Toronto Metropolitan University will build a new student residence downtown that will more than double the school's housing capacity, officials announced on Thursday.

The 21-storey building, to be known as the Bond Street Residence, will have more than 1,370 beds and include two large classrooms on its lower level. TMU says on its website that it currently has about 1,144 beds across three campus residences.

Officials said at a news conference that the residence, to be located at 100 Bond St. near Dundas Street E., is expected to open in 2030.

TMU President Mohamed Lachemi said the residence "will be a very significant addition to our housing capacity for students."

"We know that living on campus increases student success. Living in residence positively impacts academic performance, im

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