The University of Toronto has partnered with a private equity firm to build a new $120 million student residence facility.

Knightstone Capital Management Inc. has partnered with the university to finance and build the 30- to 40-storey tower. The partnership makes U of T the first university in Canada to construct a building off campus with private money, according to the Globe and Mail.

The new residence would be on College just east of Spadina if plans are approved by City Hall. There would be space for up to 1,400 students, at about $10,000 a year for a single room.

Diamond Schmitt Architects has developed a street level rendering of the proposed building, showing a modern glass and steel tower, which looks a little incongruous with that area of College. If approval goes through, construction is aimed to start in the spring.

What do you think of the proposed design? Is 35-some-odd storeys a bit much for College and Spadina?

Image courtesy Diamond Schmitt Architects.