purchase Knox College would be able to create endowment to be self sustaining in perpetuity.

I don't know what Knox's budget is annually, but a 45M endowment would likely be budgeted as returning 1.8M spendable dollars each year (4% after inflation, and administration costs).

One could quibble a bit either way, (estimate a higher or lower expendable return), but that's not a robust budget; though it isn't a particularly large institution.