British Columbia Premier David Eby announced Tuesday that the province and the University of British Columbia will partner to provide housing for more than 1,500 students at UBC’s Vancouver campus.

The project, estimated to cost $560 million, will be funded with $300 million from the province and $260 million from UBC, Eby said at a press conference.

In a press release, the university described the funding as “the most significant provincial contribution to a single construction project in UBC’s history.”

New complex is “transformative,” says UBC president

The 1,508-bed project will include five buildings ranging from eight to 18 stories, 37 new child care spaces, teaching and administrative offices, and a 400-seat dining hall.

It will be built on the current site of St. John’s College in the Lower Mall area.

The focus of the complex will be to provide a home for university graduates, the Ministry of Post-Secondary Education and Future Skills said in a statement.

“This support will bring about a transformation by providing much-needed additional student housing and childcare options for our community,” said UBC President Benoit-Antoine Bacon.

Construction is scheduled to begin in fall 2026. According to UBC, “the project is expected to enter service in phases, beginning in fall 2028 and being completed in fall 2029.”

Keeping housing goals on track

According to the university, the project is in line with UBC’s “Campus Vision 2050” plan, which includes doubling the number of dormitory residents on the Vancouver campus by 2050. Half of the residents will live in accommodation at below-market rents.

The government of British Columbia is contributing around $300 million to the student housing project, which is estimated to cost just under $560 million. (Ben Nelms/CBC)

“Student housing is an important part of our work to address the housing crisis and provide more housing for people in less time,” said British Columbia Housing Minister Ravi Kahlon in the UBC press release.

“With more affordable housing on campus, students will travel less, save more, and have more opportunities to focus on their studies. Increasing the supply of student housing also significantly reduces pressure on the local rental market.”

Eby said the government’s student housing project is on track to meet or exceed its goal of building 12,000 student beds by 2028.

The opposition BC United party said in a statement that the project would not help students until the end of the decade.

“It is disappointing that after eight years and two terms in power, the NDP waited until the last moment, on the eve of an election, to announce the lack of student housing,” the statement said.

CBC News has contacted the UBC Alma Mater Society for comment.