January 12, 2016
BURNABY, B.C., (Jan. 12, 2016) — The Simon Fraser Student Society and Scotiabank signed a $44.3 million loan agreement on Dec. 21, 2015 to help with the construction of the new Student Union Building at SFU’s Burnaby campus. This marks a milestone for the project, enabling it to quickly move forward to the next step.
“A tremendous amount of work has gone into ensuring we lock in the best financial deal,” said Enoch Weng, President of the SFSS Board of Directors, “and it is with great pride and pleasure to announce that we have successfully negotiated with Scotiabank a loan with a great rate. Our entire board was involved early on, and much back and forth has gone on between SFU, Scotiabank, and the SFSS. I am very thankful to our staff and our VP Finance for their diligent work during this process.”
In early December, the Board of Directors voted to accept Scotiabank’s loan offer. Following the decision, the Society worked closely with Scotiabank to finalize the terms of the 20-year loan.
“This project exemplifies our commitment to higher education and SFU as a whole,” said Daryl Dunn, Scotiabank’s Area Vice President of Commercial Banking. “Scotiabank is pleased to continue our long standing support of the Simon Fraser University student body.”
Construction of the project will begin in summer 2016, and the building is expected to be completed in 2018. In the upcoming months, the design team will be finalizing the blueprints for the project, and the Society will undergo the process of finding the best-suited general contractor to build the SUB.
“SFU is extremely excited that the Student Union Building is going ahead,” said Larry Waddell, SFU’s Chief Facilities Officer. “The Simon Fraser Student Society has shown tremendous vision and leadership in promoting the project and has taken great care in involving student input to ensure that the design reflects the needs and goals of students. The building will not only provide a huge improvement to the spaces and services available for students, but will also be a significant and prominent piece of architecture which will greatly enhance the Burnaby campus.”
ABOUT BUILD SFU:
Build SFU, an SFSS initiative dedicated to building a new student union building and stadium seating in partnership with the university, looks to redefine the student experience on campus.
The LEED Gold certified SUB will boast 100,000 square feet of space for students and will include a club centre, gamer’s lounge and a napping room in addition to student meeting rooms, lounges and offices.