Concordia has made a deal to purchase the Jesuit Residence on Loyola Campus at a cost of $2-million, to be paid over five years.
The acquisition is part of the long term plan to increase residence space, said Vice-Rector (services) Michael Di Grappa.
“We’ve looked at [this property] a number of times over the years. The latest deal was done some time last year, and it was only a question of doing inspections,” Di Grappa said.
The Jesuit Community currently owns the building, and Concordia will take possession of it when the last of its residents have found alternate accommodations. This is why the payments are staggered, Di Grappa explained.
The purchase will allow Concordia to increase the number of residences on Loyola Campus. “It’s a good building, but we’ll still have to renovate it (to suit) our purposes,” he said.
Di Grappa could not compare the value of the purchase with that of equivalent real estate around Montreal. However, he said the university was lucky to get a building that’s right on campus.”You know, they say [what’s important] about real estate is location, location, location. I think it’s good value.”
This transaction is part of the university’s long term plan for residential expansion.
The acquisition is part of the long term plan to increase residence space, said Vice-Rector (services) Michael Di Grappa.
“We’ve looked at [this property] a number of times over the years. The latest deal was done some time last year, and it was only a question of doing inspections,” Di Grappa said.
The Jesuit Community currently owns the building, and Concordia will take possession of it when the last of its residents have found alternate accommodations. This is why the payments are staggered, Di Grappa explained.
The purchase will allow Concordia to increase the number of residences on Loyola Campus. “It’s a good building, but we’ll still have to renovate it (to suit) our purposes,” he said.
Di Grappa could not compare the value of the purchase with that of equivalent real estate around Montreal. However, he said the university was lucky to get a building that’s right on campus.”You know, they say [what’s important] about real estate is location, location, location. I think it’s good value.”
This transaction is part of the university’s long term plan for residential expansion.
