University of Alberta to buy Hudson's Bay Building

The University of Alberta is set to expand into the heart of Edmonton's downtown with plans now in place to purchase the aging Hudson's Bay building on Jasper Avenue between 102nd Street and 103rd Street. The deal, which is yet to be approved by the University's Board of Governors, could result in students starting classes in the building as early as September 2006.

The building has been a huge vacancy in the downtown core, with only the broadcasting corporation CHUM Limited using any space. University of Alberta President Indira Samarasekera has said there are no plans to ask the company, which owns 91.7 The Bounce and A-Channel to move.

The deal would also solve the University's space crunch. The total University population is growing much faster than the number of facilities required to support it, so expanding beyond the current campus makes sense. Establishing a presence downtown will also help the University and it's many spin off companies.

The University has not yet decided how the project would be funded, but is currently looking at a number of options, including partnerships with all three levels of government.