Ep. 525: Innovative Housing Solutions at UBC
Guest: Aubrey Kelly, University of BC Property Trust
Canadian universities are not-for-profit corporations that are in essence autonomous from governments, despite their reliance on government funding.
In the ’60s and ’70s, government funding drove expansion at universities such as the University of British Columbia. But then funding levels from governments started to decrease, forcing universities to seek other sources of money.
Those new revenues included tuition fee increases, bequests, non-government grants and investments, and the selling of seats to foreign students. It wasn’t enough – government funding grants continued to drop, forcing universities to find innovative solutions to increase revenue.
“Enter UBC alumnus Bob Lee,” says Aubrey Kelly the CEO of UBC Property Trust. “Bob proposed a new funding mechanism that would provide the university with revenue in perpetuity – the 99-year lease.” Bob Lee, in an interview in 2010, said, “We put in the roads and services and put the lots out for tender and no one put in a bid.” Fast forward to today: the Trust has built over 12 million square feet of space for UBC and delivered more than $2 billion to the university.
We invited Aubrey Kelly of UBC Property Trust to join us for a Conversation That Matters about the power of innovative thinking to address housing issues and support universities.
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Check out their profile on our partnered program, Careers That Matter!
