Toronto’s all-boys Crescent School (Crescent) is adding a lot more square footage to its prestigious property.
In a $42M move, the uptown independent school has acquired the neighbouring seven-acre Bob Rumball Centre property, the current site of the Bob Rumball Canadian Centre of Excellence for the Deaf.
Located at 2395 Bayview Ave. (just north of Lawrence Ave.), the property borders the north end of the Crescent campus.
As part of the deal, the Rumball Centre will remain onsite for three to five years before Crescent assumes the use of the property. This arrangement will assist Crescent with financing and finalizing the plan for the property while Rumball relocates its facilities and onsite residences.
"The acquisition of the Bob Rumball Centre property is a once-in-a-lifetime opportunity that will forever shape the future of Crescent School," says Crescent School Headmaster Michael Fellin. "We are exploring several options for the site, driven primarily by our 25-year Master Campus Plan to improve and expand our school's curricular and co-curricular programs."
Crescent School/Google Maps
The acquisition is partly funded by a transformational gift from Crescent alumnus Ming Wai Lau, who graduated from the school in 1997. The generous donor has pledged $12M toward the cost of the property. This is the second major gift Mr. Lau has given to Crescent and one of the largest single gifts in the history of Canadian independent schools.
Lau credits Crescent’s impact on his formative years for his success and achievements. "The Rumball Centre property unleashes the enormous potential for Crescent School," says Lau. "It opens unimagined opportunities for future generations of students who I hope will benefit from the school in similar ways that I have."
The school’s future expansion comes at a time when millennials with dollars to drop are exploring Toronto’s private school scene and their options, as their kids come of age. A celebrated boys’ school since 1913, Crescent offers grades 3 through 12, with a $ $35,075 tuition tab for each child.
The first capital improvement of the Master Campus Plan – resurfacing Innes Field with a multi-purpose turf and installing an air-supported sports dome – will be completed by the end of May.
As for the Bob Rumbell Centre, it began as the Ontario Mission of the Deaf before moving to Bayview Ave. in 1977 and beginning to operate as Bob Rumball. Since then, Bob Rumball organizations have been delivering one-of-a-kind services from this location and have now outgrown it and need a larger space.
"We are thrilled to know that the property will continue to be used to influence and change people's lives," says Derek Rumball, President. "We could not have dreamed of a better future use for our property."
The proceeds from the sale will support the Bob Rumball Organization's long-term objectives for growth and provide best-in-class care for its communities.
With its change-making potential on both ends, this is the type of real estate deal we can actually feel good about in this climate.