Alberta government promises $125M to new MacEwan School of Business in Tuesday's budget

A rendering of MacEwan University's proposed School of Business at 109 Street and 105 Avenue. (Source: MacEwan.ca)

The Alberta government is planning to spend $125 million helping MacEwan University build a new School of Business in downtown Edmonton.

The seven-storey, 35,000-square metre building at 109 Street and 105 Avenue will cost a total $190 million to build and house 30 classrooms, a simulated trading floor, 20 "collaboration spaces" and 15 study spaces.

At an announcement on Monday, officials said the new school will enable MacEwan to increase enrolment by 7,500 students.

MacEwan University currently has 18,000 students, including capacity for 13,000 full-time students. All but approximately 500 of those spaces were filled at the start of the 2022-23 academic year.

The school wants to increase total enrolment to 30,000 by 2030.

"This new space is greatly needed. Thanks to our stellar reputation and commitment to create a leading academic environment, we're currently near our maximum capacity," said MacEwan University Board Chair Carolyn Graham.

That MacEwan's new business school would create thousands of learning spaces was important to Alberta's advanced education minister, who says the province's largest cities are facing "significant enrolment and growth pressures."

"Between 2019 and 2028, as an example, we're expecting post-secondary enrolment in the Edmonton area to increase by approximately 23 per cent. And we're looking at similar numbers in Calgary. So I think that helps to demonstrate that we have to take steps now to make sure that we're creating the space that our post-secondary system is going to need," Demetrios Nicolaides told CTV News Edmonton in an interview.

"Adding these new spaces will ensure we are ready when those students are graduating from our K-12 system."

The province's contribution has yet to be approved. The government is allocating the dollars in Budget 2023, which will be released on Tuesday.

If the budget is approved, the money for MacEwan will be released over four years starting in 2024: $15 million that year, $20 million the following year, and $45 million in each 2026 and 2027.

"Obviously, $125 million is a big price tag, but also I would say more significant from the impact that it will have," Nicolaides commented. "It will be significant in terms of the position of the university, its physical infrastructure, and also its presence downtown. Of course, you're adding thousands more students to the downtown area on their campus, [which] will also have a significant impact for the Edmonton downtown region, for businesses and communities in the area."

The new School of Business will be built adjacent to the Centre of Sports and Wellness. MacEwan already owns the land. Construction is slated to start in 2024. The school is scheduled to open in 2027.

The new building will include labs with artificial intelligence and augmented-reality technology, as well as a simulated-trading floor.

"Looking at the vision for this new building, I'm very impressed with its focus on real-world experience, with features such as its simulated-trading floor and its dedication to industry connection and on-the-job learning opportunities," said Kaycee Madu, Alberta's skilled trades and professions minister.

MacEwan first announced plans to build a new business school, and simultaneously launched a fundraising campaign, in October.