A new residence is set to go up at the University of Regina. (Kent Morrison/CBC)

Officials have unveiled plans for a $73.7 million residence at the University of Regina.

The building, to open in the fall of 2015, will have beds for 605, a daycare with space for 90 children and an underground parkade with room for 150 cars.

The tower will be built just east of the current Language Institute complex on the main campus.

The building will be home for first-year students and will have a very similar look to an existing residence on campus.

The province has committed $11 million for the project.

The president of the U of R, Vianne Timmons, said officials had asked for twice that amount from the government.

Costs of the new complex*:

  • New residence: $55 million.
  • Parking structure: $6 million.
  • Furnishings and other finishing elements: $9 million.

* The breakdown of costs was done several years ago and the total costs have risen from $70 million to $73.7 million due to inflation.

"We would have liked more," Timmons said. "But it is 605 beds that we don't have right now. Which is important."

Timmons also said the lack of affordable housing in Regina and hard to find child care can be "significant barriers to education" for students.

The university will also borrow money, $53 million, to finance the construction.

Combined with the government's funding, the total — $64 million — falls short of the overall cost.

Officials were not clear on how the university and the province would sort out the financial gap.

Right now the university has over 1,200 students living on campus, about ten per cent of the overall student population.

Work will begin, next week, when some trees will be moved.

The new building will be constructed on an existing parking lot which will put 150 parking stalls out of commission.

Timmons said a parking area built in 2012 will help alleviate the loss of those stalls until the new underground parkade opens.

She said the university will work with the city's transit department on better bus service.