The University of Toronto is launching a new development model it says will allow it to add thousands of student residence spaces faster and at a lower cost than traditional construction projects.

The Build More Housing Initiative will add up to 5,500 residence spaces on and near U of T’s three campuses through joint ventures with private-sector builders.

The model is designed to share capital and risk between the university and its development partners while accelerating the delivery of new student housing.

The first projects are two residences on U of T’s St. George campus that will add more than 1,200 beds.

One is a roughly 49-storey residence planned for 167-171 College St. at McCaul Street. The other is a roughly 13-storey building planned for 40-56 Harbord St., between Spadina Avenue and Huron Street.

U of T’s Governing Council approved the two projects June 25.